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#1319209 - 01/06/10 08:59 PM Reg CC one check multiple accounts
ML Offline
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Joined: Apr 2004
Posts: 220
We have a customer that is depositing one large check into several accounts. How do we disclose a hold on a split deposit? One account will have over $5,000, so we place a large exception, but the other account might only have $200 placed in it, do we put a case by case on that one?

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Deposits and Payments
#1319659 - 01/07/10 03:41 PM Re: Reg CC one check multiple accounts ML
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The fact that the check is split between multiple accounts has no effect on the legal amount or duration of the hold, but the regulation does not offer you any direction as to how you "spread" the hold among the accounts. Do it any way you wish, but keep your copies of the notices together so they will make sense to a third party reviewer.
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#1320520 - 01/07/10 11:09 PM Re: Reg CC one check multiple accounts Elwood P. Dowd
ML Offline
100 Club
Joined: Apr 2004
Posts: 220
Perfect! Thank you-

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