Skip to content
GeoDataVision
Thread Options
#1210085 - 06/30/09 04:25 PM Reg CC - Can this be done?
Libby M. Offline
Platinum Poster
Joined: Sep 2007
Posts: 578
Mississippi, USA
A case-by-case hold was place on a non-local $2,455.00 check deposited on 6/1/09. On 6/5/09 the branch learned confidential information that revealed reasonable cause to doubt collectability. The branch created a new hold form for an exception hold on a non-local check and extended the hold until 6/22/09.

First of all, can the branch extend a hold - they did send a new hold notice form to the customer on 6/5/09.

Secondly, if this is permissible, shouldn't the expiration date have been 6/16/09 - 11 days from the date of deposit - and not 6/22/09 - 11 days from the date they changed the type of hold.
_________________________
Lela Purvis, CRCM/CCBCO/CBAP


Return to Top
Deposits and Payments
#1210091 - 06/30/09 04:29 PM Re: Reg CC - Can this be done? Libby M.
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
Yes, they can do that if they can document a valid reason. 6/22 is correct because you exclude Saturdays, Sundays, and holidays when counting.
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

Return to Top
#1210111 - 06/30/09 04:46 PM Re: Reg CC - Can this be done? Kelsey D
Libby M. Offline
Platinum Poster
Joined: Sep 2007
Posts: 578
Mississippi, USA
6/22/09 is correct from the date they changed the type of hold but the date of deposit was 6/1/09 so shouldn't it be 11 days from the date of deposit and not the date they changed the type of hold?
_________________________
Lela Purvis, CRCM/CCBCO/CBAP


Return to Top
#1210151 - 06/30/09 05:40 PM Re: Reg CC - Can this be done? Libby M.
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
You are absolutely right. 11 days from date of deposit is 6/16, and that's when the hold should expire. Sorry for my mistake!
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

Return to Top
#1210165 - 06/30/09 05:49 PM Re: Reg CC - Can this be done? Kelsey D
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Be sure to document the "confidential information" on your copy of the hold notice (or on whatever form you use for record retention purposes).
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top
#1210173 - 06/30/09 05:55 PM Re: Reg CC - Can this be done? BrendaC
Libby M. Offline
Platinum Poster
Joined: Sep 2007
Posts: 578
Mississippi, USA
Thank you for your help on this one!
_________________________
Lela Purvis, CRCM/CCBCO/CBAP


Return to Top

Moderator:  John Burnett