10/27/2024
We were recently audited and it was noted that because a customer can immediately withdraw funds from a deposit made that same day, that we should be disclosing as a same day availability bank. instead of next day availability. What is your opinion and how do you recommend wording the change on policy, notices, and disclosures? It seems most examples I find are all next day examples.
01/16/2022
In regards to Next-Day Availability for checks drawn by a state or a unit of general local government, it's not clear to me exactly what type of checks these are. Is a check, lets say, drawn out of "ABC Bank" for "Far Out County Delinquent Tax Account" (a local county) with an out-of-state P.O. Box address listed on the check considered a check drawn by a unit of general local government, therefore, Next-Day Availability applies?
08/15/2021
Under Reg CC, I need assistance in regards to when a notice must be mailed to a customer for an ATM deposit. To detect and prevent fraud losses, our detection teams currently review ATM deposits made to an account on the same day of deposit, but prior to posting to a customer's account or prior to our processing area posting it to a customer's account. After nightly posting by our core system, when transactions are posted and services are updated for the next day's work, holds are then applied to the account (early AM time, Day 2). Reg CC notices are mailed the following day after the hold is applied. Does this fall within the Reg CC guidelines for a timely notice or since we reviewed the deposits (prior to posting) do we have to send a notice the following day, basically the same day the hold is applied to the account?
12/13/2020
We have a customer that deposited a check, which we believe to be possibly fraudulent. The check was issued for work in another country and the description doesn't match what the depositor does or the work in the other country. The work is being performed by his girlfriend and we believe the girlfriend is solely on the internet. So there are a number of red flags.
How long does the issuing bank have to return the check to us for reimbursement from our customer's account? Does that time frame differ if the check is deemed to be fraudulent? I have heard up to one year. However, we can't hold the funds that long, or is there a stipulation-reason we could use to hold funds for one year?
If the funds are gone, are we required to return the funds after 90 days? After one year?
We are trying to plan not to get caught having to return $10,000 that we believe to be fraudulent.
07/01/2013
Reg CC-I hope you can please clarify the requirements under Reg CC once and for all. When we receive notification of a large item return, our understanding is that our only obligation under Reg CC, is section 229.33 (d) notification to the customer. At that point, we may put a hold on the funds until we receive the check back from the paying bank, but that subsequent hold does not fall under the Reg CC Funds Availability hold rules since Reg CC Funds Availability hold rules only deal with funds that are deposited at the time of initial deposit, rather than subsequent efforts to collect a return check. Otherwise, how would that hold be filled out when the funds are not being deposited, the funds are never going to be made available, etc.
04/15/2013
How long can you place a Hold on a Large Check Deposit made to a Savings account?
02/11/2013
Are saving accounts governed under Reg CC?
11/19/2012
I would like to know more about Expedited Funds Availability Act.
11/05/2012
We don't place the regulatory 9 day hold on new account deposits. However, we do place exception holds once in awhile (7 day). A Compliance Trainer told us that if you do the regulatory 9 day hold on new account deposits, you have to do it for all of them - you can't pick and choose. Is that true?
10/29/2012
We have a case-by-case hold policy at the bank where I work. We give a written hold notice to customers when we are placing a hold on their deposits. We have one customer who makes multiple deposits each week. Due to the history on the account, we place a hold on all check deposits into this account. The customer is aware of this. Are we permitted to forgo the written notice step of the case-by-case hold for this customer?