Well, if the on-us check isn't good, and your staff doesn't get around to charging it back (actually or with a memo-post) against the depositor's account until 10 a.m. on the first business day after the day it was deposited, there's a chance the funds may have been withdrawn by then, either at the teller line or at an ATM.
However, if someone went to the trouble of singling the check out for an exception hold, I assume the on-us check would have been "checked" out in advance. So I'm in Randy's camp. Why bother placing the hold? Refuse the check instead.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8