Commercial Banking: Changes to your Deposit Account Agreement

Commercial Banking: Changes to your Deposit Account Agreement

We’re pleased to introduce real-time processing for all our consumer and commercial deposit accounts. Deposit and withdrawal items will process chronologically throughout the day as we receive them, eliminating the gap in time between when transactions are received and then processed. When these transactions come into the bank, they will be posted to your account.

This improvement brings changes to the way we deliver deposit account services that are reflected in your Deposit Account Agreement (DAA) section 7U. No action is required, but we encourage you to review the updated DDA. 

Real-Time Processing 

What’s changing?

• We’re transitioning to a real-time processing system that posts transactions to your account faster. Deposit and withdrawal items post throughout the day, instead of the overnight batch-based processing approach.
• Transactions will be reflected in the actual order of items as they are presented for processing. We’ll no longer post deposits before withdrawals or electronic transactions before paper.
  
• Real-time processing presents the possibility that withdrawals (payments) may post to your account prior to an expected credit or deposit that is received later the same day. It's important to maintain careful records and account management practices to avoid the potential for transactions being declined or insufficient funds fees. 

 

What’s not changing?

• If you’re enrolled in Treasury Management Services, such as Zero Balance Accounts, Investment Sweeps, Loan Sweeps, or Controlled Disbursements, your accounts will continue to operate under the terms of the Treasury Management Master Services Agreement.

• Treasury Internet Banking will continue to make transactions available in near real-time throughout the day as transactions are presented against your account. 

 

Deposit Account Statements 

What’s changing?

• You’ll receive two statements during the month of the system conversion:

  • Statement 1: Delivered by mail or electronically that includes all transactions processed on the legacy system. This is a partial month interim statement.

  • Statement 2: Normal statement processing date that includes transactions processed on the new system.

• The look of the statement will change slightly due to the system conversion 

   

What’s not changing?

• You’ll continue to receive an Account Analysis Statement for the full calendar month that includes transactions for the entire period from the legacy system and the new system. Fees will be assessed according to your current billing cycle and Account Analysis Proforma.