Skip to content
BOL Conferences

Thread Options
#2303461 - 11/20/24 03:06 PM $450 Availability On Case-By-Case Holds
Compliance Poster Offline
Gold Star
Joined: Sep 2001
Posts: 456
Will you please help me on handling the $450 availability after 5 pm on the second business day of a case-by-case hold if we choose to hold the funds an extra day? If we close at 4 pm or 5 pm, does this mean effectively those $450 funds would have to be available at our ATMs after 5 pm on that second business day?

Return to Top
Operations Compliance
#2303506 - 11/21/24 01:23 PM Re: $450 Availability On Case-By-Case Holds Compliance Poster
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,240
Galveston, TX
Yes, unless your ATM limit is less.

2. The EFA Act recognizes that the $450 that must be provided on the day specified in the schedule may exceed a bank's daily ATM cash withdrawal limit, and explicitly provides that the EFA Act does not supersede the bank's policy in this regard. The Board believes that the rationale for accommodating a bank's ATM withdrawal limit also applies to other cash withdrawal limits established by that bank. Section 229.19(c)(4) of the regulation addresses the relation between a bank's cash withdrawal limit (for over-the-counter cash withdrawals as well as ATM cash withdrawals) and the requirements of this subpart.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z, John Burnett