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#756843 - 06/20/07 03:39 PM REG CC - Hold on an Official Check
MiamiGirl Offline
Member
Joined: Jun 2006
Posts: 63
MIAMI, FLORIDA
If an official check in the amount of $22,500 is deposited, what would the availability be if the large item exception hold is envoked?

The check is non-local and was deposited at the drive thru window.

I deposited this type of check at my credit union and they are saying that the first $5000 is not made available the next day because there are too many fraudulent checks of this type. Hello! Doesn't the reg state that you can not place an extended hold because of the type of item it is? I am frustrated with my credit union, this is the 2nd time they have extended holds on one of my deposits. (the first time they put a 5 day hold on a United States Postal Service money order) Before I call them, I'd like to make sure I'm not mistaken. I believe that the hold time is; first $5000 made available the next day and the remaining funds are held for 11 days.

Any help would be appreciated. Thank you!!

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#756849 - 06/20/07 03:43 PM Re: REG CC - Hold on an Official Check MiamiGirl
MN Banker Offline
Platinum Poster
Joined: Aug 2006
Posts: 980
As long as the check was made payable to you, deposited into your account and it meets the definition of a cashier's check in the reg, then they would have to give you the first $5,000 the next day and the remainder in 11 days. This is assuming the reason they gave you was the large dollar exception

If, however, they had actual information that the check wouldn't be paid, then they should have used the "reasonable cause to doubt collectibility" reason and they could have held it for 11 days (you are right though, they couldn't place this hold just because of the type of check)
Last edited by MN Banker; 06/20/07 03:44 PM.
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#756899 - 06/20/07 04:12 PM Re: REG CC - Hold on an Official Check MN Banker
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
CUs are notorious for violating Reg CC. Time to move your accounts.
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