All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
Funds Availability Policy - effective October 15, 2018
Our policy is to make funds from your deposits available to you on the next day after the day we receive your deposit. Electronic direct deposits will be available on the day we received the deposit. Once your deposits are available, we will use the funds to pay checks and other authorized items or you may withdraw the funds in cash. For determining the availability of your deposits, our business days are Monday through Friday, federal holidays are excluded. If you make a deposit during business hours on a business day, we will consider that day to be the day we receive your deposit. However, if you make a deposit after business hours or on a non- business day, we will consider the next business day to be the day we receive your deposit.
LONGER DELAYS MAY APPLY. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day we receive your deposit. However, the first $200 of your deposit will be available on the first business day unless you are a new customer to Park Bank (please read below for special rules on new accounts).
If we are not going to make all of the funds from your deposit available on the first business day after the day we receive your deposit, we will notify you at the time we receive your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. Funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposit will not be paid;
You deposit checks totaling more than $5,000 on any one day;
You redeposit a check that has been returned unpaid;
You have overdrawn your account repeatedly in the last six months;
There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. If you need to be sure when a particular deposit will be available for withdrawal, you should ask us when the funds will be available.
SPECIAL RULES FOR NEW ACCOUNTS. If you are a new customer, the following special rules may apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from cash and wire transfers into your account will be available on the first business day after the day we receive the deposit. The first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, travelers and federal, state and local government checks will be available on the first business day after the day we receive your deposit, if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the fifth business day after the day we receive your deposit. Funds from all other checks deposited will be available on the fifth business day after the day we receive your deposit.
HOLDS ON OTHER FUNDS (OTHER ACCOUNT). If we accept for deposit a check that is drawn on another Bank, we may make funds from the deposit available by withdrawal immediately but delay your ability to withdraw a corresponding amount of funds that you have on deposit in another Account with us. The funds in the other Account would then be unavailable for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
REFUNDS ON PURCHASES. Cash refunds will not be made to you on purchases made with your Debit Card. If a merchant who honors your card gives you credit for merchandise returns or adjustments, the merchant will notify us and a credit will be applied to your account. Unless use of your card results in an extension of credit any claim or defense with respect to property or services purchased with your card must be handled by you directly with the merchant or other business establishment which accepts your card. Any such claim or defense which you assert will not relieve you of the obligation to pay the total amount of the sales draft plus any appropriate charges we may be authorized to make.
BANK MANAGERS CORP. NOTICE OF RELATIONSHIP: The organizations described below are related to each other and you may be a customer of one or more of them. You may not be compelled to buy any product or service from any of the related organizations in order to participate in a transaction with one of them. If you feel you have been compelled to buy any product or service from any of the related organizations in order to participate in a transaction with one of them, you should contact the management of one of the related organizations at its address or the Department Of Financial Institutions at 345 West Washington Avenue, Madison, WI 53703.
Bankmanagers Corp. 7540 West Capitol Drive Milwaukee, WI 53216
UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT: In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notice is to inform you that restricted transactions are prohibited from being processed through your account or relationship with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.
PATRIOT ACT: IMPORTANT INFORMATION ABOUT PROCEDURES FOR ESTABLISHING A NEW LOAN OR DEPOSIT AMOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What that means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
CUSTOMER DUE DILIGENCE REQUIREMENTS FOR BUSINESS AND NON-PROFIT ORGANIZATION ACCOUNTS: Each time an account is opened for a covered Legal Entity, Federal law also requires financial institutions to ask for identifying information for the beneficial owners of the organization. The law defines beneficial owners as each individual who owns 25% or more of the Legal Entity and one individual with significant managerial control of the organization. If you are opening an account on behalf of a Legal Entity, you will be required to provide this information and to certify that the information is true and accurate to the best of your knowledge. Account holders that fall under this requirement are also responsible for notifying us of any change to the certified beneficial ownership information that was provided to us.