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Cashier's Check - Maximum Length of Hold
Answer by John Burnett, BOL Guru
Question: Will you please clarify the maximum period of time a cashier's check may be held using an exception hold of either reasonable cause to doubt collectibility or repeat overdrafter? Do you simply use seven or eleven days based on the routing number or are you limited to total hold periods of six and seven days respectively because the item is normally a next-day availability item?
Answer: For those exception reasons you are permitted to ignore the special status of the cashier's check and place a hold of seven or eleven days, as if it were an ordinary local or non-local check, assuming that you comply with the notice requirements of section 229.13 of Reg CC.
First published on BankersOnline.com 11/13/06
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