admin wrote:
reverse wrote:
admin wrote:
What I am saying is that the funds availabilty paramters, which are controled by the government must be changed, that would give the banks some flexibility to be more accurate.
reverse . . . can you go into more detail about this, since you know more about the banking laws. Is there a specific law that I can refer to (by number or name) and the portion of it that would need to be changed? If we as a group had something we could refer to and point out directly, maybe we could focus in on it.
(just brainstorming here)
Reg CC///////////
The following types of deposits must be made available on the first business day following the banking day of deposit (“next-day availabilityâ€):
Cash deposited in person to one of your employees.
Electronic payments received by your institution for deposit in an account — An electronic payment is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited. (Under other rules, funds for most electronic deposits are made available on the day of deposit.)
U.S. Treasury checks deposited in an account held by a payee of the check — Unlike deposit types listed in 4 through 8 below, which pertain to deposits made in person, Treasury checks deposited at an ATM owned by your institution (a “proprietary†ATM) must be accorded next-day availability.
U.S. Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check.
Federal Reserve Bank and Federal Home Loan Bank checks deposited in person to one of your employees and into an account held by a payee of the check.
State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)
Cashier’s, certified, or teller’s checks deposited in person to one of your employees and into an account held by a payee of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)
Checks drawn on an account held by your institution (“on-us checksâ€) deposited in person to one of your employees or at on-premises ATMs or night depositories, if the branch or branches involved are in the same state or check-processing region.
Deposits that include some checks of types not listed above — The first $100 (or the total amount of the deposit if it is less than $100) of non-“next-day†checks must be made available the next day.
Exceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own (a “nonproprietary†ATM) must be made available by the fifth business day.
For checks of types not discussed above, funds generally must be made available in accordance with a schedule specified in Regulation CC. That schedule varies depending on whether the check is considered “local†or “nonlocal.â€
A check is considered “local†if your institution is located in the same check-processing region as the paying institution. Funds from local checks must be made available by the second business day following the day of deposit.
A check is considered “nonlocal†if your institution is not located in the same check-processing region as the paying institution. Funds from nonlocal checks must be made available by the fifth business day following the day of deposit.
There are several minor exceptions to the two- and five-day availability rules. They involve, for example, certain checks deposited outside the continental United States and cash withdrawals from certain checks. A detailed explanation can be found in section 229.12 of Regulation CC.
But remember—no matter whether the check is local or nonlocal, the first $100 of a deposit that is not already subject to next-day availability must be made available by the first business day following the day of deposit. This does not apply to deposits at nonproprietary ATMs and to deposits subject to certain exception holds. Further explanation can be found in section 229.13 of Regulation CC.
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The following types of deposits must be made available on the first business day following the banking day of deposit (“next-day availabilityâ€):
Cash deposited in person to one of your employees.
Electronic payments received by your institution for deposit in an account — An electronic payment is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited. (Under other rules, funds for most electronic deposits are made available on the day of deposit.)
U.S. Treasury checks deposited in an account held by a payee of the check — Unlike deposit types listed in 4 through 8 below, which pertain to deposits made in person, Treasury checks deposited at an ATM owned by your institution (a “proprietary†ATM) must be accorded next-day availability.
U.S. Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check.
Federal Reserve Bank and Federal Home Loan Bank checks deposited in person to one of your employees and into an account held by a payee of the check.
State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)
Cashier’s, certified, or teller’s checks deposited in person to one of your employees and into an account held by a payee of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)
Checks drawn on an account held by your institution (“on-us checksâ€) deposited in person to one of your employees or at on-premises ATMs or night depositories, if the branch or branches involved are in the same state or check-processing region.
Deposits that include some checks of types not listed above — The first $100 (or the total amount of the deposit if it is less than $100) of non-“next-day†checks must be made available the next day.
Exceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own (a “nonproprietary†ATM) must be made available by the fifth business day.
For checks of types not discussed above, funds generally must be made available in accordance with a schedule specified in Regulation CC. That schedule varies depending on whether the check is considered “local†or “nonlocal.â€
A check is considered “local†if your institution is located in the same check-processing region as the paying institution. Funds from local checks must be made available by the second business day following the day of deposit.
A check is considered “nonlocal†if your institution is not located in the same check-processing region as the paying institution. Funds from nonlocal checks must be made available by the fifth business day following the day of deposit.
There are several minor exceptions to the two- and five-day availability rules. They involve, for example, certain checks deposited outside the continental United States and cash withdrawals from certain checks. A detailed explanation can be found in section 229.12 of Regulation CC.
But remember—no matter whether the check is local or nonlocal, the first $100 of a deposit that is not already subject to next-day availability must be made available by the first business day following the day of deposit. This does not apply to deposits at nonproprietary ATMs and to deposits subject to certain exception holds. Further explanation can be found in section 229.13 of Regulation CC.