Reg CC Changes Proposed
According to reports out of Washington, D.C., there were 115 suggested changes to Regulation CC made to Congress. Some of the more important are:
On large deposits and repeated overdrafts, financial institutions are now required to give notice at each occurrence. Proposed-give notice when started, or annually-not on each.
Deposits at non-proprietary ATM's to be treated as non-local deposits a permanent rule. Present non local treatment expires September 1, 1992.
Official checks get next day availability only if deposited at a teller's station. (Cashier's checks, Teller's checks, etc.)
New Account exception extended from 30 days to 90 days.
The ability to apply more exceptions to next day availability items.
These are only proposals. We'll keep you posted when/if they become final.
Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 6, 7/91