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Payable Through Check - Local or Not?

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I was reading a response to a question regarding a hold on an insurance draft or credit card check. I want to make certain that it is OK to put an exception hold on this type of check, if over $5000, release $100 next day, $4900 in 2 or 5 days and the balance over $5000 in 7 or 11 days. What started my search was I was trying to determine if I had a "credit union" cashiers check (local), payable through a (non local) bank, which routing number do I use to determine the hold?

You are always permitted to impose an exception hold under §229.13(b) for check deposits over $5,000, assuming, of course, that you make the proper notification. The release schedule you describe is appropriate in such a case.

First published on 04/18/2005

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