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#417310 - 09/01/05 03:53 PM New Account Holds -
Higgy1 Offline
Junior Member
Joined: Aug 2005
Posts: 43
If a $80,000 local check is deposited into a new account, how long can a hold be placed on this account? And what availability limits apply to this situation?

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Operations Compliance
#417311 - 09/01/05 04:05 PM Re: New Account Holds -
Dip Offline
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Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
you may hold it for nine days for a new account if the customer has been such for less than 30 days
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#417312 - 09/01/05 04:06 PM Re: New Account Holds -
Dip Offline
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Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
oh, and check reg cc. in this case, the reg is clear on what you can hold
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#417313 - 09/01/05 04:07 PM Re: New Account Holds -
Skittles Online
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Joined: Sep 2002
Posts: 13,965
TN
Also, check your Funds Availability Policy. It should be spelled out in there.
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#417314 - 09/01/05 04:45 PM Re: New Account Holds -
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The model form for this disclosure, C-3, ends with this sentence:

Funds from all other check deposits will be available on the (number) business day after the day of your deposit.

It was up to your bank to 1)make the disclosure and 2)insert the (number) of your choosing; as Skittles says, read your disclosure.
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#417315 - 09/02/05 02:47 AM Re: New Account Holds -
RVFlyboy Offline
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Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
Quote:

The model form for this disclosure, C-3, ends with this sentence:

Funds from all other check deposits will be available on the (number) business day after the day of your deposit.

It was up to your bank to 1)make the disclosure and 2)insert the (number) of your choosing; as Skittles says, read your disclosure.


To add additional clarification to Ken's post - there is no limit to the number you could have chosen here. And you can change the number you chose if you like - you'll just have to give all your consumer customers 30 days advance notice of the change.

Dipitous, your statement of the nine days only applies to items that normally are required to receive next day availability. The original poster said this was a local check, so I'm assuming it is not a cashiers check or other item that normally requires next day availability. Therefore, Ken's answer is the better and more accurate answer.
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