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Cashier Checks Deposited Together as Large Deposit

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When two cashier's checks are deposited together and held as a Large Deposit, should $5,000 of the total be made available immediately or is $5,000 from each check ($10,000 of the total deposit) made available immediately?

I refer you to 12 CFR 229.13(b) which states:
(b) Large deposits. Sections 229.10(c) and 229.12 do not apply to the aggregate amount of deposits by one or more checks to the extent that the aggregate amount is in excess of $5,000 on any one banking day (emphasis added).

Nothing is required to be made available immediately, unless it is your policy to make funds available immediately. $5,000 of the aggregate total deposit must be made available next business day after date of deposit. The remaining aggregate total may be held until the 7th business day following day of deposit. Technically, the amount over $5,000 can be held for a "reasonable" period, but 229.13(h)(4) says that 7 business days for these types of items is reasonable and any longer delay would put a burden of proof that the extended time is reasonable on the bank.

First published on 11/11/2018

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