05/19/2019
I'm hoping you can confirm my understanding that a paying institution is liable under Reg CC 229.38(a) for failing provide notice of nonpayment for a check in the amount of $5,000 or more under 229.13(c)? The measure of damages under 229.38 is the loss incurred up to the amount of the check, less the amount of the loss that would have been incurred had the paying institution exercised ordinary care. Can you provide an example of a liability calculation in which the paying institution's notice of nonpayment is late?
How does the bank of first deposit pursue a claim against the paying institution for failing to provide proper notice by the deadline? I assume this would be on a "without entry" basis by sending a demand letter to the paying institution.
05/05/2019
Are deposits of U.S. Treasury checks (for a tax refund, for example) always subject to the next-day availability requirement in Regulation CC?
04/28/2019
Our bank is in New Hampshire, near the Massachusetts border. We have several depositors who work for the City of Haverhill (MA) who deposit their municipal paychecks in our bank. Are these checks “checks drawn by a unit of general local government” that we must recognize as next-day availability checks?
04/21/2019
When our tellers are unsure about a check drawn on another bank by an unfamiliar business, they usually try to verify the check by phone before accepting it for deposit. They are frequently told by the issuing bank that the bank doesn’t verify checks. Is it OK to place a “reasonable doubt” hold on these unverified checks”?
01/13/2019
Are deposits made on a mobile device covered under Regulation CC? If not, is it safe to say we can hold as long as we like?
11/25/2018
Have mobile deposits become subject to Regulation CC yet?
11/18/2018
Per Reg CC, if a new customer deposits two cashier's checks for $10,000 each (total deposit $20,000), are we required to make $5,000 per check available next day, or are we only required to make the first $5,000 of the total deposit available?
09/16/2018
Please advise on the following scenario:
Customer deposits a $4000 cashier's check with a $5000 personal check (total deposit $9000). This is not a new account and we have no reason according to
Reg CC so be able to hold the cahier's check. The teller wishes to place a case by case hold on the remaining $5000 of the deposit. Per Reg CC would
she only be able to place a hold for $4800, or could she hold the whole $5000 for two days because she has already released the $4000 due to the cashier's
check?
07/22/2018
I have two customers, Harry and Larry, that have had checking accounts with our bank for more than 30 business days prior to opening a new business account titled xxxxxx LLC. Would this be considered a new account per Reg CC guidelines since the business has not had any accounts with our bank?
05/06/2018
Our bank allows ATM debit transactions from savings accounts, direct deposits to savings accounts, and telephone transfers from savings to other accounts.. As far as Reg CC funds availability holds are concerned, are we allowed to put holds on savings accounts since we allow these kinds of transactions? Have we allowed these savings accounts to become transaction accounts?