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REFERENCE GUIDE:
REG CC – HOLDS
by Bonnie Mizrahi
Bonnie has developed a customized reference guide on Reg CC holds to be used within her bank. Imagine -- on one 8 1/2 x 11 sheet of paper, she's made it easy to see what must be considered next day items, how the first $100 availability rule works, and what the exception hold schedule is.
And that's not all! Bonnie has included a space for you to insert the routing numbers from Appendix A of Regulation CC that would be considered local checks for your bank to make it extremely easy for your tellers to differentiate between local and nonlocal items. She has also described when the various types of exception holds apply and how to comply with New Account holds.
You can customize this to your institution by inserting the local check routng numbers.
Bonnie has also updated the guide to correct the maximum number of days you can hold Treasury checks and U.S. Postal Service money orders.
Download Bonnie's revised Reference Guide: Reg CC - Holds in Word doc format by right clicking the link and saving the file to your hard drive.
ACCESS Bonnie's other Reg CC Compliance Tools.
Bonnie Mizrahi
I have worked in Compliance full time since 1992. Prior to that, I
have been involved in Compliance at one level or another since 1979, usually
focusing on Reg Z, HMDA and Reg B for loan documentation.
I got started in banking after a temporary summer job turned into an offer
for full time work. I got involved in the compliance side of lending
because, quite frankly, no one else wanted that job!
I know that many people find Reg CC confusing and frustrating, but to me
it's a lot simpler than many of the byzantine rules of HMDA, RESPA, and the
new Privacy laws, and it's not nearly as intimidating as some aspects of
the Bank Secrecy Act.
First published on BankersOnline.com 8/27/01; revised 7/21/05
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