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To hold or not to hold a check?

Our customer, Joe, is depositing an insurance check for $8600 into a checking account. Should we hold it if his average balance is $100? He has been a customer for 30 years and never been overdrawn.

There are two good reasons to hold here. It is an insurance check and Joe’s ability to repay. You would have to weigh that against your relationship with him. If you do hold the check the large deposit exception coupled with a case-by-case hold may be your only option. This means only 3600 would get the 7 day hold.
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First published on 03/08/2020

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