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Deposits, Reg CC, and Immediate Availability
Answer by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: When Reg CC makes reference to making $100 of the deposit available, does this mean the amount of the check that was deposited or the total amount of the check. i.e. Check for $1580. Customer deposits $1300. Has account balance of $1600 after deposit. Can hold be $1480 or only $1300? What section of the reg clarifies this?
Answer: Take a look at the Commentary to §229.10(c), comment 5d. If the customer gets cash back at the time of depositing a check, the cash back amount can be considered as fulfilling that portion (or all, if $100 or more) of the requirement to make $100 available on the next day. I think your hold could be for $1,480, however, because you can consider the "extra" $180 you allowed this customer as part of the $300 already on deposit.
First published on BankersOnline.com 8/25/03
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