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#356005 - 05/05/05 04:50 PM can I hold for five business days
Jokerman Offline
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Joined: Nov 2003
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An "installment loan proceeds" check drawn on a correspondent bank by "Capital One".

The check does not indicate that it is drawn by "Capital One Bank" or "Capital One, FSB". It also does not indicate that it is drawn by "Capital One Auto Finance".

Nowhere does the check indicate that it is a "cashier's check". It does indicate that it is void after 35 days.

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#356006 - 05/05/05 06:05 PM Re: can I hold for five business days
GuitarDude Offline
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GuitarDude
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Posts: 5,925
So Cal
If the check is nonlocal and you have reserved the right in your policy and customer disclosure you can place a 5-day case-by-case hold. If you have not reserved this right, then you cannot place a hold simply because it is of a certain class of check (loan, cash advance, etc.).

If the check is over $5,000, you can hold the amount over 5K under Reg CC.

Anyone else? Does this sound right?
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#356007 - 05/05/05 06:10 PM Re: can I hold for five business days
Jokerman Offline
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Yes, our policy allows for case-by-case holds. We are not trying to place a doubtful collection hold.

What I need to know is, is this a cashier's check?

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#356008 - 05/05/05 06:49 PM Re: can I hold for five business days
rainman Offline
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You say it's drawn on a correspondent bank. That means it can't be a cashier's check (for Reg. CC & UCC purposes) because a cashier's check has the same bank as drawer & drawee. It's either a teller's check or just a plain old check.

If you could tell whether it's drawn by a "bank" or a non-bank affiliate, you'd have your answer. My only thought is that if it's drawn by the bank, the bank would generally include the term "bank" in its name. Since the check lists only "Capitol One" as the drawer, then maybe you are safe in operating under the assumption that the drawer is a non-bank affiliate, which means it's not a teller's check or cashier's check, which means you're fine in putting a hold on it.

Take that with a large grain of salt . . .
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#356009 - 05/05/05 07:02 PM Re: can I hold for five business days
Jokerman Offline
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Quote:

You say it's drawn on a correspondent bank. That means it can't be a cashier's check (for Reg. CC & UCC purposes) because a cashier's check has the same bank as drawer & drawee. It's either a teller's check or just a plain old check.




Sorry, I meant to say teller's check. (Same hold restriction.)

Quote:

If you could tell whether it's drawn by a "bank" or a non-bank affiliate, you'd have your answer. My only thought is that if it's drawn by the bank, the bank would generally include the term "bank" in its name. Since the check lists only "Capitol One" as the drawer, then maybe you are safe in operating under the assumption that the drawer is a non-bank affiliate, which means it's not a teller's check or cashier's check, which means you're fine in putting a hold on it.




Those are my thoughts as well.

Quote:

Take that with a large grain of salt . . .




Thanks, either way.

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#356010 - 05/05/05 07:19 PM Re: can I hold for five business days
rainman Offline
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rainman
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I figured I was only telling you what you already knew, but you asked.
Last edited by rainman; 05/05/05 07:20 PM.
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#356011 - 05/05/05 07:40 PM Re: can I hold for five business days
Jokerman Offline
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Quote:

you asked




Just seeking assurance. I'm kind of a timid soul.

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#356012 - 05/05/05 07:56 PM Re: can I hold for five business days
GreatBlue Offline
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Colorado
Quote:

I'm kind of a timid soul.



LOL!
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#356013 - 05/05/05 08:02 PM Re: can I hold for five business days
Jokerman Offline
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Joined: Nov 2003
Posts: 12,846
Quote:

Quote:

I'm kind of a timid soul.



LOL!




What's so funny??


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