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#1362674 - 03/23/10 09:19 PM New Account Exception Hold
ComplyWithMeToo Offline
100 Club
Joined: Feb 2007
Posts: 225
Is a bank required to notify a consumer each time it places a new account hold? Or is a one time notice in the Terms and Agreements sufficent? We also post on our Funds Availability Policy.

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Deposits and Payments
#1362679 - 03/23/10 09:25 PM Re: New Account Exception Hold ComplyWithMeToo
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,967
Galveston, TX
There are no specific notice requirements for each deposit other than the Funds Availability Policy disclosure at account opening for new account holds.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1362684 - 03/23/10 09:30 PM Re: New Account Exception Hold rlcarey
ComplyWithMeToo Offline
100 Club
Joined: Feb 2007
Posts: 225
This is what I thought! It's nice to have a forum that can be used to verify what one thinks!

Thanks for the assistance.

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#1362971 - 03/24/10 03:49 PM Re: New Account Exception Hold ComplyWithMeToo
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
What if your disclosure says special rules "may" apply for new accounts. I read in another area where it appeared to make a difference if you said "will" or "may". I was under the impression also that as long as it was spelled out in the disclosure we are OK...but now I wonder about that one little word. Does it trigger the hold notice? Our exception hold notice is a very detailed fill-in-the-blank form but "new account" is not listed as a reason for delayed availability.

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