Reg CC Placing Hold on Check w/Canadian Funds

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Question:

When a customer of the bank deposits a check drawn on a Canadian bank in Canadian funds what kind of hold can be placed on that check according to Reg CC?

Answer:

Whatever you want, as a foreign check is not covered under the regulation. If you are worried about the check, send it for collection as checks can come back from Canada for a long time - a month or more.

First published on BankersOnline.com 8/27/12