At Sandy Spring Bank, we think it is important that you understand how we process your bank transactions. What happens, for example, when you make a deposit, write a check, withdraw money at the ATM, or make a purchase with your debit card-and how does what happens affect your balances and the money you have available to you.
Posting transactions to your checking account
Deposit and Credit Posting
We post the day’s credits and debits to your account Monday through Friday evenings, excluding bank holidays.
- If you make a deposit before 3:00 p.m. (Maryland Offices) or 4:00 p.m. (Virginia and DC Offices) on a business day we are open, we will consider that day to be the day of your deposit.
Example: Make a deposit on Tuesday at 1:30 p.m., and it will be posted that evening and be available to you on Wednesday morning.
- If you make a deposit after 3:00 p.m. (Maryland Offices) or 4:00 p.m. (Virginia and DC Offices), on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Example: A deposit made late on Tuesday evening will be posted when checks are processed on Wednesday evening and be available to you on Thursday morning. If you make a deposit on Saturday morning, it processes on Monday evening and is available to you on Tuesday morning.
TIP: Try to make your deposits during regular business hours if possible. Weekend deposits won’t be available until Tuesday.
Withdrawal Posting
- All deposits and other credits are added first to your account.
- Then, we begin posting withdrawals, starting with wire transfers, cashed checks, ATM and teller withdrawals in date and time stamp order.
- Next we post debit card and other non-returnable electronic items; then ACH automatic withdrawals in time stamp order.
- Finally, we post checks in serial number order.
When date and time stamp order or check serial number are not available, we post items by transaction group in dollar amount order, starting with the smallest item.
Transaction Example
Let’s assume that the following transactions were made and processed during the day:
- 10:00 a.m.: Cash Deposit – $1,000.00
- 12:30 p.m.: ACH withdrawal to pay mortgage – $1,050.00
- 1:00 p.m.: ATM withdrawal – $100.00
- 3:30 p.m.: Debit Card purchase – $80.00
- Check number 302 – $50.00
How would the Transactions Post?
| Example | Transactions | Available Balance |
|---|---|---|
| Beginning Balance | NA | $ 250.00 |
| Cash/ACH Direct Deposit | $ 1,000.00 | $ 1,250.00 |
| ATM withdrawal | $ 100.00 | $ 1,150.00 |
| Debit Card purchase | $ 80.00 | $ 1.070.00 |
| ACH to pay mortgage | $ 1,050.00 | $ 20.00 |
| Check number 302* | $ 50.00 | $ -30.00 |
*An overdraft fee would be charged.
Ways to help you avoid overdrafts
To maintain an accurate picture of the true balance in your account, you need to keep track of all your transactions – and understand how they are processed. Remember, overdrafts only occur if you spend more than what you have available in your account.
In addition to the tried and true manual method of balancing your checkbook, we offer you a few other helpful ways to keep up on your balances, as well as, options to avoid overdrafts:
- Online Banking, Mobile Banking and ATM: When checking your balance, be sure to remember to subtract any transactions not listed that might come to Sandy Spring Bank later in the day and reduce your available balance.
- Email and Text Alerts: Sign up for Low Balance Alert so you know when you reach a certain balance that you set.
- Transfer funds between accounts: You can make a transfer in Online Banking, Mobile Banking, through telephone banking, or at the ATM so that you have enough funds for a purchase or ATM withdrawal.
- Overdraft Protection: You can link your checking account to a personal line of credit, home equity line of credit or savings account to cover overdrafts. If your checking account does not have sufficient funds to cover your transactions, the funds are automatically transferred from your linked account to your checking account. There may be a fee for this service but generally they are less costly than a standard overdraft fee.