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#1296011 - 12/01/09 01:53 PM Reg CC
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
I am getting in the process of getting materials ready for the 12/12/2009 regulation cc change. I want to make sure I have it right, effective 12/12/2009, there will only be the Cleveland region and Atlanta region?

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#1296213 - 12/01/09 04:28 PM Re: Reg CC ahkcompliance
zitch70 Offline
Gold Star
Joined: Apr 2001
Posts: 331
Edinburg, Texas
thats what I understand. Philadelphia is scheduled to go to Cleveland 12-11, LA went 11-14. We went totally local as of 12-1 (thats today). This makes it easier for the holds people. We get few in any checks from either Philadephia or Atlanta

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#1296239 - 12/01/09 04:42 PM Re: Reg CC zitch70
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
When you went totally local, did you have to notify your customers before-hand or afterwards?
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1296321 - 12/01/09 05:23 PM Re: Reg CC Doug Hendrickson
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
From what I understand, you will need to notify customers within 30 days of the change as it is not adverse to the customer.

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#1297241 - 12/02/09 06:30 PM Re: Reg CC Doug Hendrickson
Aggs Offline
Diamond Poster
Aggs
Joined: Nov 2009
Posts: 1,331
Hoosier Country
Originally Posted By: Doug Hendrickson
When you went totally local, did you have to notify your customers before-hand or afterwards?


Section 229.18(e) of Regulation CC requires that banks notify account holders who are consumers within 30 days after implementing a change that improves the availability of funds.
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CRCM + CAMS = certified compliance nerd

Opinions expressed in these threads are my own and not my employer's.

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#1297481 - 12/02/09 08:48 PM Re: Reg CC Aggs
Georgia Plum
Unregistered

Wouldn't it make more sense to let the Government/news agencies tell everyone that now all their checks will be local, there are no more non-local checks and except in special situations funds will generally be available in 2 days., rather than having every bank in the country mail a revised funds availablity policy with the same message to every customer? I'm convinced that most of these changes are to keep the post office in business.

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#1297511 - 12/02/09 09:13 PM Re: Reg CC
UFrecmgmt Offline
New Poster
Joined: Jan 2004
Posts: 3
Austin, TX
Has anyone seen model language for the notices that need to be mailed to consumers? If you have can you tell where I might find that? Thanks!

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#1298109 - 12/03/09 05:40 PM Re: Reg CC zitch70
kristin09 Offline
Member
Joined: Jan 2009
Posts: 69
Originally Posted By: zitch70
thats what I understand. Philadelphia is scheduled to go to Cleveland 12-11, LA went 11-14. We went totally local as of 12-1 (thats today). This makes it easier for the holds people. We get few in any checks from either Philadephia or Atlanta


We are considering doing that as well. So you now consider all checks local? How did you word your notification?

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#1298241 - 12/03/09 07:18 PM Re: Reg CC kristin09
comp123 Offline
Member
Joined: Jan 2009
Posts: 75
We used the poster notice and revamped a tiny bit. This on statement message:

Effective immediately, funds deposited into your account will generally be available for withdraw the next business day. Direct Deposit funds will be available the day we receive the deposit. In some cases, we may delay your ability to withdraw deposited funds until the second business day after day of deposit.

Thoughts? Doing something different?

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#1300515 - 12/07/09 10:45 PM Re: Reg CC comp123
Laketime Offline
Platinum Poster
Joined: Aug 2002
Posts: 554
Comp 1-2-3. Besides the C by C holds (switching from 5-day max to the 2-day max), are you also going to address the exception holds? In other words, if you were previously at the 11-day max. for non-local items are you going to switch that to 7-day (local) and then disclose it to your customers?

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