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#684166 - 02/09/07 05:21 PM Reg CC Help Needed
ComplianceNewbie Offline
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ComplianceNewbie
Joined: Aug 2005
Posts: 56
Floating in Compliance Space
Our bank is located in Oklahoma which puts in the Kansas City Fed District; however, our check processing center is located in Dallas which (obviously) is in the Dallas Fed District. Does this make a difference on our holds? Should we be looking at the Dallas District as being local instead of the Kansas City District? Any help is appreciated.
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#684241 - 02/09/07 06:05 PM Re: Reg CC Help Needed ComplianceNewbie
Dip Offline
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Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
(r) Local check means a check payable by or at a local paying bank, or a check payable by a nonbank payor and payable through a local paying bank.

(s) Local paying bank means a paying bank that is located in the
same check-processing region as the physical location of the branch,
contractual branch, or proprietary ATM of the depositary bank in which
that check was deposited.

* * * * * * * * * * * * * * * * * * * * * * * * * * * *

So, if your bank is physically in in the Kansas City region, that is what is local for you.

Be mindful of payable-through checks. Checks liek this SHOULD say "payable through" on them, but they will have a routing number for a district other than the physical loacation of the paying bank, in which case, you would use the location of that paying bank to determine whether or not it is a local check for you.
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#684259 - 02/09/07 06:14 PM Re: Reg CC Help Needed Dip
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Thanks dip. It was the "same check-processing region" that was confusing us since our check-processing center is in Dallas.
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