Thanks, Bonnie. That is what our banks have decided to do. We established a $1,000 threshold for consumers and $5,000 for businesses based upon what we felt was an acceptable risk level for banks of our size. The reason for the two tiers was the level of recapture risk - the likelihood of being able to recapture funds from our customer should a deposited Canadian check be returned later for fraud reasons. We also considered the high collection fees imposed upon the customers by our correspondent processor - reason not all Canadian checks are sent as collection items. However, even for deposits below our thresholds, we planned to place holds on the funds. I just want to make sure if I choose 3 weeks as the appropriate hold period, based upon our experience of the average time it takes for a Canadian NSF check to be returned, that I'm not in violation of some obsure law which has mandated the 2 WEEKS referenced in the Canadian Mounted Police report.
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Any opinion stated above is mine alone and not my employer's.