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Latest Operations - Reg. CC Topics

Reg CC and Cashier's Checks

04/16/2023

We had a customer deposit a Cashier's Check for $92,000. He called the automated number listed on the check and it says the check was paid on Feb. 15. He now wants to wire the money out. We are concerned the check could still come back as fraudulent. What are our time frames for allowing complete use of the funds?

Reg CC on an Inactive Account

10/23/2022

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?

Funds availability - Mobile Deposits

09/18/2022

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?

Holding funds to protect the bank and customer

08/28/2022

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?

Holds on Cashier's Checks

03/27/2022

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?

Holiday Signage Notice for ATM Deposits

08/30/2020

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?

Reg CC Hold-One Large Exception Hold?

08/09/2020

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?

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ACH debits wipe out account of deceased

09/08/2024

We have an individual account that has been receiving recurring ACH debits monthly. The account owner died 6 years ago. The bank just found out about the death only days ago. No personal representatives have come forward or are known to contact. The most recent ACH debit was paid and overdrew the account. The account has now been overdrawn for 45 days. Can we return the ACH debits that occurred after the date of death? Although the debits have been occurring for years, the bank just became aware of the death of the account owner.

Consent Disclosures

09/01/2024

Is an email consent disclosure considered "written consent" for ChexSystems? I have a lender who would like to email the ChexSystems consent disclosure to account owners and use their reply to the email as proof of consent. Does this satisfy the requirement that the consent be in writing?

Handling error claims on a series of debits

09/01/2024

We received a dispute yesterday for 51 transactions for a total of $529.33 from May and June - the customer stated on the dispute packet that she first became aware of the charges in January 2024, but they were small dollar amounts, so she wasn't worried. She never reached out to us until yesterday (6/27/24) to dispute the 51 transactions from the same merchant that she suspected of fraud in January. Is the customer liable for the full amount since we could have prevented the 51 additional charges to post if she had reached out to us in January? Is that considered customer negligence?

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