Situation: Customer calls the bank to have funds transferred from their deposit account at the bank to their reloadable card at the bank. Because there is not an immediate transfer process (tickets are used to process the transfer in nightly processing), a one day hold is placed on the deposit account (the funds are available immediately on the reloadable card). The customer is notified verbally at the time the hold is placed, but no notice of hold is provided to the client.
Banks reasoning: If no hold was placed, the client would have the funds available in their deposit account and on their reloadable card and the bank could incur a loss.
Question: Is a notice of hold required in this instance?
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