Answer by Randy Carey: Assuming by special check you mean one that is automatically subject to next-day availability, neither example is correct and it would be this one:
The special check $2100 is made available the next business day, $100 of the local check is made available the next day, $2800.00 of the local check is made available in two business days and the remaining $3400.00 of local check is made available in seven business days.
Also, be aware that the $100 next day availability is moving to $200 on 7/21/11.
Answer by John Burnett: Actually, your second example complies with the regulation because it provides earlier availability than required by the regulation. The regulation establishes the limits for holds; if you stay within those limits, you're OK.
First published on BankersOnline.com 6/13/11