02/03/2003
Is the Reg CC notice of availability required to be posted on the window of a drivethrough teller station?
01/06/2003
A deposit consists of 2 checks that are nonlocal: one for $600 and the other for $800. We want to hold funds on the $600, but not the $800. Is the correct available amount on our notice of delayed availability for next day available supposed to be $900 or $800? I was thinking it went by the deposit and since we were giving next day availablity to $800, then we didn't have to make available $100 of the $600. What is correct?
12/01/2002
Congress didn't carry out all of its responsibilities before adjourning in 2002.
10/28/2002
I have a corporate customer who is a nursing home. They have asked for an interest bearing account to be used as a trust account for their patient's money. They stated that they are required by their state regulators to maintain an interest bearing account for these funds, but they must be able to release patient funds on request. Therefore, they have more than three third party checks in every statement cycle. This precludes them from being able to have a money market account and their corporate standing keeps them from having a NOW account. My question is, "Is there an exception to the NOW account rules that would allow a corporation acting as a fiduciary to have a NOW account?"
10/21/2002
Can you tell me where to find a good accurate Homeownership Counseling Notice?
08/05/2002
Are we allowed to verify the availability of funds to cover a check and are we permitted to verify account number, name, etc when a check vendor calls for that verification.Reading on Privacy leads me to say "no" but I can not be sure.
08/05/2002
New customers are given a disclosure before a new account is opened, which includes the model form C3 section "special rules for new accounts." Are we required to provide the customer with a separate funds availability disclosure?
07/01/2002
<a href="http://www.bankersonline.com/compliance/gurus_cmp060302d.html"> Regarding answers by John Burnett and Ken Golliher</a> on holds on credit card checks and insurance drafts, if our policy (Reg CC) provides for casebycase holds and we don't need a reason to place, then we would be free to place a 2 or 5 day hold on these items? Is this a reasonable understanding?
06/17/2002
First, I'd like to be sure I understand the terminology. When it's referred to as a "maximum hold = 5 days", it means the funds need to be available ON day #5, or AFTER day #5? (I think it's "on", but want to verify.) Q In regards to Regulation CC, when are the funds available (in this day and age of Saturday office hours)? For example, on a local check, it says "available for withdrawal not later than the second business day following the banking day on which funds are deposited". I deposit my check on Thursday. The actual hold is the remainder of Thursday and all of Friday. My hold ends on Friday. Should I be able to access my hold on Saturday, or only on Monday?
06/17/2002
We are having a discussion on the difference of same day availability and next day availability. We are a same day policy. If you place a 5 day hold when do you start counting the hold time, and when would it be released. Is there a difference in calulating the time.