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#1933638 - 06/18/14 04:24 PM Reg CC Exception Holds
Compliance??? Offline
Member
Joined: Sep 2013
Posts: 76
I just want to clarify:

We had a teller place an exception hold (legit). They gave out a small amount of cash off the deposit slip. After the supervisor noticed the cash back, she changed the hold to a case-by-case and sent out a new notice.

My question is: Couldn't we have left the hold as an exception for the full amount of the check, even though they got cash back, or changed the amount to the deposit amount, without re-doing the hold notice from a 7 day hold to a 2 day?

Thank you!

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#1933649 - 06/18/14 04:37 PM Re: Reg CC Exception Holds Compliance???
Matt_B Offline
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Matt_B
Joined: Sep 2011
Posts: 1,648
A CU, Where Regs Don't Apply
You could have still held funds if they were in the account equal to the amount of cash given back (assuming standard contract language in your disclosures and all that), and as long as you were holding the amount that was filled out on the form, nothing needed to be changed. If you said you were holding more than you actually were, I'd send a corrected form to state that, but no need to kill the exception hold. You can always give them more money than you have to give them, just not less!
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#1933688 - 06/18/14 05:41 PM Re: Reg CC Exception Holds Compliance???
Compliance??? Offline
Member
Joined: Sep 2013
Posts: 76
That's what I thought. Thank you very much.

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