I setup a debit card for my college-age daughter with a joint college-lending bank card company.
How long can the debit card company place a hold on the funds transferred from my bank account? Example: I transferred funds on 10/2. Part of the funds were available to my daughter on 10/4. The rest, not until 10/9 (1 week later). The company withdrew the full amount on 10/4. Any help in finding regulation would be appreciated.
The availability of funds on deposit are controlled by banking Regulation CC, but Reg CC applies to a checking account. While some banks also apply these rules to other depositaccounts, prepaid debit cards are not generally included in these. There are no federal rules. The debit card agreement should specify when funds "deposited" to the card are made available for use. These rules can vary from card to card, with the same as fees being imposed for use or non-use. It is important for users to become familiar with the terms of the cards they use.
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The availability of funds on deposit are controlled by banking Regulation CC, but Reg CC applies to a 