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#501170 - 02/20/06 07:54 PM Reg CC holds on President's day
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,338
One of our branches would like to put a non local case by case hold on a deposit today. I know today is a holiday according to the regulation. I wish it was for us too, but...our work is being processed normally today, so the date of deposit is 2/20/06. However, since the regulation states today is a holiday, do we change the date of deposit to 2/21/06, and make the funds available 2/28, or do we leave it 2/20/06 and make funds available 2/27? Help!! Thank you in advance, I know this may seem like an easy question, but I have a hard time with Reg CC for some reason!

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Operations Compliance
#501171 - 02/20/06 08:51 PM Re: Reg CC holds on President's day
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,617
Galveston, TX
You have to make a non-local check available on the 5th business day after the banking day of deposit. A banking day is any business day on which an office of a bank is open to the public for carrying on substantially all of its banking functions. Since today cannot be a business day, as it is a Federal holiday, tomorrow would be considered the banking day of deposit - so the short answer is you can hold the funds until the 28th. Either way, you would be within the funds availability requirements of Reg CC.
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