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#986222 - 07/01/08 08:45 PM Reg. CC Large Item Hold
YosemiteSamIAm Offline
Power Poster
Joined: Jan 2004
Posts: 2,795
Is the following statement correct when one uses the Large Item Exception under Reg. CC:

Amount over $5000, 7 day hold if local, 11 if non-local;
Amount under $5,000, next day availability if low risk item (Certified, Cashiers, Official, Government Checks, etc.), OTHERWISE, amount under $5,000 must be made available under our regular ("normal") availability schedule?
Sorry, did I just use my outside voice?

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Operations Compliance
#986286 - 07/01/08 09:47 PM Re: Reg. CC Large Item Hold YosemiteSamIAm
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
That rings true to me. However, you can gang up on the depositor with a case-by-case and exception hold on local/non-local (other than next day) items, if you are a normally next day bank.

So if you normally provide next-day availability on all items, you could accept a $10,000 non-local check for deposit and place a case-by-case 5-day hold on $4,900 and an 11-day exception hold on the top $5,000.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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