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Regulation CC Funds Availability Presented By: [Your name here]

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Presentation on theme: "Regulation CC Funds Availability Presented By: [Your name here]"— Presentation transcript:

1 Regulation CC Funds Availability Presented By: [Your name here]

2 Objectives Overview of [your bank’] Funds Availability Policy Basic Terminology Everything is Local, now Types of Checks Same Day Availability

3 Objectives Continued… Next business day availability Case-by-case hold Exception hold Applying the rules Q & A session

4 Funds Availability Policy [Your bank’s] Funds Availability Policy allows next day availability on all deposited checks into an account, however we reserve the right to hold funds for additional periods of time. [Customize this slide for your bank]

5 Basic Terminology Banking day-The part of any business day that the bank is open to the public. Business day-Any day except Saturday, Sunday, or a legal holiday. Check-A negotiable demand draft drawn on or payable through a bank. Depositary bank-The bank in which funds are deposited.

6 Basic Terminology Continued… Paying Bank-The bank that the check is drawn on. On-us check-A check deposited into the institution on which it was drawn. Local check –Now includes all checks other than “next day” items.

7 Types of Checks U.S. Treasury checks Federal Reserve Bank checks State and local government checks U.S. Postal Money Orders Traveler’s Checks Check payable through or at an office of a bank

8 Same Day Availability Automated Clearinghouse (ACH) transfers including Social Security and electronic payroll must be made available for withdrawal on the same- business day the institution receives the funds.

9 Next Business Day Availability Treasury Checks Wire Transfers Money Orders

10 Next-business Day Availability Government Checks Federal Reserve Bank Checks On-us Checks Cashier’s Checks/Official Checks First $100 of aggregate other checks deposited by a customer on any one banking day

11 Second-business Day Availability Non next-day checks deposited into an account that are subject to a case-by-case hold as determined by the teller completing the transaction.

12 Exception Holds New Account Large Deposit Redeposited Check Repeated Overdrafts Reasonable Cause to Doubt Collectibility Emergency Conditions

13 Seventh-business Day Availability Checks that are subject to an exception hold as determined by the teller completing the transaction.

14 Ninth Business Day Availability Excess of first $5,000 of next-day checks (including traveler’s checks) deposited to a new account.

15 Nth-business Day Availability Non next-day checks deposited to a new account. [Customize title for correct number of days for your bank]

16 SMTWTFS SMTWTFS SMTWTFS

17 Applying Funds Availability Rules Your institution is open for all business functions on Saturday. Customer Jones deposits a $4,000 U.S. Treasury Check payable to him with a teller on Saturday. When must the funds be made available? (Examples of Availability Rules, http://www.federalreserve.gov/pubs/regcc/examples.htm, accessed February 11, 2003.) http://www.federalreserve.gov/pubs/regcc/examples.htm

18 Applying the Rules Continued… Customer Jackson deposits a $400 non-next day check payable to him with a teller at 10:00 a.m. on Monday. When must the funds be made available? (Examples of Availability Rules, http://www.federalreserve.gov/pubs/regcc/examples.htm, accessed February 11, 2003.) http://www.federalreserve.gov/pubs/regcc/examples.htm

19 Applying the Rules Continued… Customer Palmer deposits a $10,000 non next-day check payable to him with a teller at 10:00 a.m. on Monday. When must the funds be made available? (Examples of Availability Rules, http://www.federalreserve.gov/pubs/regcc/examples.htm, accessed February 11, 2003.) http://www.federalreserve.gov/pubs/regcc/examples.htm

20 Applying the Rules Continued… Customer Washington deposits a $400 non next-day check payable to her at 4:05 p.m. on Monday. When must the funds be available? (Examples of Availability Rules, http://www.federalreserve.gov/pubs/regcc/examples.htm, accessed February 11, 2003.) http://www.federalreserve.gov/pubs/regcc/examples.htm

21 Q & A Session Please feel free to ask any questions or state any comments regarding Regulation CC.


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