We are placing a new account hold on a deposited check. The check was deposited through the night drop so it was not presented in person to an employee. Normally the excess over $ 5,000.00 would be available on the ninth business day but since it was made through the night deposit we could actually hold the excess over $ 5,000.00 an extra day to the tenth business day.

Am I correct?

The answer depends on what type of check it is as well as what is stated in your funds availability policy.

I believe the only exception would be a US Treasury Check.