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Reg CC and Canadian Postal Money Orders

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Question: 
Does Reg CC apply to Canadian Postal Money Orders? We have a customer wishing to deposit a Canadian Postal Money Order and are trying to determine how long we are able to place a hold on these funds.
Answer: 

Canadian Postal Money Orders do not meet the definition of "check" in the Expedited Funds Availability Act or Regulation CC. U.S. banks accepting them for deposit are free to set their own hold parameters for those deposits. Of course, banks are not under any requirement to accept such items for deposit at all if they are concerned about their authenticity.

First published on BankersOnline.com 3/21/11

First published on 03/21/2011

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