Learn More - Click Here!

Thread Options
#1181099 - 05/12/09 02:23 PM Reg CC HELP-quickly
Midwest Banker Offline
Gold Star
Joined: Nov 2004
Posts: 349
Cheeseland
I know this answer but cannot find it when I need it, so your help would be appreciated.

Your customer brings in a non local check for $3,000 which you want to place a hold on. They deposit only $2,800 of this item and you give them $200 cash back ($100 for next day plus, they have some funds in their account).

The hold on a case by case basis is for $3,000 correct? Essentially more than the deposit.

Return to Top
Operations Compliance
#1181113 - 05/12/09 02:31 PM Re: Reg CC HELP-quickly Midwest Banker
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,979
FINALLY ABOVE the gnat line
If you're doing a case-by-case hold, then the 1st $100 must be available and cannot be held. You would place the hold for $2900.00.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top
#1181131 - 05/12/09 02:41 PM Re: Reg CC HELP-quickly Midwest Banker
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You have essentially cashed a portion of the check and that satisfies your need to make the first $100 available on a next day basis. You cannot put a hold on the second $100 unless your initial disclosure mentions the possibility that you would put a hold on the account when a check was cashed instead of deposited.

Otherwise, your maximum hold amount is $2800.

Return to Top
#1181186 - 05/12/09 03:01 PM Re: Reg CC HELP-quickly Elwood P. Dowd
Midwest Banker Offline
Gold Star
Joined: Nov 2004
Posts: 349
Cheeseland
Our initial disclosure does state this piece, so the hold would be for $2,900 as stated correct?

Return to Top
#1181505 - 05/12/09 05:42 PM Re: Reg CC HELP-quickly Midwest Banker
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Yes.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#1186760 - 05/19/09 08:44 PM Re: Reg CC HELP-quickly Elwood P. Dowd
KerryVBC Offline
100 Club
KerryVBC
Joined: Oct 2007
Posts: 151
Colorado
Reg CC says that $100 must be made available on the "day's check deposits". How much cash was given to the customer is irrelevant. The check was for $3000 and, as long as it is a check that is eligible for a hold, you can hold up to $2900. By holding $2800, you are giving them the first $200 available (which you can still do....nothing in Reg CC says that you can ONLY make $100 available).
_________________________
Opinions expressed are my own.

Return to Top

Moderator:  Andy_Z, John Burnett