Hold on Cashier's Check Deposited into Savings?

Answered by:

Question:

Since it is not subject to Reg CC, can a hold be placed on a cashier's check deposited into a savings account or does next day availability rule still apply?

Answer:

You can place a hold on the cashier's check if it is deposited to a savings account and regulation CC will not apply.

Two exceptions affect that:

Check to make sure your state does not protect savings accounts under Regulation CC (Massachusetts, for example, does).
Be certain that your bank has not made its savings accounts subject to Regulation CC by including them in its Funds Availability disclosures or by contract.

First published on BankersOnline.com 4/20/09