Skip to content
GeoDataVision
Thread Options
#1227885 - 08/05/09 08:38 PM Reg CC: Date available or number of days?
gacompliancegirl Offline
100 Club
Joined: May 2009
Posts: 234
hanging on by a thread
I have always been under the belief that hold notices should state the number of days until funds are available instead of the actual date that funds are going to be available. The folks at my new employers are telling me that the FDIC said they could use the actual date instead of the number of days. I can't find any written confirmation or guidance on this. Can anyone guide me to it? Or are my new coworkers just "confused".

Thanks!
_________________________
Help find a cure for diabetes - www.jdrf.org

Return to Top
Deposits and Payments
#1227890 - 08/05/09 08:43 PM Re: Reg CC: Date available or number of days? gacompliancegirl
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,625
Galveston, TX
Either is acceptable - see the commentary 229.16(c)(2)(c) The requirement that the case-by-case hold notice state the day that funds will be made available for withdrawal may be met by stating the date or the number of business days after deposit that the funds will be made available.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1227901 - 08/05/09 08:48 PM Re: Reg CC: Date available or number of days? gacompliancegirl
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
12 CFR § 229.15(b) addresses the uniform reference to day of availability. The commentary specifically says...

Banks must disclose when deposited funds are available for withdrawal by stating the business day on which the customer may begin to withdraw funds. The business day funds will be available must be disclosed as “the ________ business day after” the day of deposit, or substantially similar language.

The regulation is pretty specific, so I'd use their exact wording. However, I do encourage my employees to note the actual date off to the side so that the customer doesn't have to guess what day they can withdraw the funds. I point out to my employees that if they struggle to count the days, surely the customer will, so we do it occasionally as a customer service tool.
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

Return to Top
#1227909 - 08/05/09 08:55 PM Re: Reg CC: Date available or number of days? Kelsey D
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
The section that I referred to is addressing the initial disclosure I believe, while Randy's is addressing the specific disclosure that is made on a case-by-case basis. After reading 229.16(c)(2)(c), I agree with him that both are acceptable, not that you doubted him or needed my reassurance.
_________________________
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

Return to Top
#1227912 - 08/05/09 08:59 PM Re: Reg CC: Date available or number of days? Kelsey D
gacompliancegirl Offline
100 Club
Joined: May 2009
Posts: 234
hanging on by a thread
Thanks to you both!
_________________________
Help find a cure for diabetes - www.jdrf.org

Return to Top

Moderator:  John Burnett