Someone please verify that this is correct:
Last edited by jefftb; 11/03/03 09:03 PM.
For Redeposited items, Repeat Overdraft, Reasonable Cause, The following holds could be placed on Next Day items:
“On Us” Checks – 2 Days Max
Treasury Check – 5 Days Max
U.S. Postal Service Money Order – 5 Days Max
Cashier’s Check, Certified Check, Tellers Check, Federal Reserve Home Loan Bank Check, Federal Home Loan Bank Check, State or Local Government check – Local Item – 7 Days Max; Non-Local Item 11 Days Max.
New Accounts, $> $5000 can be held 9 days.
A couple of the documents available on bankersonline contradict each other. Of course, reading the Reg itself only makes a bigger mess.
Take my opinion at your own risk!