Answer:
Well, that depends on whether you are in a state that has adopted state law that broaden the scope of Reg CC to include savings accounts. It's my understanding that there are some states that have done this, but I don't have a list.
Second, it depends on whether you are in a bank that has either intentionally or inadvertently brought savings accounts under the scope of your funds availability policy. Check your verbiage on your policy to see if it covers just transaction account or all deposit accounts.
If both one and two above don't apply to you, then you can hold the deposit. How long is up to you. What type of notice you give to the customer is at your bank's discretion and customer service expectations. If either one or two does apply to you, then whether you can place a hold and for how long depend on what your policy states and what type of item is being deposited.
First published on BankersOnline.com 10/04/10
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