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#1400415 - 06/07/10 09:50 PM depositing on us cks funds availability
Anonymous
Unregistered

when we are depositing on us cks are we able to give availability in two days like other cks under local 2 day? Someone said we have to give next day availability on on us cks.

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#1400421 - 06/07/10 09:57 PM Re: depositing on us cks funds availability Anonymous
Doug Hendrickson Offline
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I believe 'on us' checks have a next-day availability. However, you may apply an exception hold (if your funds availability policy so states), but only for one additional day (2nd business day after deposit).
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#1400443 - 06/07/10 11:53 PM Re: depositing on us cks funds availability Doug Hendrickson
Anonymous
Unregistered

So an exception hold on an on us item is one additional day? Do we need a reason and do we need to give them a notice?

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#1400460 - 06/08/10 04:27 AM Re: depositing on us cks funds availability Anonymous
rlcarey Online
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Galveston, TX
Sorry for the stupid question, but why the [censored] would you ever need to hold an on-us check. How could you not know whether or not the funds were good??
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#1400521 - 06/08/10 01:57 PM Re: depositing on us cks funds availability Anonymous
Doug Hendrickson Offline
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See rlcarey's posting. You can hold it one extra day, but why? You either know you're going to pay it or not!
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1400525 - 06/08/10 02:02 PM Re: depositing on us cks funds availability Doug Hendrickson
BrendaC Offline
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Sweet Home AL
I've seen it happen occasionally, not often. Sometimes the movement of funds can initiate a review of the deposit transactions in the account on which the check is drawn. You could need the extra day to determine whether the funds represented by the check are going to be collected. Just because they are available doesn't mean they have been collected.
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#1401054 - 06/09/10 12:08 PM Re: depositing on us cks funds availability BrendaC
John Burnett Offline
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Cape Cod
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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#1401075 - 06/09/10 12:57 PM Re: depositing on us cks funds availability John Burnett
Anonymous
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Right now we are seperating the on us checks to cash them out at point of deposit. We will be opening business accounts and don't think this will be efficient enough. We run our not on us checks through the check 21 scanner and archive the on us items that have been cashed as image only to prevent the account from being debited twice.

Our funds availability states same day availability on on us items. We want to change it and reprogram the scanner to accept our on us checks for efficiency. We would check funds availability on the on us items and stops. We want to put the on us on two day with other items so we do not have to seperate them to put a no hold on them. Is there anything in reg CC that prevents us from putting the on us under the 2 day like the other items?

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#1401077 - 06/09/10 01:05 PM Re: depositing on us cks funds availability Anonymous
Night Train Offline
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Down South
Anon, I'm not sure what kind of system you all have so be careful with the business deposits and on-us checks. If you all are clearing/cashing on us checks at the time of deposit, don't clear them directly from the account it's drawn from else you won't have a clear record or paper trail for the business account. We deposit the checks as though they were not on us or cut a replacement from the on us account if necessary.

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#1401138 - 06/09/10 02:01 PM Re: depositing on us cks funds availability Night Train
John Burnett Offline
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You cannot delay availability of on-us checks beyond the first business day following the banking day of deposit unless you place an exception hold. That exception hold only allows you to delay availability to the second business day, and it requires that you provide the customer with the appropriate extension hold notice under section 229.13.
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#1401290 - 06/09/10 04:21 PM Re: depositing on us cks funds availability John Burnett
Night Train Offline
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Night Train
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Down South
I'm not sure if you were commenting on my post or not, but I will clarify: We do not "hold" on us checks as though they were not drawn on us. We simply deposit them and they are made available as they should be. If we have reason to believe the overnight wait isn't prudent, we will go ahead and clear the check from the account it's drawn from and issue a replacement check for the deposit. This way we know the funds are good and we have a paper trail for our business account holder.

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#1401301 - 06/09/10 04:35 PM Re: depositing on us cks funds availability Night Train
John Burnett Offline
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Cape Cod
My comment was actually on the Anonymous post, #1401075. Specifically, on
Quote:
We want to put the on us on two day with other items so we do not have to seperate [sic] them to put a no hold on them. Is there anything in reg CC that prevents us from putting the on us under the 2 day like the other items?

I clicked the wrong link before posting. My apologies for any confusion.
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#1401396 - 06/09/10 06:00 PM Re: depositing on us cks funds availability John Burnett
Night Train Offline
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Night Train
Joined: Sep 2006
Posts: 1,189
Down South
It's ok here...just making sure.

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