Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
Enterprise Bank

Funds Availability Policy

A woman typing with coffee at a desk
(Effective July 1, 2020)

Enterprise Bank’s policy is to generally make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and/or we will use these funds to pay checks and other debits against your account.

Determining the Availability of a Deposit

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before the close of business at our office on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the close of business or on a day we are not open, Enterprise Bank will consider that the deposit was make on the next business day we are open.

Availability of funds varies depending on the type of deposit and is explained below.

Same Day Availability

Funds from electronic direct deposits or wire transfers to your account will be available on the day we receive the deposit. Credit given by us to you with respect to an Automated Clearing House credit entry (ACH) is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you the amount of such entry.

Next Day Availability

A.      Funds from the following deposits are available on the first business day after the day of your deposit:

               1.    U.S. Treasury checks that are payable to you.
               2.    Checks drawn on Enterprise Bank.

B.      If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after       the day of your deposit: Special handling of the item is required to guarantee next day availability of the deposit item.

               1.    State and local government checks that are payable to you.
               2.    Cashier’s, certified, and teller’s checks that are payable to you.
               3.    Federal Reserve Bank checks, Federal Home Loan Bank checks and postal money orders, if these items are payable to you.

C.      If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.

Other Check Deposits

Our policy is to make funds from checks available as follows. The first $225 from a deposit of checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Tuesday and the remaining $475 is available on Wednesday.

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 of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however may be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make 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.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

               1.    Enterprise Bank believes a check you deposit will not be paid.
               2.    You deposit checks totaling more than $5,525 on any one day.
               3.    You re-deposit a check that has been returned unpaid.
               4.    You have overdrawn your account repeatedly in the last six months.
               5.    There is an emergency, such as failure of communications or computer equipment.
               6.    New account restriction

You will be notified if we delay your ability to withdraw funds for any of these reasons and Enterprise Bank 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.

Special Rules for New Accounts

If you are a new customer, the following special rules may apply during the first thirty days your account is open. We will tell you if they do.

The first $5,525 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,525 will be available on the fifth business day after the day of your deposit. Funds from deposits of cash will be available on the first business day after Enterprise Bank receives the deposit or transfer. Funds from electronic direct deposits including Wire Transfers to your account will be available on the day we receive the deposit.

The first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available as described elsewhere in this disclosure for the type of check that you have deposited.

Holds on Other Funds

A.      Check Cashing - If Enterprise Bank cashes a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. For example, if we cashed a $100 check for you, $100 of funds already in your account will not be available until the first business day after the day we cashed the check.

B.      Other Account - If Enterprise Bank accepts for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability 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 not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Refusal of Deposit

Enterprise Bank continues to reserve the right to refuse any deposit. In some circumstances, items we judge unacceptable for deposit may be processed as collection items.

Disclaimer of Liability Due to Material Obscuring Endorsements

Responsibility for losses as a result from a delay in returning an unpaid check due to endorsements that are unreadable because of other material on the back of the check shall be borne by the depositor and not Enterprise Bank.

You should endorse checks deposited to your account on the check’s back in the area extending not more than 1.5 inches from the trailing edge of any deposited check in order to avoid this liability for losses due to delayed returns.

Substitute Checks and Your Rights ~ What is a substitute check?

To make check processing faster, federal law permits banks to replace original checks with “substitute checks”. These checks are similar is size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.

Some or all of the check images that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to you account. However, you have rights under other law with respect to those transactions.

What are My Rights Regarding Substitute Checks?

In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that we charged as a result of the withdrawal (for example, bounced check fees).

The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You are also entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute checks, you may be able to recover additional amounts under other law.

If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within ten (10) business days after we received your claim and the remainder of your refund not later than forty-five (45) calendar days after we receive your claim. We may reverse the refund if we later are able to demonstrate that the substitute check was correctly posted to your account.

How Do I Make a Claim for a Refund?

If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at (412) 487-6048 and ask to speak with a client service representative, or send a written request to: Enterprise Bank, 4091 Mt. Royal Boulevard, Allison Park, PA 15101. You must contact us within forty (40) calendar days of the date that we mailed the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include: A description of why you have suffered a loss; an estimate of the amount of your loss; an explanation of why the substitute check that you received is insufficient to confirm that you suffered a loss; A copy of the substitute check and/or the following information to help us identify the substitute check: (identifying information, the check number, the name of the person to whom you wrote the check, and the amount of the check).