Our Bank holds deposited funds on a 2 day local and 5 day non local. We only do exception holds. If we are holding funds longer on an exception hold and the deposit is made after our stated 4 PM cutoff time do we use the next day as the day of deposit for hold notice purposes? Our teller receipts do not change dates until the next day even though the deposit is not posted until the next days business, so there is confusion as to what criteria to use. I am of the opinion that we date the hold notice the same as the deposit receipt, we know that this is actually giving the customer his funds a day earlier but I think the Reg supports that this is OK....am I correct?
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My opinions are my own....no one else wants them.