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#2212051 - 04/25/19 01:15 PM New Account Hold Exception and On Us Checks
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,062
In the mountains
With regards to holds on New Accounts is the following correct?

> On Us checks - 9th day availability on the whole amount; next day rules do not apply to the first $5000
> Local checks - no max time frame (bank establishes and discloses in policy disclosure)

Thanks in advance.
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#2212055 - 04/25/19 01:43 PM Re: New Account Hold Exception and On Us Checks Likes to Comply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,926
Galveston, TX
Technically on us checks are not subject to next day availability under the new account rules.

But, 9 days on an on-us check and more than 9 days otherwise in today's expedited collection environment??

That is what created Reg CC in the first place.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2212068 - 04/25/19 02:32 PM Re: New Account Hold Exception and On Us Checks Likes to Comply
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,062
In the mountains
I don't see us every putting a hold on an On Us check and I've never seen it when auditing. But I wanted to be sure I was understanding the rule correctly.

So is what I stated above technically correct?
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#2212095 - 04/25/19 03:44 PM Re: New Account Hold Exception and On Us Checks Likes to Comply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,926
Galveston, TX
Yes
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