When you receive notice of a returned item and place a hold on the clients account are you required to provide the customer with a Hold Notice? Also, if the item ends up not being returned are you required to notify customer?
A new customer came in and opened a DDA and a 30 month CD using a $100k check from her account at another bank. The CSR opened the accounts with a split deposit and placed a New Account Reg CC hold on the $50k used to open the DDA. The Hold Notice was generated showing the check number as a $50k check.
It seems to me the check should have been deposited into the new DDA and the hold placed on the entire check. Once the check cleared, funds could then have been transferred to open a new CD.
Although Reg CC does not apply to time accounts, should the teller go back and place the same New Account Hold on the CD so that the entire check is accounted for? I am thinking if this check should come back, it will cause more issues with the CD than necessary. Any thoughts?
Does the Federal Reserve’s new Reg CC rule change any of the current funds availability schedules?
When are the Fed’s Regulation CC amendments effective?
Does the assessment of an automated overdraft fee create issues for other consumer protection regulations and vice versa?
Our front line staff creates the hold notice and then sends to the Fraud Dept to review and put on the system.
Often times the front line does the Hold Notice Wrong. If we change the Hold Notice we send the customer a new one. If we decide the hold is not necessary are we required to send notification to the customer informing them their funds are available sooner then we originally informed them?
Reg CC is for transaction accounts - both consumer and business. If a business has a large deposit exception hold placed for the wrong amount (held 7 days for full amount when it should have held the excess over $5,000 until the 7th business day) Is this error a Reg CC violation? Some say it is a business account so it doesn't count as a violation for Reg CC.
There seems to be some confusion regarding Reg CC and a new account hold. If the item is not a next day item and say a personal check, do we have to make the first $5000 available or can the entire amount be held for 9 business days?
Can you tell me the required signage for an ATM?
Does the Dodd Frank Act or compliance require banks to process loan payments that are dropped off in the night drop after the night drop has been closed for the day but the branch drive through is still open?