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Reg CC Holds - Notification of Large Item Return
Jim Bedsole, BOL Guru
Guru Bios
Question: If we receive notification of a large item return, may we place a hold on the funds? We are experiencing 2-3 days between the original deposit and the notification of the return, which is outside the 24 hour rule.
Answer: If the facts upon which to impose an exception hold become available after the date of deposit (such as would be the case in a notice of return), the bank can place the hold and send the notice no later than the next business day after the facts came to light. See 229.13(g)(1)(ii).
First published on BankersOnline.com 6/12/06
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