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Time Frame on Checks Held for Collection
Answer by Ken Golliher and John Burnett, BOL Gurus
Guru Bios
Question: What time frame regulations apply for checks sent to our bank to be held for collection? Is the check held for whatever duration the sender requests?
Answer by Ken Golliher: In general, you hold the item for the period of time requested in the collection letter that accompanies the item. I am not aware of any U.S. laws or regulations governing domestic collection items.
Answer by John Burnett: If the sender doesn't request that you hold the item for a period of days, you should process the collection and pay or dishonor the item without delay.
First published on BankersOnline.com 8/21/06
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