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#1268650 - 10/17/09 03:17 PM Placing Hold on Savings?
MHuff Offline
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MHuff
Joined: Nov 2006
Posts: 219
LA
I know that Reg CC does not include savings deposits in its definition of account. Is it permissible at all to place a hold on a savings deposit?
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#1268655 - 10/17/09 05:01 PM Re: Placing Hold on Savings? MHuff
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,694
Illinois
Because savings accounts are not covered by Reg CC, there is no time limitation on placing holds on savings accounts. However, if your institution includes savings accounts in your funds availablilty policy, you must abide by your policy.
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#1268721 - 10/19/09 11:47 AM Re: Placing Hold on Savings? BrianC
John Burnett Offline
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John Burnett
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Cape Cod
If you place a hold on a savings deposit because of a check deposited to a transaction account, however, your hold must conform to the limits in Reg CC as if the hold were on the transaction account, and you can only do that if you provide for it in your disclosures.
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