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#2252064 - 04/08/21 08:02 PM Reg. CC and Electronic Deposits
Anonymous
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Would Reg. CC apply if a bank places a hold on funds electronically deposited into a customer's account at the bank (from a loan closing to ensure funds are there to satisfy checks being written to payoff a tax lien from previous owners)? I know this doesn't make sense, but the bank placed a hold on the funds and now I'm being asked if Reg. CC applies.

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#2252065 - 04/08/21 08:11 PM Re: Reg. CC and Electronic Deposits Anonymous
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 75,791
Galveston, TX
Those should have been placed in an escrow account and not the customer's account or paid directly by the bank. How can you hold your own bank's funds unless you have some sort of security agreement in place? As you said, this makes no sense and was not executed correctly.
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