Funds Availability Policy

Transferred Funds Availability Schedule

• Immediate Funds Transfer

  Funds transferred via the internet between State Farm Bank deposit accounts are available for immediate use.

• Same-day Availability

  Funds from pre-authorized electronic transfers of government payroll or benefit payments, such as Social Security, will be made available on the payment date. Funds from other wire transfers to your account can generally be withdrawn from your account on the same day We receive the wire transfer. In rare cases, the funds may not be available until the business day following the day the wire transfer is received.

• Next-day Availability

  Funds from the following deposits are available for all purposes on the first business day after the day of your deposit:

  • Cash.
  • U.S. Treasury checks.
  • Checks drawn on State Farm Bank.
  • State and local government checks.
  • Cashier’s, certified, and teller’s checks.
  • Federal Reserve Bank checks, Federal Home Loan Bank checks and US Postal Service money orders.

• Scheduled external transfers

  For transfers You request through your external financial institutions, the funds will be available the next business day after the day of the deposit (i.e. example, if the scheduled date is Tuesday, Wednesday is the day of the deposit and the funds are available on Thursday).  If You create an electronic transfer from your State Farm Bank account whereby You transfer funds from an external account to your State Farm Bank account these funds may not be made available until the eleventh (11th) business day after the day of your deposit.  If We are not going to make all of the funds from your deposit available on the first business day after the day of your deposit, We will mail You a notice the first business day after We receive your deposit and tell You when the funds will be available.

• Wire Transfers

  It is our policy to permit You to use deposited funds for outgoing wire transfers based on when We consider deposited checks collected in accordance with our Check Collection Schedule. This schedule is subject to change without notice. Even if We do not make your funds available for wire transfer purposes until the second business day after your deposit, the first $200 from that deposit will be available for all purposes on the first business day after the day of your deposit. The remaining funds will be available for all purposes on the second business day after the day of your deposit.

• Deposits at ATMs

  The first $200 of funds You deposit to an ATM will be made available on the same day. The remaining funds of your deposit made to any ATM will be made available on the first business day after the day of your deposit. Longer delays of up to seven (7) business days may be invoked on deposited funds received at a proprietary ATM (State Farm Bank owned ATM). Funds deposited at non-proprietary ATMs (non-State Farm Bank owned ATMs) may be delayed for up to eleven (11) business days.

• Longer delays may apply

  In some specific instances, We will not make all of the funds that You deposit available to You on the first business day after the day of your deposit. Depending on the type of item(s) that You deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $200 of your deposit will be available on the first business day after your deposit. If We are not going to make all of the funds from your deposit available on the first business day after the day of your deposit, We will mail You a notice the first business day after We receive your deposit. We will also tell You when the funds will be available. We reserve the right to hold funds in any account that You may have with Us, even if the funds giving rise to the delay were deposited into another account. In addition, funds You deposit by check may be delayed for a longer period under the following specific instances:

  • 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 funds will be available. Funds 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 will apply during the first 30 days your account is open: Funds from electronic direct deposits to your account will be available on the effective date of the deposit. The first $5,000 of a day’s total deposits of cash, cashier’s, certified, teller’s, traveler’s and federal, 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. The excess over $5,000 will be available on the ninth business day after the day of your deposit. Funds from all other check deposits will be available on the eleventh (11th) business day after the day of your deposit.

  For transfers You request through your external financial institutions, the funds will be available the next business day after the day of the deposit (i.e. example, if the scheduled date is Tuesday, Wednesday is the day of the deposit and the funds are available on Thursday).  If You create an electronic transfer from your State Farm Bank account whereby You transfer funds from an external account to your State Farm Bank account these funds may not be made available until the eleventh (11th) business day after the day of your deposit.  If We are not going to make all of the funds from your deposit available on the first business day after the day of your deposit, We will mail You a notice the first business day after We receive your deposit and tell You when the funds will be available.

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 in 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 checks that You may 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 your 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 were 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 also are 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 check, 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 10 business days after We received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after We received your claim. We may reverse the refund (including any interest on 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 call Us at 1-877-SF4-BANK (1-877-734-2265), or write to Us at P.O. Box 2316, Bloomington, IL 61702-2316. You must contact Us within 40 calendar days of the date that We mailed (or otherwise delivered by a means to which You agreed) 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 claims must include:

  • A description of why You have suffered a loss (for example, You think the amount withdrawn was incorrect).
  • An estimate of the amount of your loss.
  • An explanation of why the substitute checks You received is insufficient to confirm that You suffered a loss.
  • A copy of the substitute check and the following information to help Us identify the substitute check: check number, the name of the person to whom You wrote the check and the amount of the check.

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