We have a customer that wants to deposit a $7000 cashier's check into his checking account. He is a repeat overdrafter. Can we hold the entire check for 7 days?
You would need to look at the definition of Repeated Overdraft for an Exception Hold. If the customer meets that definition, and the check is not "on-us", then yes, you can hold it for 7 days. Here is a link to BOL Alphabet Soup on Reg CC. http://www.bankersonline.com/regs/229/229-13.html
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