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Availability Time Frames

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First, I'd like to be sure I understand the terminology. When it's referred to as a "maximum hold = 5 days", it means the funds need to be available ON day #5, or AFTER day #5? (I think it's "on", but want to verify.) Q In regards to Regulation CC, when are the funds available (in this day and age of Saturday office hours)? For example, on a local check, it says "available for withdrawal not later than the second business day following the banking day on which funds are deposited". I deposit my check on Thursday. The actual hold is the remainder of Thursday and all of Friday. My hold ends on Friday. Should I be able to access my hold on Saturday, or only on Monday?

Funds must be available on the _____ (2/5/7/11) business day following the day on which the deposit is made.

For example, a local check deposited on Monday the 1st and delayed for an "exception hold" reason must be available on Wednesday the 10th.

Regulation CC defines business days as Mondays through Fridays except for federal holidays.

In your example, (local check held for 2 days) Thursday does NOT count as it available on the 2nd business day FOLLOWING the day of deposit. The hold extends over Friday and Monday and the money is available on Tuesday.

First published on 6/17/02

First published on 06/17/2002

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