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Insurance Draft and Check Policy & Procedures

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Question: 
We are updating our policy on cashing insurance drafts and checks. Can we place longer holds on these checks? Should all insurance drafts and checks be approved by a supervisor? What would you recommend for a policy?
Answer: 

Insurance drafts and checks have no special treatment under Reg CC either for the time the bank may hold the funds or the time required for their return by the paying bank (standard midnight deadline). As far as internal policies, those are really left to each individual bank.

First published on BankersOnline.com 5/19/08

First published on 05/19/2008

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