Regulation CC
The Basics of Funds Availability
by Bonnie Mizrahi
How do you train your tellers on funds availability? Because of the complexity of the subject, you may wish to take several different approaches, from training videos to live presentations. Offering a written document that tellers can review and refer to again and again, however, is indispensable to helping them keep it all straight.
In this training tool, Bonnie Mizrahi has summarized the basics of funds availability. You'll want to customize it to your own institution before you use it, but if your institution generally grants next day availability, there will be very few changes. (You will want to personalize the references to routing numbers for local and nonlocal checks, for example, and personalize the reference to your institution's name.)
It comes complete with various examples, plus a flow chart for new accounts!
Bonnie Mizrahi
I am Vice President / Compliance Officer for a $1 Billion
Bank. 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 intimatading as some aspects of
the Bank Secrecy Act.
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