Reg CC Changes Proposed

According to reports out of Washington, D.C., there were 115 suggested changes to Regulation CC made to Congress. Some of the more important are:

On large deposits and repeated overdrafts, financial institutions are now required to give notice at each occurrence. Proposed-give notice when started, or annually-not on each.

Deposits at non-proprietary ATM's to be treated as non-local deposits a permanent rule. Present non local treatment expires September 1, 1992.

Official checks get next day availability only if deposited at a teller's station. (Cashier's checks, Teller's checks, etc.)

New Account exception extended from 30 days to 90 days.

The ability to apply more exceptions to next day availability items.

These are only proposals. We'll keep you posted when/if they become final.

Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 6, 7/91