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#109956 - 08/26/03 06:54 PM Cashier"s Check - Reg CC
Kahola Offline
Platinum Poster
Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
Reg CC says that Cashier's Checks are next day items. Does this apply to a cashier's check that is a nonlocal check?

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#109957 - 08/26/03 07:09 PM Re: Cashier"s Check - Reg CC
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Not sure of all the details, but a couple of things come to mind...Was it deposited to a checking or saving account, and can you call the issuing bank to verify it's their check? The answer to those questions may be beneficial to you.
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#109958 - 08/26/03 07:20 PM Re: Cashier"s Check - Reg CC
complylady Offline
Platinum Poster
complylady
Joined: Jul 2002
Posts: 614
Michigan
You are correct in that cashier's checks are next day item. It does not matter whether they are local or non-local. As in the previous post, the type of account it is being deposited into makes a difference as money market and savings accounts are not subject to Reg CC. By the way, Monday will be the 15th birthday of Reg CC. Does anyone wish Reg CC a Happy Birthday?

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#109959 - 08/26/03 08:10 PM Re: Cashier"s Check - Reg CC
jules13 Offline
New Poster
jules13
Joined: Apr 2003
Posts: 23
Tennessee
For cashier checks to be next day available, they must be deposited in person and into the account of the payee of the check. There is a double requirement. If the transaction does not meet the double requirement you can treat the check as you do any other local or non-local check.

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#109960 - 08/27/03 02:42 PM Re: Cashier"s Check - Reg CC
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
To Comply Lady --So Reg CC will be 15 years years old...my how time does fly. I think we should do something noteworthy for this day. Yes it's a birthday but it's not a happy birthday.
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#109961 - 08/28/03 12:03 AM Re: Cashier"s Check - Reg CC
Happy Trails Offline
Member
Joined: Jun 2003
Posts: 54
Northern Calif
You might want to check the issue date on that Cashiers Check. If it is more than 90 days old, you should consider placing a hold on the funds. REG CC does not address this situation specifically (more than 90 days) but beware a stop could be on that check!

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#109962 - 08/28/03 01:33 AM Re: Cashier"s Check - Reg CC
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
If a Cashier's Check is over 90 days old, you should consider accepting it only as a collection item.

Cashier's Checks (even non-local ones) are Next Day items EXCEPT:
1. If deposited at the ATM
2. If your customer is not one of the named payees on the front
3. If it's a large check, then the amount exceeding $5,000 is not subject to Next Day.
4. If your depositor has been repeatedly overdrawn according to Reg CC definitions.
5. If you have reasonable cause to doubt collectability. NOTE - if this is the case, then you should not accept the Cashier's Check in the first place. If you have already accepted the item for deposit, and later find out it's a counterfeit, then Reg CC no longer applies to the item (since it was never a check in the first place!)
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Regulations are a poor substitute for ethics.
Just sayin'

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#109963 - 08/28/03 02:27 AM Re: Cashier"s Check - Reg CC
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
Quote:

3. If it's a large check, then the amount exceeding $5,000 is not subject to Next Day.
4. If your depositor has been repeatedly overdrawn according to Reg CC definitions.





3. If you impose and disclose (notify) a large-item exception hold.

4. If you have invoked the repeat overdraft provision and made appropriate notification.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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