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#2260505 - 09/30/21 03:36 PM Columbus Day
Tesla Offline
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Joined: Nov 2003
Posts: 3,641
We are open on Columbus Day. If we place a hold today, it will expire on Columbus Day. Even though we are open, we still have to hold those funds until 10/12/2021, because Columbus Day is a federal holiday, correct?
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Deposits and Payments
#2260522 - 09/30/21 04:42 PM Re: Columbus Day Tesla
Alison Offline
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Joined: Jul 2018
Posts: 5
If you are placing a hold on a deposit, you would not count Columbus day as a business day for purposes of determining availability. This is due to the definition of the term "business day" within regulation CC, and does not factor in if you are open that day or not.

From the regulation: (g) Business day means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 fall on a Sunday, the next Monday is not a business day.

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#2260523 - 09/30/21 04:44 PM Re: Columbus Day Tesla
Tesla Offline
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Joined: Nov 2003
Posts: 3,641
Thank you! I was second guessing myself as "that is how we have always done it". frown
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#2260525 - 09/30/21 05:16 PM Re: Columbus Day Tesla
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,315
Pulling people out of the ditc...
Originally Posted by Tesla
Even though we are open, we still have to hold those funds until 10/12/2021, because Columbus Day is a federal holiday, correct?

that is not correct, you may always release a Reg CC hold early, or choose to forgo them. However, if you simply follow Reg CC guidelines, then you would not count Columbus Day as a banking day.
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