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#557920 - 05/25/06 02:24 PM Hold Reasons for Reg CC
susie spongehead Offline
100 Club
susie spongehead
Joined: May 2006
Posts: 111
In my imagination
This is my first post to the BOL Threads. I'm very new to compliance and I get a little confused regarding Reg CC Hold Reasons. Is it okay use an exception hold if we are unable to verify funds with the bank that the check is drawn on?
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"If the shoe fits, it's too expensive" Adrienne Gusoff


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Operations Compliance
#557921 - 05/25/06 02:42 PM Re: Hold Reasons for Reg CC
LaNae Offline
Junior Member
Joined: Apr 2002
Posts: 36
Upper Midwest
Unable to verify funds is not in itself a sufficient reason to doubt collectibility and therefore an exception hold would not be allowed.

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#557922 - 05/25/06 03:02 PM Re: Hold Reasons for Reg CC
susie spongehead Offline
100 Club
susie spongehead
Joined: May 2006
Posts: 111
In my imagination
Where can I find the allowable hold reasons in PLAIN LANGUAGE?
_________________________
"If the shoe fits, it's too expensive" Adrienne Gusoff


CRCM

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#557923 - 05/25/06 06:10 PM Re: Hold Reasons for Reg CC
RVFlyboy Offline
Power Poster
RVFlyboy
Joined: Oct 2000
Posts: 5,992
Soaring over Georgia
Are you the compliance officer for your bank? If not, start there. If you are, send me a PM - I may be able to help you.
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