Funds Availability Disclosure
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before 6:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 6:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Longer Delays May Apply
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $275 of your deposits, however, may be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available.If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $6,725 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 a failure of computer or communications equipment.
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 day we receive the deposit. Funds from deposits of cash; wire transfers; and the first $6,725 of a day's total deposits of cashier's, certified, teller's, traveler's, 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. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $6,725 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $6,725 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
Terms of Use
These terms govern the use of this website. Please read them carefully before accessing the site. If you do not agree with these terms, do not access the website. By accessing the website or any of its pages, you agree to be bound by these Terms of Use.
This website has been established by the Bank for the sole purpose of conveying information about the Bank's products and services and to allow communication between the Bank and its customers. Information that appears on this website should be considered an advertisement. Nothing contained in any page on this site takes the place of the bank's agreements and disclosures that govern its products and services. If any information on the site conflicts with that in the bank's agreements and disclosures, the agreements and disclosures will control.
From time to time the Bank may place links to other websites on this page. The Bank has no control over any other website and is not responsible for the content on any site other than this one. Users assume all responsibility when they go to other sites via the links on this page.
The information and materials contained in this website are owned by the Bank or by others, as applicable. No material may be copied, displayed, transmitted, distributed, framed, sold, stored for use, downloaded, or otherwise reproduced except as permitted by law.
The Bank makes no warranties of any kind regarding the products and services advertised on this site. The Bank will use reasonable efforts to ensure that all information displayed is accurate; however, the Bank expressly disclaims any representation and warranty, express and implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, suitability, and the ability to use the site without contracting a computer virus. The Bank is not responsible for any loss, damage, expense, or penalty (either in tort, contract, or otherwise), including direct, indirect, consequential and incidental damages, that result from the access of or use of this site. This limitation includes, but is not limited to the omission of information, the failure of equipment, the delay or inability to receive or transmit information, the delay or inability to print information, the transmission of any computer virus, or the transmission of any other malicious or disabling code or procedure. This limitation applies even if the Bank has been informed of the possibility of such loss or damage.
This agreement may be changed from time to time by posting the new Terms of Use on the website. All users agree to be subject to this agreement as it changes from time to time.
This agreement and the use of this website are governed by the laws of the State of Missouri.
USA Patriot Act
Important Information About Procedures for Opening or Changing an Account with Your Financial Institution
Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you: when you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see each person's driver's license and other identifying documents and copy or record information from each of them.
Overdraft Protection
Customer Policy
There are several ways your account can become overdrawn, such as (1) payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you (i.e. debit card at point of sale); (3) return of unpaid items deposited by you; (4) bank service charges; or (5) deposit of items which, according to the bank's Funds Availability Policy, are treated as not yet available.
While we are not obligated to pay any item presented for payment if your account does not contain enough funds, as long as you maintain your account in "good standing," we may approve your overdraft items within your unused Overdraft Privilege limit as a non-contractual courtesy. For Overdraft Privilege consideration, your account is in "good standing" if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Overdraft Privilege as a continuing line of credit; and (3) have no legal orders, levies or liens against your account.
In the normal course of business, we generally pay electronic transactions first and then checks in serial number order, per the bank's policy; however, checks are often converted to electronic transactions which may post to your account more quickly; affecting the order in which they post. In addition, we post incoming transactions in batch mode, so checks and other debits may post before deposits and other credits. If there are insufficient funds in your account at the time a transaction posts, you will be charged for each item paid. We reserve the right to change the order of payment without notice to you. Also, the order we pay your items may create multiple overdrafts and you will be charged an Overdraft Fee of $30 for each overdraft item paid. OakStar Bank will limit the number of Overdraft or Insufficient Funds Fees assessed to five (5) fees per day. Any item that creates an overdrawn balance of less than $5.00 in a checking account will not be assessed a fee.
We may refuse to pay an overdraft item at any time even though we may have previously paid overdrafts for you. You will be charged an Insufficient Funds Fee of $30 for each item returned. Returned items may be presented for payment by the payee or their financial institution multiple times, which may result in multiple Insufficient Funds Fees. We will notify you promptly of any non-sufficient fund items paid or returned; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our Overdraft Fee of $30 and/or an Insufficient Funds Fee of $30 is due and payable upon demand even if we do not ask you for payment. You must repay us no later than 30 calendar days after the creation of the overdraft. If there is more than one owner on the account, each owner and agent, shall be jointly and severally liable for all overdrafts including all fees charged.
For new accounts, we will advise you 30 or more days after your account is opened that you may use the Overdraft Privilege service. This is provided you have maintained satisfactory activity in the account, including making regular deposits, consistent with our internal standards for the account type for which the Overdraft Privilege is offered. With your consent, we may authorize ATM transfers or withdrawals and everyday debit card purchases by using your available balance and your Overdraft Privilege limit. Your balance at the time these transactions post will determine the overdraft status and the assessment of fees. Other transactions initiated by you, or a delay in processing authorized transactions by the merchant, may result in previously authorized transactions posting against an insufficient balance. An Overdraft Fee of $30 will be charged for each ATM or everyday debit card transaction that posts against insufficient funds. So as not to exceed your limit, please remember that the amount of the overdraft plus the Overdraft Fee of $30 for each item will be deducted from the Overdraft Privilege limit.
For business accounts, ATM and debit card transactions will be handled as described above with no action required on your part.
Multiple paid items will result in multiple fees. For example, three paid items in one day will result in $90 in Overdraft Fees. Total fees for both paid and returned items during the current month and for year-to-date will be reflected on your monthly account statement.
You may opt-out of the privilege at any time, but you are responsible for any overdrawn balance at the time of opting out. Normally, we will not approve an overdraft in excess of the predetermined limit assigned to your account. If you would like to have this service removed from your account, please contact us at (417) 447-0535.
Overdraft Privilege is not to be viewed as an encouragement to overdraw your account. In order to avoid fees, manage your account responsibly by tracking your daily activity and reconcile regularly.
Limitations: Overdraft Privilege is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal use. OakStar Bank reserves the right to limit participation to one account per household and to suspend, revoke, or discontinue this service without prior notice. If your limit is suspended, unless we notify you otherwise or you request this service be removed from your account, your limit will be made available to cover overdrafts again the first business day after you bring your account to a positive end-of-day balance.
Customer Due Diligence/Beneficial Ownership - Business Customers
Important Information About Opening a Legal Entity Account
The Bank Secrecy Act was established to fight the illegal funding of terrorism and other national security threats. Each time a covered Legal Entity opens or updates an account, or a loan is made, renewed or modified, this Act requires us to obtain identifying information (name, address, date of birth, social security number and occupation) and identification documents for:
Each individual who has beneficial ownership (25% or more) of the Legal Entity; and,
One individual who has significant managerial control of the Legal Entity.
You will be required to certify this information is true and accurate to the best of your knowledge. Click below to read FinCEN’s Customer Due Diligence/Beneficial Ownership Final Rule, as previously published in the Federal Register.
Federal Register edition dated May 11, 2016