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#2259366 - 09/08/21 04:03 PM Deposit hold more than current balance?
Anonymous
Unregistered

We had a customer make a deposit that included cash back. Now the teller wants to put a Reg. CC hold on the check but since there was cash back on the deposit the balance in the account is less than the amount of the check.

Can we place a hold on an account for an amount greater than the current balance of the account?

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#2259367 - 09/08/21 04:11 PM Re: Deposit hold more than current balance? Anonymous
InFairness, CRCM Offline
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InFairness, CRCM
Joined: Nov 2010
Posts: 568
USA
What's the hold reason? Does the proposed hold consider the immediate and next day availability requirements?
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#2259368 - 09/08/21 04:25 PM Re: Deposit hold more than current balance? Anonymous
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,017
Illinois
The teller allowed the customer to cash a portion of the check in addition to making a deposit. In order to place a hold on funds over and above the amount of the deposit, your funds availability disclosure needs the following clause from Appendix C.

C-6--Holds on Other Funds (Check Cashing)

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
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#2259375 - 09/08/21 05:03 PM Re: Deposit hold more than current balance? Anonymous
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
If the hold would bring the account negative, that pretty much defeats any rationale for placing a hold on the funds if you already let some of them out the door.
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