Answer:
The large deposit exception hold is permitted under Section 229.13(b) of Regulation CC. The first $5,000 of the deposited checks has to be made available under the next day availability requirements of Section 229.10 and/or the statutory holds rules of Section 229.12, as applicable.
For example, if the deposit includes only checks subject to the next-day availability rules of Section 229.10 (such as cashier's, teller's or certified checks, Treasury checks, etc.), the first $5,000 would have to be made available on the first business day following the banking day of deposit, and the remaining amount deposited would have to be made available by the seventh business day. If the deposit included only checks other than next-day checks, the first $100 would have to be available on the first business day, the next $4,900 by the second business day, and the remaining amount by the seventh business day.
First published on BankersOnline.com 10/18/10
print
share