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Placing a Hold on a Cashiers/Official Check
Answer by John Burnett, BOL Guru
Guru Bios
Question: Can we placed a hold on a Cashiers/Official check on an amount over $5,000.00? The account is not new. If a hold can be placed, for how long?
Answer: Yes, you may place a hold for the amount over $5,000, using an exception hold under the "large deposit" rule in §229.13 of Reg CC. If the check is drawn on a local bank, funds would need to be released on the 7th business day following the banking day of deposit. If the check is non-local, you can add an additonal four business days to the hold.
First published on BankersOnline.com 3/20/06
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