229.10(c)Certain Check Deposits
... next day availability
(v)cashier's , certifified or teller's check deposited--
(A) in an account held by a payee of the check

What about a jointly payable cashier's check deposited to an account in the name of only one payee? Let's say check is endorsed by both at teller line (with ID of second party). Must availability be given next day?

My opinion is that since it's a next day check that it should be a next day check, unless you have reason to believe it will not pay and then you could extend a hold. I think it's a safety issue to get ID on your payees and endorsers.

The regulation must be read as it reads. "In an account held by a payee of the check." As long as it goes into an account of either payee, your options are to place some form of exception hold or to treat it as a next-day item. Period.

If the regulation read "In an account held by the payee[s] of the check," it would mean the account would have to be jointly held by the joint payees.

Thanks. Actually that makes sense which is good for Reg. CC.