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#2149432 - 10/11/17 05:30 PM Reg CC New Accts Special Dep Slips
ahou Offline
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ahou
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If the bank discloses and requires the use of special dep slips for cashier's checks, treasury checks etc, on new accounts, is the hold period for checks under $5,000 limited to whatever is designated in bank policy or up to 9 business days?
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#2149487 - 10/11/17 10:07 PM Re: Reg CC New Accts Special Dep Slips ahou
ahou Offline
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ahou
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I researched for a few hours and have come to the conclusion that if it is a new account and the customer doesn't use the special dep slip, the amount of gov, cashier's, certified, tellers or traveler's checks will be treated like 'other checks' and the hold period will be whatever the policy states for new accounts. (regardless of whether the amount dep is under or over $5,000). Can someone confirm?
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#2149692 - 10/13/17 02:40 PM Re: Reg CC New Accts Special Dep Slips ahou
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
FWIW, I agree. Note that very, very few banks actually use "special deposit slips" so you don't have too many potential respondents who can speak from experience. Also, no one has the incentive to hit the books on your behalf as they probably will not use the information again.

My agreement is solely based on the fact that special deposit slips were offered as an aid to banks in identifying checks subject to enhanced availability; e.g. there is nothing on the MICR line of a cashiers check that indicates its a cashiers check. So, if a customer chooses not to use the special deposit slip, he's waived the special treatment it might have afforded him and the item is just another check.
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#2149710 - 10/13/17 04:01 PM Re: Reg CC New Accts Special Dep Slips ahou
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
Ken, I felt uneasy about the new account exception allowing the bank to hold these deposits in the same manner as 'other checks' (bank policy) until I remembered the 2011 proposed rule that was never made final. On the model disclosure for new accounts from that proposed rule, it specifically states that if the customer doesn't use the special deposit slip, these checks will be processed like 'other checks'.

To me, it's not clear in the current rule what you can do under the new account exception as far as when funds must be made available if they don't use the special deposit slip. Thanks for your answer. I have read and reread Reg CC to death!
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