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The Water Cooler
General Discussion
Warning--deposit large checks at your peril
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<blockquote data-quote="KOPBET" data-source="post: 2141598" data-attributes="member: 4153"><p>Tell your banker to read Federal Reserve Regulation CC. Know your rights.</p><p></p><p><a href="http://www.bankrate.com/brm/news/chk/20020802b.asp" target="_blank">http://www.bankrate.com/brm/news/chk/20020802b.asp</a></p><p></p><p>For certain types of deposits, Regulation CC permits financial institutions to delay, for "a reasonable period of time," the availability of the funds. The Fed generally defines "reasonable" as one additional business day for on-us checks, five additional business days (total of seven) for local checks and six additional business days (total of 11) for nonlocal checks. Institutions may impose longer holds in exceptional cases.</p><p></p><p>Large deposits (greater than $5,000) -- Any amount greater than $5,000 may be held. Banks must make the first $5,000 of the deposit available for withdrawal according to the bank's availability policy and the remainder within the "reasonable" time frames.</p></blockquote><p></p>
[QUOTE="KOPBET, post: 2141598, member: 4153"] Tell your banker to read Federal Reserve Regulation CC. Know your rights. [url]http://www.bankrate.com/brm/news/chk/20020802b.asp[/url] For certain types of deposits, Regulation CC permits financial institutions to delay, for "a reasonable period of time," the availability of the funds. The Fed generally defines "reasonable" as one additional business day for on-us checks, five additional business days (total of seven) for local checks and six additional business days (total of 11) for nonlocal checks. Institutions may impose longer holds in exceptional cases. Large deposits (greater than $5,000) -- Any amount greater than $5,000 may be held. Banks must make the first $5,000 of the deposit available for withdrawal according to the bank's availability policy and the remainder within the "reasonable" time frames. [/QUOTE]
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