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#156091 - 02/03/04 01:29 PM Reg. CC
HR Banker Offline
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Joined: Oct 2002
Posts: 1,027
I have a deposit consisting of two checks, $420 & $500. The $500 check is o.k. & we don't intend to hold for it. The $420 check we do want to hold. Since the customer deposited $800 and got $120 back in cash can we place the hold for $420 or do we have to make $100 available since the hold only pertains to the one check?

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#156092 - 02/03/04 01:45 PM Re: Reg. CC
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
You can hold the full $420 because the $100 next-day availability is covered by the $500 check. Of course, this assumes that the $500 check is subject to holds (not a next-day item, as defined by Reg CC.)

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#156093 - 02/03/04 02:02 PM Re: Reg. CC
Anonymous
Unregistered

JacFSB,

1. Wouldn't the $100 availability be covered by the $120 cash back?

2. What did you mean by the sentence "Of course, this assumes that the $500 check is subject to holds (not a next-day item, as defined by Reg CC.)"?

Reg. CC is a tough one.............

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#156094 - 02/03/04 02:17 PM Re: Reg. CC
Georgia Golfer Offline
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Georgia Golfer
Joined: Jun 2003
Posts: 415
1st Tee
Jac means that the $500 is not a cashiers check, US treasury, or other item that must be available the next day. There is a great Reg CC paper in the Bankers Tools section called the Basics of Funds Availability. It's really good and covers CC from front to back

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#156095 - 02/03/04 02:22 PM Re: Reg. CC
HR Banker Offline
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Joined: Oct 2002
Posts: 1,027
Thanks to everyone for their help!

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#156096 - 02/03/04 03:09 PM Re: Reg. CC
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
Quote:

1. Wouldn't the $100 availability be covered by the $120 cash back?


The fact that the customer received $120 back doesn't affect what you can and can't hold. Reg CC addresses the items included in the deposit, regardless of the cash back.

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