Posted By: jefftb
Reg CC Questions - 11/03/03 05:15 AM
Don't we all LOVE Reg CC!!!!
I have been handed the responsibility to do some REG CC training for my bank in the coming weeks. I have read and read and read, and have a few questions:
1) Reg CC does not cover Savings accounts at all, so whatever my institutions funds availability disclosure says, is perfectly ok. Correct?
2) Can someone spell out the availability of Next Day Items. As a rule, I know they cannot have a case by case hold, unless they are third party or not deposited in person. In those situations what is the availability of those items? How do Next Day Items fit in to the equation with Exception holds?
I would love to review other institutions training materials or reference sheets, if anyone is interested in sharing.
Reg CC may not cover savings and Money Market accounts, but be sure to check your state regulations. For instance, California funds availability rules cover all deposit accounts.
Be sure to check the BOL tools page - there are a lot of resources on Reg CC:
BOL - Reg CC tools Please note - the tools that I provided
(The Basics of Funds Availability, & Reference Guide : Reg CC Holds) have routing numbers as they would apply to a financial institution located in the southern portion of the 12th District Check Processing region. You will need to replace those with the local and non-local routing numbers for your institution.
jeffb,
Bonnie's suggestions are good. In your specific case, Kentucky has no state laws affecting funds availability. Also, your bank is in the Louisville check processing region at present, but it is scheduled to be consolidated with the Cincinnati check processing region in the third quarter of 2004.
Posted By: jefftb
Re: Reg CC Questions - 11/03/03 01:28 PM
Ah, two people I am glad replied. Part of my confusion stems from some differences I have found while reading many of Bonnie's useful documents and while also referring to Pegasus materials. For example, Postal Money Orders, I have read if the check is not deposited in person, or is Third Party, you can do a 2 day case by case, but I have also read you can do a 5 day case by case. Pegasus actually lists it under both.
Posted By: Retired DQ
Re: Reg CC Questions - 11/03/03 01:36 PM
Hi Jeff, welcome to BOL. I'd be happy to share some training materials with you. PM me your email address.
Posted By: jefftb
Re: Reg CC Questions - 11/03/03 07:12 PM
Someone please verify that this is correct:
For Redeposited items, Repeat Overdraft, Reasonable Cause, The following holds could be placed on Next Day items:
“On Us” Checks – 2 Days Max
Treasury Check – 5 Days Max
U.S. Postal Service Money Order – 5 Days Max
Cashier’s Check, Certified Check, Tellers Check, Federal Reserve Home Loan Bank Check, Federal Home Loan Bank Check, State or Local Government check – Local Item – 7 Days Max; Non-Local Item 11 Days Max.
New Accounts, $> $5000 can be held 9 days.
A couple of the documents available on bankersonline contradict each other. Of course, reading the Reg itself only makes a bigger mess.