Yes. You now have new information leading you to a reasonable belief the check will bounce, so you can change the CBC hold to an exception hold based on that reasonable belief. Be certain to notify your customer with the appropriate notice. Given the fact that you first told the depositor the CBC hold would be released by the morning of the second business day after the banking day of deposit, and that would be today or tomorrow, I'd also suggest a phone call to give the depositor a "heads up."
Annotate your retained copy of the exception hold notice with the info about the call to the paying bank, which provided the basis for the extended hold.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8