Reg CC Changes

Is the only change on Reg CC that's effective July 21st the $100 rule going to $200? I remember reading something about the exception hold period changing from 7 to 4. Was that just a proposal that's coming down the road?

why can't we just overhaul the entire reg at once instead of one bit at a time?

Yes, only the $100 rule going to $200 is effective 7/21/2011...more changes to come at some point.

Does anyone have a sample statement notice for the change to $200.00?

"Funds Availability Changes effective (Date). The first $200 of your deposit will be made available in accordance with our funds availability policy."

Effective xx/xx/xx: Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $200 of your deposits, however, may be available on the first business day.

I like your second one a lot better as the first one doesn't really say anything. You already and have always made the first $200 available according to your availability schedule

5th day?

Please confirm the following: According to Dodd-Franks Rule, is the following information correct?

Check – Existing Customer - >5000 Local
Should be the following:
$200 – Reg CC First
$4,800 – 2 Day
Remaining Amount – 7 Day

I believe that is correct Marilyn.

Yup

I recently rec'd a notice from another bank saying they will make the $100 of a check deposited into a commercial account or $200 of a check deposited into a consumer account. I can't find any reference to show there are different amounts for deposits to consumer and commerical accounts. Please clarify, thank you.

As far as I am aware, that Bank is incompliant with their practice. Although the notice requirement of the change only applied to consumers, the change to $200 available applies to transaction accounts alike -- consumer OR business.

^^^what he said.

Thank you, that is what I thought. I really appreciate the assistance. Have a wonderful day!

We did a similar statement message and we received a ton of calls from people wanting to know why $200 of their Social Security was being held. Where they made that connection I am not sure, any other banks get those calls?

No calls that I'm aware of; guess we're one of the many trying to get their SS.

Luckily we had only a few calls.