Please advise on the following scenario:
Customer deposits a $4000 cashier's check with a $5000 personal check (total deposit $9000). This is not a new account and we have no reason according to
Reg CC so be able to hold the cahier's check. The teller wishes to place a case by case hold on the remaining $5000 of the deposit. Per Reg CC would
she only be able to place a hold for $4800, or could she hold the whole $5000 for two days because she has already released the $4000 due to the cashier's
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?