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Putting a Hold on an Escrow Check

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Question: 
We received a check from an attorney to put into an escrow account for our customer. They can receive draws on the check, but only as the work is completed. Can we put a hold on these funds and be in compliance? What suggestions do you have?
Answer: 

Unless the checks being deposited fall into one of the categories that require next-day-availability (229.10), you certainly may delay their availability. Just be certain to follow Reg. CC's requirements and prohibitions and your bank's policy.

First published on BankersOnline.com 8/23/10

First published on 08/23/2010

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