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#1740624 - 09/13/12 04:14 PM Reg CC- Next Day availability
jfredo Offline
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Joined: Dec 2011
Posts: 67
We have an existing customer who is making a $43,000 deposit. The checks are next day itmes.

When we put a case by case hold on the deposit.... would we would make $5000.00 available the next day and then the rest on the second day?

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Deposits and Payments
#1740646 - 09/13/12 05:11 PM Re: Reg CC- Next Day availability jfredo
BSABecky Offline
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Seymour, IN USA
If it were me, this would be a Next Day Item Exception Hold - the reason being the deposit is over $5,000 (provided the customer cannot cover the $43,000 with their current balance). Then, $5,000 could be released the next day and the rest on the 7th business day.

If you're using a Case By Case Hold, only $200 can be released the next day and the remainder on the 2nd business day.
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#1740661 - 09/13/12 05:32 PM Re: Reg CC- Next Day availability jfredo
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
You can't use a case by case hold on next day items.
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#1740665 - 09/13/12 05:35 PM Re: Reg CC- Next Day availability jfredo
John Burnett Offline
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John Burnett
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Cape Cod
You cannot put a case-by-case hold on a next-day item (Treasury check, cashier's, teller's, certified checks, etc.).

You MAY use a large-deposit exception hold on the excess over $5,000, but you have to make the first $5,000 available on the first business day after the day of deposit.
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#1740666 - 09/13/12 05:35 PM Re: Reg CC- Next Day availability jfredo
jfredo Offline
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Joined: Dec 2011
Posts: 67
I thought if we used an exception hold that the first $200 would be available the next day, $4800 2nd business day and the remainder on the 7th day.

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#1740667 - 09/13/12 05:38 PM Re: Reg CC- Next Day availability jfredo
John Burnett Offline
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John Burnett
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Cape Cod
That's if the checks are not next-day items. The question posed to us involved next-day items, the $200 rule does not apply and you cannot use a CBC hold.
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#1740669 - 09/13/12 05:44 PM Re: Reg CC- Next Day availability jfredo
jfredo Offline
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Joined: Dec 2011
Posts: 67
Got it! Thank you so much!

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