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#782701 - 07/25/07 06:25 PM Reg. CC-Change in Federal Reserve Bank
Nisey Offline
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Joined: Apr 2005
Posts: 6
Our Federal Reserve Bank check processing center was recently closed and our checks are now processed in another Federal Reserve Bank center. This has caused some checks that were once nonlocal to become local checks for Reg. CC purposes. I think we need to inform our customers that check availability has improved per section 229.18(e) of Reg. CC. I am wandering what is the best way to inform customers about this change. We don't disclose routing numbers on our Reg. CC disclosure. We were thinking about adding language on the monthly statements, but are not sure exactly what we need to say. Any help or guidance would be greatly appreciated.

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#782768 - 07/25/07 07:23 PM Re: Reg. CC-Change in Federal Reserve Bank Nisey
HappyGilmore Offline
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Posts: 19,844
Pulling people out of the ditc...
Quote:
Our Federal Reserve Bank check processing center was recently closed and our checks are now processed in another Federal Reserve Bank center. This has caused some checks that were once nonlocal to become local checks for Reg. CC purposes


That sounds fairly good as as statement stuffer to me...
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#783163 - 07/26/07 12:23 AM Re: Reg. CC-Change in Federal Reserve Bank HappyGilmore
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
However, you are under no obligation to disclose this fact unless you impose mandatory holds. If you impose case-by-case holds, you probably only hold <.1% of total deposits - so why bother. You disclose the availability at the time of deposit.
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