Why reg cc

Your institution is required to establish procedures to ensure that it complies with the requirements of Regulation CC and to provide a copy of these procedures to all employees who perform duties affected by the regulation.

For example, employees who issue hold notices should be instructed on when to hold funds and how to notify customers that funds are being held.

Your employees should also be instructed about providing availability disclosures. Such disclosures must be provided to customers before they open a new account.

If the availability terms on an existing account are to be changed, a new disclosure should be provided to consumer customers 30 days before the change is implemented or, if the change will improve the availability of funds to the customer, no later than 30 days after the change becomes effective. Your institution must post, in each location where employees accept consumer deposits, a notice of your availability policy pertaining to consumer accounts. The notice must specifically state the availability periods for the various types of deposits that may be made to consumer accounts.

The notice need not be posted at each teller window, but it must be posted in a place where consumers seeking to make deposits are likely to see it before making their deposits. For example, the notice might be posted at the point where the line forms for teller service in the lobby. The notice is not required at drive-through teller windows or at night depository locations, but it is required at all automated teller machines.

Regulation CC requires that financial institutions include a notice of funds availability on the front of all preprinted deposit slips. The notice need state only that deposits may not be available for immediate withdrawal. The notice is required only on deposit slips that are preprinted with the customer's name and account number and furnished by your institution in response to a customer's order.

In addition, your institution is not responsible for ensuring that the notice appears on deposit slips that the customer does not obtain from or through you. Top of page Regulation CC states when deposits of various types must be made available to your customers, measured in business days following the banking day on which the deposit is made.

Business days are defined as Mondays through Fridays except federal holidays. A banking day is any business day up to the bank's cut-off hour when your institution is open for substantially all of its banking activities. All references to the number of days to funds availability in this guide indicate maximum time limits for making funds available; your institution may provide earlier availability of funds if it chooses and may extend the time when funds are available up to periods set by Regulation CC on a case-by-case basis.

The following types of deposits must be made available on the first business day following the banking day of deposit "next-day availability" : Cash deposited in person to one of your employees. Electronic payments received by your institution for deposit in an account--An electronic payment a wire transfer or an ACH credit 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.

As the Federal Reserve recognized the primarily all-electronic nature of check processing, one final rule took effect July 1, As with most financial regulations, knowledge is your biggest asset to maintaining compliance. The online document is not comprehensive, but it does provide a helpful overview of the regulations. Check out our white paper detailing the challenges of financial institutions that you face today and how some of the biggest players are responding.

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Every month we select a different topic to provide a brief bit of information on. Reg CC Holds 11 5 October 28, The plan is to make these deposits available next-day, which is our current policy for any cash deposits made at any of our branches. Our bank does not own any proprietary ATMs Can any of you please advise if we would need to revise our Funds Availability Disclosure, even if we are not going to be delaying the funds availability on these deposits past next day availability?

Any advice or disclosure samples regarding non-proprietary ATM deposits you are willing to share would be greatly appreciated! April 30, Automatic Holds in Integrated Teller Does anyone use the Automatic Holds in Integrated Teller trying to set ours up and was looking for how other Fiserv banks are using it. April 28, Reg CC- RDC restrictive endorsement- reclaimation Has anyone had experience handling a reclamation request from the holder of the paper where the item was presented through your RDC and then later deposited with the proper restrictive endorsement?

How did that resolve for your FI? August 25, Does anyone have a script for their employees to use to answer questions regarding the new Reg CC dollar amounts? We provided notice of the Reg CC changes on our statements and have received some questions. Looking to standardize responses. Thanks in advance! July 20, Similar means include electronic payment, issuance of a cashier's or teller's check, or certification of a check, or other irrevocable commitment to pay, but do not include the granting of credit to a financial institution, a Federal Reserve Bank, or a Federal Home Loan Bank that presents a check to the depository bank for payment.

Is there any issue with doing it this way? Does anyone use this adjustment? I assume this adjustment is only for case by case holds, is that correct? July 16, I understand that certain check deposits i.

Postal money orders, Federal Reserve bank, etc. Excluding a longer hold due to exceptions, wouldn't proprietary ATM deposits follow the availability schedule in June 10,