I would like to know more about Expedited Funds Availability Act.
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?
Does Reg CC apply to Canadian Postal Money Orders? We have a customer wishing to deposit a Canadian Postal Money Order and are trying to determine how long we are able to place a hold on these funds.
Can a hold be placed on a postal money order?
There are different acronyms that banks have within their spray which they consider an endorsement. We recently cut a cashier's check to a credit card company on behalf of a customer, and we returned it for missing endorsement. Within the banks 'spray' it reads "PEG" Citibank, another acronym we've seen is "BOYD". Are these proper endorsements?