#REG CC CHECK HOLDS 2021 HOW TO#
Also, the bank may require use of a special deposit slip or envelope for next-day availability of cashier's checks, certified checks, teller's checks, or state & local government checks if it does so, it must notify customers and tell them how to obtain the special slip or envelope.
Any check drawn from another account at the depository institution.įor each of these items, the item must be presented for deposit into the payee's account for it to receive expedited fund availability when one of these checks is presented for deposit into a third party account, it loses its preferential treatment.Any check issued by a state, city, county, or other municipality.Checks drawn on a Federal Reserve Bank or Federal Home Loan Bank.Cashier's checks, certified checks, or teller's checks*.The following items must have the first $5000 available for the Statutory, Large Deposit and New Account Hold by the first business day following the deposit: There are certain items that present less risk to financial institutions and thus are subject to expedited availability under the stipulations of Regulation CC. In the same manner, if an account owner is depositing into an account that has been open for less than 30 days but owns another account that has been open greater than 30 days, the New Account Hold cannot be legally placed. If an account owner is depositing into an account that does not qualify for the exception hold but also owns another account that does qualify, then the Exception NSF Hold can be placed. There are a few exceptions to these guidelines that are important to note. Regarding insurance checks, if the insurance check is drawn on an in-state bank funds will be available on the 5th business day if the insurance check is drawn on an out-of-state bank funds will be available on the 7th business day. Item is accepted for deposit during a power outage or computer failure ( extremely rare). The item being deposited is a legal copy of an item previously returned for NSF (an IRD). (The paying bank indicates the check will not clear, is suspected to be fraudulent, or is either postdated or staledated.) The depository bank has reason to doubt the check is good. ( Repeated Overdraft hold)Īccount has been overdrawn for two or more business days in excess of $5,525 in the previous six months. The account being deposited into has been open for less than 30 days.Īccount has been overdrawn for six or more business days of the previous six months. $4,800 third business day following deposit, remainder seventh business day $200 first business day following deposit,$600 second business day following deposit, $200 first business day following deposit, $600 second business day following deposit, remainder third business dayĪggregate total of checks deposited into one account on one business day is greater than $5,000.00. No other hold applies, can be placed almost anytime. Each has its own qualifications and it is legal for the bank to place any type where the requirements are met, although bank policy may instruct that the type of hold placed be the one that holds the most funds the longest that can be applied legally.Īs of February 27, 2010, there is only one check processing region for the entire United States. Regulation CC stipulates four types of holds that a bank may place on a check deposit at its discretion.
It must also be provided at the time of opening of all new accounts.Īdditional disclosures are required on deposit slips, at automated teller machines, and when the policy is changed in any way.
Financial institutions must disclose their hold policies to all account holders, and make the policy available in written form upon request by any customer.