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#83836 - 05/30/03 06:05 PM Funds Availability -- New accounts

We recently discovered an interesting part of Regulation CC. With respect to new accounts, the regulation appears to require next-day availability for the items listed in 10(c)(1) (Fed Checks, Treasury Checks, FHLB checks, state/local checks and cashiers/certified and tellers checks). For the state/local gov't checks and the cashiers/certified and teller checks, we may require a special deposit slip (and we require this). For these items, however, if we do not get a special deposit slip with the deposit, the item falls off and becomes available with our other checks. As you probably know, Reg. CC requires second-day availability if these items are presented without a spec. deposit slip.

The question is this: what are other banks doing to ensure that these items (state/local gov't checks, cashiers/teller/certified checks) receive second-day availability if they are deposited without a special deposit ticket or are deposited in a night depository.

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Operations Compliance
#83837 - 06/01/03 12:03 PM Re: Funds Availability -- New accounts
DeeQ Offline
10K Club
Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Anon, there are two things we do to ensure (hopefully) that all items are deposited with the proper holds.
1. Training, both initial and annual.
2. Annual review by compliance. This inevitably turns up a few exceptions; those branches are then retrained in addition to the above normal training.
Also, bear in mind, that the customer is usually the first one to complain about an improper hold on their account. (actually, they even complain about the proper ones, too! )
Get your facts first, then you can distort them as you please. - Mark Twain

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