FUNDS AVAILABILITY POLICY

1 July 1, 2020

GENERAL POLICY CARVER FEDERAL SAVINGS BANK

Check Deposits with Teller:

Our policy is to generally make funds from checks you deposit to your checking, savings, or

money market account available to you no later than the 2nd Business Day we receive

your deposit.

Direct Deposits and Wire Transfer:

Funds from electronic Direct Deposits and incoming wire transfer are available to you on the

same Business Day we receive your deposit.

Cash Deposits

Deposits of cash are generally available to you immediately

Determine the Effective Date of Your Deposit:

A Business Day is any day of the week that is not a Saturday, Sunday or bank holiday.

• Deposits made at Carver Bank ATMs after 5:00 PM Eastern Time will be considered

received on the next Business Day.

• Deposit made via Mobile Check Deposit Service after 5:00 PM Eastern Time will be

considered received on the 2nd Business Day.

If you need information about cut-off times for specific transactions, please speak with

a customer service representative.

Longer Delays May Apply:

In some cases, we may not make all of the funds that you deposit by check available to you in

accordance with our general policies. Should this occur, we will notify you at the time you make

the deposit. We will also tell you when the funds will be available. If your deposit is not made

directly with one of our tellers, or if we decide to take this action after you have left the branch,

we will mail you a notice by the next Business Day.

If you need the funds from a deposit right away, please ask when the funds will be available.

Standard Availability Schedule:

The following schedule applies to any check deposits that are not provided expedited availability

in accordance with our general policy. The schedule shows the number of Business Days (after

the Business Day of deposit) that it will take for the check deposit (s) to become available.

The second row in the schedule shows the number of Business Days (after the Business of

deposit) that it will take for check deposits of $5,525 or less to become available for withdrawal.

The third row shows the number of Business Days (after the Business Day of deposit) that it

will take for check deposits in excess of $5,525 to become available for withdrawal. When you

make a deposit (or multiple check deposits) in the course of a Business Day, the portion in

excess of $5,525 will likewise be available based on the third column.

FUNDS AVAILABILITY POLICY

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Additional Standard Availability Schedule up to $5,525:

The First $225

The first $225 of the total amount of your Business Day's check (s) deposit will be made available

on the next Business Day following the Business Day of deposit.

Additional $5,300

An additional $5,300 of your Business Day’s check deposits will be available on the second

Business Day after the Business day of Deposit.

Special Rules for New Customers:

You are considered a new customer if you have not had an account at Carver Federal Savings

Bank for at least thirty (30) days prior to your opening the account. For the first thirty (30)

days the following exceptions to Carver’s funds availability policies and schedules apply:

• You will be entitled to all the benefits describe in the "Check Deposit Given Special

Availability" section.

• For check deposits not entitled to special availability your deposit will become available

on the 7th Business Day after the Business Day of deposit.

Check Deposits Given Special Availability:

Funds from the following types of checks are available the next Business Day of the deposit if

made with a teller:

• U.s Treasury Checks, Federal Reserve Bank Checks, Federal Home Loan Bank Checks,

U.S. Postal Money Orders.

• Carver Bank check/On-US check

FUNDS AVAILABILITY POLICY

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• Cashier's Checks, Teller's checks and Travelers Checks

• State Local Government Checks issue by the Sate or by the general purpose

units of

Local Government.

Note: If you deposit any of the types of checks describes above at any carver Bank ATMs,

your deposit will become available no later than the 2

Business following the Business

Day of deposit.

Exceptions

Collection Items:

We may require that any check you present for deposit be sent for collection. That is, your

funds will be available after we have received payment from the bank on which the check is

drawn. You will be charged a fee for this service. Please refer to “Fee Schedule” for applicable

fees.

Checks That May Not Be Collectible:

Occasional, a check is given to Carver that we decide not to accept for deposit or payment

because we doubt the collectability of the funds. When this happens, we will return the check

to you or, if you request, send the check out for collection. On other occasions, we may learn

that a check we accepted for deposit may not be honored. Should this happen, we will delay

the availability of the deposit for a reasonable period of time until the check is either paid or

returned. In all cases, we will notify you of the action we take.

Events Beyond Our Control:

In the event that we are unable to conduct business due to an interruption of communication,

facilities, suspension of payments by another bank, war, other emergency conditions or other

circumstances beyond our control, it may be necessary to increase some or all of the time

periods specific in these availability schedules. If this happens, we will try to inform you if

possible.

Redeposit of Check (s) Returned Unpaid:

We reserve the right to extend the time within which these checks become available.

Overdrafts

We may delay the availability of the deposit if you have overdrawn your account or have had

frequent returned deposits.

Double-Endorsed Checks

We reserve the right to refuse to accept for deposit a double-endorsed check. A double-

endorsed check is a check that is made payable to someone other than yourself and then

endorsed to you by that person. If such a check is mailed to the bank or sent to the bank

through any remote means for deposit, we may elect to return the check to you. If the bank

accepts such a check for deposit, it may delay the availability for a reasonable period of time

until the check is either paid or returned. Should this occur, you will be notified of the delay.

Availability of Deposits Made by Mail:

A deposit received by mail is considered made on the day we receive if for processing.

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Bank’s Right to Chargeback:

The Bank’s policy on availability of funds from checks that you deposit will not affect your

obligation to repay the Bank for any checks that you deposit that is not paid, nor will it affect

the Bank’s right to charge back your account or to obtain reimbursement for any check that is

not finally paid for any reason.

Changes to Our Policy:

We will notify you of any change to the Funds Availability policies as required by applicable

law.