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First $100 Already (More Than) Provided

Answered by: 
John Burnett

Question: 
A deposit consists of 2 checks that are nonlocal: one for $600 and the other for $800. We want to hold funds on the $600, but not the $800. Is the correct available amount on our notice of delayed availability for next day available supposed to be $900 or $800? I was thinking it went by the deposit and since we were giving next day availablity to $800, then we didn't have to make available $100 of the $600. What is correct?
Answer: 

If you elected to give the first $800 of the deposit next day availability, you do not have to provide another $100.

The rule can be applied to the aggregate check deposits of the customer on a business day. The regulation requires at least $100 of the total checks (other than next day checks) be available next day.

First published on BankersOnline.com 1/6/03

First published on 01/06/2003

Filed under: 
Compliance
Filed under compliance as: 
Availability
Checks
IT

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