Reg CC and Large Check Hold

Posted By: LisaL

Reg CC and Large Check Hold - 07/20/11 08:14 PM

Retail staff is not aware or trained on large dollar check holds, being extremely new to compliance im so confused right now.
We have Same Day Availbility, case by case and exception holds.
as of tomorrow 07/21 would this situation be correct?$10000.00 not on us check
$200.00 immediately available
$4800.00 2nd business day
balance due by 7th business day
any answers are definetely appreciated !!!!
Posted By: Jafo

Re: Reg CC and Large Check Hold - 07/20/11 08:24 PM

If you have same day availability the entire amount will be available immediatley unless you place an extended hold on it. That would be your case by case or exception hold. if you place eitehr of those holds you would then follow those rules that you should have outlined in your funds availability policy.
Posted By: John Burnett

Re: Reg CC and Large Check Hold - 07/21/11 09:50 PM

For check deposits (other than on-us) in excess of $5,000, when you've disclosed the potential for both case-by-case and exception holds, you can combine both types of holds and provide a single notice. Assume the total deposit amount is $10,000:

The first $200 will be available on BD 0 or BD1 (BD 0 is the day of deposit; BD 1 is first business day after day of deposit).

The next $4,800 is available by BD 2.

The balance of $5,000 is available by BD 7.