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#378925 - 06/29/05 06:18 PM Reg CC and $100 cash back
Anonymous
Unregistered

Reg CC: Does the "$100" Rule apply to each deposit, or to aggregated deposits?

Question: Does the "$100 rule" under Reg CC apply separately to each deposit made on a given day or to the aggregate of all deposits made in one day?

Answer: The Commentary to Regulation CC states, "The act and regulation ...require that up to $100 of the aggregate deposit by check or checks not subject to next-day availability on any one banking day be made available on the next business day." (See 12 CFR 229.10(c)(5)(a))

In other words, apart from any deposits by cash, electronic payment, or other high priority check (e.g., U.S. Treasury checks), you must make the first $100 of the day's total deposit of other checks available the next business day. If the customer makes a deposit of both local and nonlocal checks on a single banking day, for example, the checks should be aggregated and $100 from that amount must be available on the first business day after the day of deposit. The law does not require institutions to make $100 available from each individual deposit or category of check.

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#378926 - 06/29/05 06:25 PM Re: Reg CC and $100 cash back
Anonymous
Unregistered

Sorry, original anon here. My question is, in the scenario above, if the deposit consists of a U S Treasury check, can the Treasury check be counted as the $100 next day availability or do you have to make $100 from the other check in the deposit available?
Thanks again

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#378927 - 06/30/05 01:33 PM Re: Reg CC and $100 cash back
Anonymous
Unregistered

I dont believe so, check the regulation, but a U S Treasury check would be a next day item. so you cant hold that when deposited into a checking account.

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#378928 - 06/30/05 03:15 PM Re: Reg CC and $100 cash back
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
Quote:

Sorry, if the deposit consists of a U S Treasury check, can the Treasury check be counted as the $100 next day availability or do you have to make $100 from the other check in the deposit available?



You can not count the Treasury check as the first $100. You need to make $100 available from the other check.
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#378929 - 06/30/05 06:03 PM Re: Reg CC and $100 cash back
Anonymous
Unregistered

Anon here...thanks Lois. I needed someone to agree with me today!

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