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#1892591 - 01/31/14 05:06 PM Large Hold Deposits
1515 Offline
New Poster
Joined: Mar 2008
Posts: 6
Our large hold deposit prints two notices. First notice shows the $4800.00 released on second day and the other has the balance to release on the 7th day. We do not place a hold on the first $200.00
On the hold notice the tellers mark " The check(s) you deposited on this day exceeded $5000.00"
On a large hold deposit the tellers mark both hold notices.
We just had an independent audit and our auditor said that on the first hold notice we should not mark anything as it is really a case by case hold and with a case by case no reason is required. She stated that on the second notice with the 7 day hold, we do need to mark the reason why we placed the hold.
Has anyone heard of this before?

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#1893750 - 02/05/14 03:50 PM Re: Large Hold Deposits 1515
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
I would agree with the independent auditor. Our practice is the same.

On a large deposit hold you can only hold the amount in excess of $5,000. So to get around it, you place a case by case hold on the first $5,000 but only hold $4,800 because you need to make $200 available.

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#1894311 - 02/06/14 04:27 PM Re: Large Hold Deposits 1515
cbinder63 Offline

Platinum Poster
Joined: Dec 2001
Posts: 674
We do it the same as ahkcompliance.
Opinions expressed are my own.

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