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?
Can we hold a cashier’s check in a checking account?
When do we have to make the changes to amounts for Regulation CC?
What are the new numbers for Regulation CC Holds?
Our customer, Joe, is depositing an insurance check for $8600 into a checking account. Should we hold it if his average balance is $100? He has been a customer for 30 years and never been overdrawn.
Our customer deposits a $25,000 Treasury check to a new checking account. Our policy says we give the customer five thousand the next day under the special rules for new accounts and the rest on the 9th business day. Is that correct?