Cashier's checks and Teller's checks are normally next-day availability items, assuming they are deposited in person with an employee of the bank to the account of a payee of the check, and that a special deposit ticket (if required by the bank) is used.
The first $5,000 of these checks must be available on the business day following the banking day of deposit, unless you place a hold under one of the following paragraphs of section 229.13:
- 229.13(d) - Repeated overdrafts.
- 229.13(e) - Reasonable cause to doubt collectibility. This must be based on actual information that suggests the check isn't going to be paid, not on a lack of information (such as a bank's unwillingness to confirm the check).
- 229.13(f) - Emergency conditions
Two other exception hold types can be placed, but each requires that the first $5,000 of cashier's or teller's checks be available on the day after deposit:
- 229.13(a) - New account. If your account can be classed as a "new account" under the regulation, you can hold the excess over $5,000 until the 9th business day after deposit.
- 229.13(b) - Large Deposit. If the aggregate of checks deposited to the customer's accounts on one day is more than $5,000, you can hold the excess over $5,000 until the 7th (local checks) or 11th (nonlocal checks) business day following the banking day of deposit. That includes cashier's and teller's checks.
Because a valid cashier's or teller's check would never be returned for NSF, the
229.13(c) - Reseposited check exception won't apply.
Awesome!
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