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Deposits Under $5000 - Case by Case Holds

Answered by: 
John Burnett

Question: 
I have seen a number of hold notices come across my desk that are for amounts under $5000 that have exceptions. Is this a normal practice or should deposits under $5000 be a case by case situation?
Answer: 

There are a few of the exception hold reasons that can be used on check deposits of under $5000.

  • New account (applies to checks other than next day items and traveler's checks)
  • Redeposit of checks previously returned for NSF or uncollected funds
  • Deposits to an account that is repeatedly overdrawn
  • Deposits of a check or checks that the depository bank reasonably believes will not be collected



First published on BankersOnline.com 12/03/07

First published on 12/03/2007

Filed under: 
Compliance
Filed under compliance as: 
Checks
NSF

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