I have a question about holds placed on Cashiers Checks. Following what Reg CC says in 229.10, you can't place a hold on a Cashiers Check that is deposited into the check holders account, and in person to a teller. We have recently had a circumstance where there was a Cashiers Check that was deposited, that we thought was suspicious, but we were unable to hold it. In the end, the check ended up being counterfeit. Is there any literature anywhere that states that we can hold a Cashiers Check? Thank you.

If you have a reasonable basis for believing the check will not be paid, you can place an exception hold. There is nothing in the regulation preventing that exception from being applied to cashier's checks.

You also don't have to accept a check for deposit. If you really suspect it isn't good, you could send it for collection instead.

Great Blue is right on both counts. But remember that you can only place an exception hold for a "reasonable" period of time. For next day items, one additional day is considered reasonable. Not a lot of help. Be ready to justify an additional period if you impose one.

I like the suggestion about sending the item for collection, rather than accepting it for deposit. It permits you to only pay the funds when you receive them.

Hopefully, you were able to SAR this customer and have them arrested.