Holds
Does the new account hold apply to cash deposits?
No- Cash deposits must have next day availability.
At what point is a check considered stale dated?
6 Months unless stated otherwise on the check.
How long do we keep our physical paper checks filed for? How about night drop deposits?
In branch deposits: 120 Days
Night drop: 90 Days
It does not release the first $225, does not print a disclosure, and typically we do not release any funds to the member until the hold is manually removed
What is an on us check?
A check drawn on the same institution as where it is being deposited into
Does Reg CC apply to business accounts?
Yes- It applies to both regular consumer and business accounts.
Do we make exceptions on hold policies? Why or why not?
Yes- If it is something they commonly receive or with supervisor approval.
What system do we process foreign checks through?
Currency Exchange International (CXI)
Does Reg CC apply to savings accounts?
No it does not, per Reg D. This would include money market accounts.
What is the new account exception to the hold policy?
If the account has been open less than 30 days (new member), checks must be released by the 9th business day
What are next day items?
Cash, wire transfers, treasury checks, on-us checks, state/local government checks, cashiers checks, us postal service money orders
What is a business day? What is a banking day?
Business: any day excluding Saturday and Sunday and excluding legal holidays
Banking: Any day of the week that the FI is open and operating all activities
When do we provide the notice to the member about the hold placed on their deposited item? (In person vs. not in person)
In person: can be given along with deposit receipt.
Not in person: Must be mailed no later than the next business day
What is reasonable cause to doubt collectability on a deposited item?
Bank must have basis to evoke this and it must be disclosed to the member.
What were the changes to Reg CC hold releases, effective July 1st, 2020?
$200 changed to $225
$5000 is changing to $5525