I'm having a debate with a colleague. Is there a requirement to make $100 (soon to be $200) immediately available on a check deposit? Or do we have to just make the $100 available on the first business day after a deposit is made.

Example 1:

Jane deposits a $500 check.
$100 available immediately and remaining next day
or
$500 next day

Example 2:

John deposits a $5000 check and a hold is placed
$100 available immediately and $4900 after 2 days
or
$100 next day and $4900 after 2 days

Thanks in advance!

The first $100 of a deposit that is not already subject to next-day availability must be made available by the first business day following the day of deposit. This does not apply to deposits at nonproprietary ATMs and to deposits subject to certain exception holds.

Ditto what jenabq said.

So we do not have to make $200 immediately available. It just must be available by the end of the next business day correct?

$200 will have to made available by opening time on the next business day following the day of deposit. If you open for business at 9:00 AM - then $200 will have to available to the depositor at that time.

Thanks!

You also need to read your funds availability policy to make sure you are stating next day availability on the $100 (soon to be $200). Just make sure your actions match your policy.

We generally give next day availability on checks deposited. However, on a Case By Case basis, we may place a hold. The first 100.00 is going to 200.00 on Case By Case holds, so we are working on verbiage for a statement message. Can anyone share there verbiage? I do not want to confuse customers, does anyone have a short and sweet message?

I'm just using something like:

"Funds Availability Changes effective 7/21/11: The first $200 of your deposit will be made available on the first business day after the day of your deposit, in accordance with our funds availability policy, in the event that we have to hold any of your deposit for a longer period."


There are a couple of threads with some shorter/sweeter messages as well; it all depends on how many characters folks have to work with on their systems.