Does Reg CC say anything about an inactive account? Our customer has not had any activity in his account since April 2021, and he keeps a small balance in his account. Are there any Reg CC issues here due to inactivity?
Can we place a hold on a check deposited into a savings account?
I think banks which offer mobile deposits don't fall under Regulation CC for funds availability. Is there any regulation that talks about mobile deposits and what guidelines it provides banks?
Do we give out substitute check disclosures at new accounts?
Someone opened an account in a small Louisana bank on June 3, with a bill payment check drawn on Chase bank. We placed a new account hold on it. The hold expired and funds became available but there were no transactions in the account. June 13, we receive two wires in this account from Chase Bank - memo says "for my wife Kelly Laura" and the wire came to our customer's account (not Kelly Laura). When we questioned our customer she stated "it’s for her daughter from the daughters finance that lives in Chicago and it’s for moving expenses." We asked her to come in with her daughter but she says she couldn't because the daughter is not here. We believe our customer is being scammed or something. Multiple attempts to get someone with Chase to help finally happened on June 24 when someone from Chase in our area helped us. They also feel there is something suspicious about their account holder and opened an investigation there. Meanwhile we are holding the money. Chase recalled one of the wires totaling $3,500 and we returned it. As of today were still holding $8,897. How long can we hold this, how long can we investigate, or what other actions should we be taking to protect the bank and the customer?
Can you place a hold on a Cashier's Check that is under $5,000 if there are concerns about the validity of the item?
Our bank will be celebrating Juneteenth, Friday June 19th as a holiday. How should the information (signage) be posted at the ATM for deposits made after 12:00pm will not post until Monday, June 22nd. Is there a regulatory requirement to post this information at the ATM or would a notice posted at the door be considered in compliance?
This pertains to a Reg CC Hold. I have a check for $25,475.00 drawn on a closed retirement account issued from the retirement bank to the customer. For a large deposit exception would I make $200 available next day, $4,800 available the 2nd business day and the remaining $20,475 available on the 7th business day after the deposit, correct?
Is this considered one large deposit exception hold or two separate holds, the first being a case-by-case and the second being the large deposit, or should I make the first $5,000 available the next day and the remainder available on the 7th business day?
Can an IRA customer contribute if he or she is 75 and earning income?
When is the 2020 FFIEC BSA Exam manual effective?