We have recently moved into a new growth market and we have introduced a fabulous new account (KASASA - google it!) And it is doing what we want it to do - driving new customers to our locations! Not knowing these people at all and being new to the market we are putting 11-day holds in most cases on these new accounts - kind of a mixed msg - we want your business(!) but we aren't going to let you have use of your money for 11 days. What do you use to decide it is ok to release the hold early? Just that we have collected funds equal to the hold (because we don't know on the operations end what a hold was put on and what was collected were the same thing - but it is fairly far-fetched that they aren't the same thing if the amounts match) or do you also get a copy of the cleared check (front/back) from the customer where it cleared the other bank? What is your comfort level????? If anyone has written procedures to share that would be just AWESOME!
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