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Are you kidding? $5525 the next day on a new account if a Treasury Check?

Question: 
Our customer deposits a $25,000 Treasury check to a new checking account. Our policy says we give the customer five thousand the next day under the special rules for new accounts and the rest on the 9th business day. Is that correct?
Answer: 

Yes, if you are using the special rules for new accounts. The first $5000 of a next day item is available the next day and that amount is going up to $5525. The rest will be available on the 9th day. This is hard wired in the regulation for the special rules for new accounts.
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First published on 03/01/2020

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