This disclosure provides important information about your commercial checking account (“Account”) with Erebor Bank, NA (“Bank,” “we,” “us,” or “our”). It is provided in accordance with applicable law and is incorporated into your Commercial Deposit Account Agreement. Please read it carefully and keep it for your records.
Day of Deposit
Electronic Deposits and Wire Transfers
For ACH transfers, wire transfers, and other electronic deposits processed through payment networks, if we receive the deposit before 3:00 p.m. Eastern Time on a Business Day, that day will be considered the day of deposit. If we receive the deposit after that time, or on a day that is not a Business Day, the day of deposit will be the next Business Day.
Internal Transfers
The day of deposit for internal transfers is the calendar day on which the transfer is completed and posted to your Account.
Incoming Stablecoin Conversions
The day of deposit for funds resulting from an Incoming Stablecoin Conversion is the calendar day on which we determine that the related on-chain transfer has been completed (including satisfaction of any compliance and fraud prevention measures) and a credit to your Account has been made in accordance with the Stablecoin Non-Fiduciary Custodial Agreement.
Availability of Deposits
Except as otherwise provided in this disclosure, funds will be available to you no later than the times described below, but may be available sooner in our discretion.
Electronic Deposits and Wire Transfers
Funds from ACH transfers, wire transfers, and other electronic deposits will generally be available no later than the first Business Day after the day of deposit. In many cases, such funds may be available on the day of deposit.
Internal Transfers
Funds transferred between your eligible Accounts with us will be available on the calendar day (including weekends and holidays) on which we determine the transfer has been completed.
Incoming Stablecoin Conversions
If you have entered into a Stablecoin Non-Fiduciary Custodial Agreement, funds credited to your Account as a result of an Incoming Stablecoin Conversion will generally be available on the calendar day on which we determine that the related incoming transfer of Stablecoins to a Bank-controlled address or receiving environment in connection with your Stablecoin Custody Account has been completed in accordance with the Stablecoin Non-Fiduciary Custodial Agreement. Stablecoins held in your custody account prior to conversion: (i) are not deposits, (ii) are not available for withdrawal, (iii) do not earn interest, and (iv) are not insured by the FDIC.
Delays and Exceptions
We may delay the availability of funds to the extent permitted by applicable law, including where we determine that: (i) the deposit requires additional verification; (ii) we have not received final settlement or credit; (iii) the transaction is subject to reversal, return, or dispute; (iv) the deposit is irregular, unauthorized, or presents fraud, security, or other risk concerns; (v) there is a business interruption or system disruption, including the failure of computer, communications, or payment systems; (vi) we are unable to complete processing due to operational, compliance, or risk management considerations; or (vii) a delay is otherwise permitted under applicable law. Funds made available to you may still be subject to reversal.
Responsibility for Deposits
You are responsible for any deposit you make into your Account, even after funds have been made available to you. If a deposit is reversed, returned, or otherwise fails to clear for any reason, you are responsible for any resulting negative balance, and you must promptly repay any amount owed to us.
Miscellaneous
Defined Terms
Capitalized terms not defined in this disclosure have the meanings set forth in your Commercial Deposit Account Agreement. For convenience, we note that “Business Day” means Monday through Friday, excluding U.S. federal holidays.
Relationship to Other Disclosures
This disclosure addresses when funds are available for withdrawal. The timing of interest accrual is governed separately by the Disclosure of Interest, Fees, and Account Terms.
Changes
We may change the terms of this disclosure at any time to the extent permitted by applicable law. We will provide any required notice of such changes in accordance with applicable law and the terms of your Commercial Deposit Account Agreement.