Regulation CC requires financial institutions to provide account holders with disclosures that indicate when deposited funds will be available for withdrawal. Regulation CC addressed long hold times that customers were facing after they had deposited checks to banks, including implementing maximum hold times.
How long is a Reg CC hold?
A “reasonable” time period is generally defined as one additional business day (making a total of two business days) for on-us checks, and five additional business days (total of seven) for local checks; your institution may impose longer exception holds, but you may have the burden of proving that they are “reasonable
Does Reg CC only apply to consumer accounts?
Regulation CC requires institutions to send change notices to holders of consumer accounts. So even though Reg. CC applies generally to commercial accounts, the change notice requirements only apply to consumer accounts.
Are debit transfers subject to Reg CC?
The ACH debit transfer, which is being used to fund the opening of the checking account, is not an electronic payment under Regulation CC, and therefore, it is not subject to the next day availability rule set forth in section 229.10.
What does Reg CC define as a new account?
Answer by Brian Crow: Section 229.2(a) of Reg CC defines an account as a “demand deposit account, a negotiable order of withdrawal account, a share draft account, an automatic transfer account, or any other transaction account described in .2(e).” At the federal level, Reg CC applies to your checking and NOW
Does Reg CC require annual training?
By the way, there’s nothing at all in the regulation to suggest that Regulation CC training needs to be annual. You can train new hires as needed and then provide refresher training sessions for those who demonstrate a need.