When our tellers are unsure about a check drawn on another bank by an unfamiliar business, they usually try to verify the check by phone before accepting it for deposit. They are frequently told by the issuing bank that the bank doesn’t verify checks. Is it OK to place a “reasonable doubt” hold on these unverified checks”?
Are deposits made on a mobile device covered under Regulation CC? If not, is it safe to say we can hold as long as we like?
Have mobile deposits become subject to Regulation CC yet?
Per Reg CC, if a new customer deposits two cashier's checks for $10,000 each (total deposit $20,000), are we required to make $5,000 per check available next day, or are we only required to make the first $5,000 of the total deposit available?
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
I have two customers, Harry and Larry, that have had checking accounts with our bank for more than 30 business days prior to opening a new business account titled xxxxxx LLC. Would this be considered a new account per Reg CC guidelines since the business has not had any accounts with our bank?
Our bank allows ATM debit transactions from savings accounts, direct deposits to savings accounts, and telephone transfers from savings to other accounts.. As far as Reg CC funds availability holds are concerned, are we allowed to put holds on savings accounts since we allow these kinds of transactions? Have we allowed these savings accounts to become transaction accounts?
Can we place a case-by-case hold and a large check exception hold on one check in one transaction if we feel it is necessary?
We have several companies who print "Refund Anticipation" checks that have the words "Cashiers Check" at the top. Is there some way that we can put a hold on the check without being criticized by our regulators for placing an improper hold?
When you receive notice of a returned item and place a hold on the clients account are you required to provide the customer with a Hold Notice? Also, if the item ends up not being returned are you required to notify customer?