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#2195104 - 10/10/18 03:57 PM Hold on Split Deposit
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
Check total is $29,901.40. $29,801.40 was deposited into a checking and $100 into a savings.

The $100 in the savings was made available next day.

Of the $29,801.40 deposited into the checking the teller gave $200 next day, $4,800 second day and put a hold for $24,901.40 for seventh day availability.

So we gave the customer $300 next day and $4,800 the second business day but the large deposit hold portion seems to me that is it $100 too much. The final amount that should be held would be $24,801.40.

Total Deposit - $29,901.40
Total Next Day - $300.00
Total Second Day - $4,800.00
Remaining balance to place large hold - $24,801.40

Correct?
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#2195109 - 10/10/18 04:29 PM Re: Hold on Split Deposit Likes to Comply
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,630
First off, what kind of a check was it? That could make a difference on the 2nd day availability if it was a next-day item...

For the 7th day availability, it seems they held $30,001.40 which is more than the deposit of $29,901.40. I agree that your summary would have been the correct way to do it (except the $100 into the savings really could have been whatever you wanted it to be as Reg CC doesn't apply to savings accounts).
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All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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#2195110 - 10/10/18 04:38 PM Re: Hold on Split Deposit Likes to Comply
LetsTalkCompliance Offline
Member
Joined: Jan 2016
Posts: 60
I concur with your math and with Adam.

Something to consider - prohibiting split deposits when the deposit item(s) will have delayed availability imposed. We adopted this rule a few years ago. Maybe a dozen times since then has a customer asked to split the deposit of a check that warranted a hold. We would tell the customer they can deposit the check into one account, and as the funds are available to transfer funds to the other account(s).

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#2195196 - 10/11/18 02:47 PM Re: Hold on Split Deposit Likes to Comply
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,060
In the mountains
Thanks for the help. It was a local check, sorry I didn't specify.
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