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#1581946 - 07/22/11 05:46 PM Reg CC- cashiers check
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
Will someone please clarify for me under Reg CC, if we have a new account with a deposit of a cashiers check for $10,000.00 and the check is out of state, can we hold the full $10,000.00 for 9 days, and use the safeguard exception of reasonable cause of uncollectability?

Thanks in advance for your help.

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#1581949 - 07/22/11 05:54 PM Re: Reg CC- cashiers check kelso
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Not unless you have reasonable grounds for doubting the collectability of the check (out of state is not enough). You could check the recent SAs for counterfeit cashier's checks to see if the issuing bank has reported any such checks. The first $5,000 would have to be made available the next day and the remainder can be held (assuming your funds availability policy reserves that right).
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#1581962 - 07/22/11 06:06 PM Re: Reg CC- cashiers check Doug Hendrickson
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
So most of the time on a new account opening with a cashiers check you must give the $5,000.00 on the next business day?

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#1581965 - 07/22/11 06:07 PM Re: Reg CC- cashiers check Doug Hendrickson
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
So most of the time on a new account opening with a cashiers check you must give the $5,000.00 on the next business day?

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#1581992 - 07/22/11 06:25 PM Re: Reg CC- cashiers check kelso
Bob The Banker Offline
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Bob The Banker
Joined: May 2010
Posts: 958
First $200 will not apply in the case and...

If deposited in-person to the account of the payee -- First $5,000 available by the next business day. The rest (another $5,000 in your case) available by the 9th business day.

If not deopsited in-person to the account of the payee -- First $5,000 available by the 2nd business day. The rest (another $5,000 in your case) available by the 9th business day.

Last edited by Bob The Banker; 07/22/11 06:26 PM.
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#1582015 - 07/22/11 06:43 PM Re: Reg CC- cashiers check Bob The Banker
kelso Offline
Member
Joined: Mar 2010
Posts: 75
Indiana
Thanks for your help.

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