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Reg CC & Savings Accounts

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Does the Reg CC apply to savings accounts? Can a hold be placed on a cashier's check if it is deposited into a savings account?

There are some states (Massachusetts is one with of which I am familiar) that apply Regulation CC's funds availability rules to savings and money market deposit accounts. There are also some financial institutions that have extended the regulation's coverage to more than transaction accounts because of the way in which the banks have made their disclosures or worded their deposit contracts. In such cases, a cashier's check deposited to a savings account would have the same status it would have if deposited to a transaction account. In states where there is no savings coverage, a bank that has restricted its Regulation CC coverage in disclosures and contracts to transaction accounts would be able to place a hold on a cashier's check deposited to a savings account.

First published on 12/11/06

First published on 12/11/2006

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