Thread Starter: Anonymous
Title: Re: Extended Hold
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Basically, there is a verbal agreement between the customer and the account officer. The agreement is to have a hard hold for a certain dollar amount as "insurance" for the account officer to pay into the overdrafts on the customer's other accounts.
The account that has the hard hold is a savings account but I have similar situations where the accounts are checking accounts. Also some of the holds are for about a week while others are for years.
The bank officer replied to my suggestion stating the customer will not sign such an agreement. The EVP is backing them up.
FYI, we apply Reg CC holds on our savings accounts and disclose as such.
I'm confused because technically we are not placing holds on deposits, we are placing holds on balances, so is there a Reg CC issue?
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