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#1580641 - 07/20/11 08:14 PM Reg CC and Large Check Hold
LisaL Offline
Junior Member
Joined: Oct 2008
Posts: 35
Retail staff is not aware or trained on large dollar check holds, being extremely new to compliance im so confused right now.
We have Same Day Availbility, case by case and exception holds.
as of tomorrow 07/21 would this situation be correct?$10000.00 not on us check
$200.00 immediately available
$4800.00 2nd business day
balance due by 7th business day
any answers are definetely appreciated !!!!

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Operations Compliance
#1580655 - 07/20/11 08:24 PM Re: Reg CC and Large Check Hold LisaL
Jafo Offline
Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
If you have same day availability the entire amount will be available immediatley unless you place an extended hold on it. That would be your case by case or exception hold. if you place eitehr of those holds you would then follow those rules that you should have outlined in your funds availability policy.
A common mistake people make designing something completely foolproof is to underestimate the ingenuity of complete fools.

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#1581442 - 07/21/11 09:50 PM Re: Reg CC and Large Check Hold Jafo
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,697
Cape Cod
For check deposits (other than on-us) in excess of $5,000, when you've disclosed the potential for both case-by-case and exception holds, you can combine both types of holds and provide a single notice. Assume the total deposit amount is $10,000:

The first $200 will be available on BD 0 or BD1 (BD 0 is the day of deposit; BD 1 is first business day after day of deposit).

The next $4,800 is available by BD 2.

The balance of $5,000 is available by BD 7.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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