Exception to New Account Exception Hold?
Answer by David Dickinson and Jim Bedsole, BOL Gurus Guru Bio
Question: Can a new account exception hold be used on just certain new accounts or must it apply to all new accounts?
Answer by David Dickinson: You can apply it when needed.
Answer by Jim Bedsole: Be sure your funds availability policy disclosure reflects correctly what your practice is. In all of the model disclosures in the Reg CC appendix it states this: "If you are a new customer, the following special rules will apply during the first 30 days...". If you'll be applying this situationally, you'll need to change "will apply" to "may apply" in your institution's disclosure that you give to customers at the time of account opening.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.