Is a Notice of Delayed Availability form required to be mailed to customers who deposit local checks in excess of $5,525 or is it only required if a statutory exception hold is invoked or a case-by-case hold is placed? In other words, if a local check deposit of $6,000 was done at the ATM and the funds are being held $225 (first day) $5,300 (second day) $475 (7 days) would the customer need to be mailed a form?
If a large not-on-us check was split between a new savings account and an existing checking account, (not the ideal scenario) would you split the availability of the $5,525.00 on the 2nd business day between the two accounts and make the balance available on the 9th business day?
Can you place a Reg CC hold on a Savings Bond?
I just finished taking a Reg CC training through ICBA, and it mentioned that we should have a maximum of 4 characters to reference the account number on a hold notice. I can't find this verbiage on any other Reg CC training I have done recently to this. Is this the requirement?
I would like to know if a check issued by a state university in the same state of our bank is considered a government check for Reg CC purposes?
I have a question on the new Reg CC update, specifically, on the large check deposit. I have a customer depositing a out of town check made to himself in the amount of $106,000. How do I handle this?
Example: 2-12-2020: Place a Large Deposit Exception hold on the check making $200 available 2-13-2020, $4,800 available 2-14-2020 & $101,000 available 2-24-2020. So would the new amounts be $225 available 2-13-2020 and $5,300 (to make a total available $5,525) available 2-24-2020 and the rest available 2-24-2020?
What is required in our notice to customers regarding the change to Reg CC?
I need a clear & simple chart to help me understand Reg CC holds. I understand rules are changing in July, but I need something to help me today. Specifically, I have a customer depositing a cashier's check from himself at another bank payable to himself here in the amount of $106,000. How do I handle this?
Example: 2-12-2020: Place a Large Deposit Exception hold on the check making $200 available 2-13-2020, $4,800 available 2-14-2020 & $101,000 available 2-24-2020 or because it's a cashier's check do I make the entire amount available on the next business day?
I have a few questions regarding Reg CC:
1. For accounts less than a year old, and a check is over $500, we place it on a 2-day hold, is that allowable under the Reg?
2. For accounts open more than a year and checks more than $3k but less than $5k, we place it on a 2 day hold, is that allowable under the Reg?
3. Does Reg CC apply to A2A deposits or mobile deposits?
Can a bank place a hold on any check that is not next day item if there is not recourse in that customer's account at the time they present check to the teller for deposit?