Have there been any updates or amendments to Reg CC in 2012?
For purposes of Reg CC, is a check with a maker of a Savings Bank, payable through Chase Bank, considered a next-day availability item?
In 1910 the American Bankers Association set up the routing number system.
I recently went to a seminar and during it they mentioned that we should issue a TISA and Reg CC disclosure to any potential customer inquiring about our accounts regardless if they open an account or not. Is it a violation if that is not done and they are only issued to customers opening accounts?
We have a customer who is asking us to make his direct deposit that is effective on Mondays available to him on Saturday. Is there something that we can give him to show that we are abiding by the ACH rules?
I would like to know more about Expedited Funds Availability Act.
What ever happened to the "Availability of Funds and Collection of Checks; Proposed Rule" from March of last year?
Can we put an extended hold on a rapid refund check since it is actually a loan until the person's taxes are approved by the IRS?
Foreign check deposited to account on 02-13-12 with no endorsement. Deposit made by third party. Now, customer requests wire transfer on 02-14-12. Can we place exception hold for missing endorsement or uncollected funds? We know we can place case by case. Can we place hold on entire deposit amount?
We have a difference in opinion amongst management in our Operations Department concerning Reg CC Holds and new accounts. The Reg states that if all account owners have "had, within 30 calendar days before the account is established another account at the depositary bank for at least 30 calendar days" the account will not be considered a new account. The problem is with the definition of "account" under Reg CC. Some read the Reg and think we should waive all new account holds for existing customers with any type of account (Checking, NOW, Savings, CDs, and IRA CDs). Some think that we should waive new account holds on existing customers who have transaction accounts (excluding CDs and IRA CDs). Which is correct? Also, let's say a customer has been with the bank for 2 years and has a checking account with a balance of $30K. He deposits a check into a new money market for $250K. Would we be non-compliant of the Reg if we placed a new account hold on the $250K deposit? Technically the money market account is not new because the customer has an existing account but the new account deposit is so much more than what the customer currently has. What if that $250K check comes back?