SUMMARY OF HOLDS Type of Hold Checks What business $200 day available Case by Case Hold Local 2nd day Yes Use when financial institution’s policy is Checks (All other same day or next day availability checks except next day items) Large Deposits Next day items 7th day/4th Yes Use for aggregate deposits over $5000 Local checks Proposed be $200depending on if Proposed rules would index numbers ( All Checks) you put a case by case on the like $5000 with inflation every five years. first $5000 and will be $5000 on next day items) Redeposited items Next day items 7th day/4th No Use for checks that are being deposited Local checks Proposed a second time (All Checks) Repeated Overdrafter Next day items 7th day/4th No Overdrawn six days in six months or 2 Local checks Proposed days in six months @ $5,000 (All Checks) *Could have been overdrawn if financial institution paid the check Reasonable Cause to Doubt Next day 7th day/4th No Collectability checks Proposed Use when financial institution has (All Checks) reason to collectability See hold – form Emergency Conditions Next day items 7th day/4th No Hurricanes, tornadoes Local checks Proposed (All Checks) New to see if your Next day items 1st $5,000 next No institution uses special rules day/over $5,000 Use first thirty days account holder with Local checks 9 days financial institution. Do not give hold (All other LC Financial notice. checks except Institution’s policy next day items) $5000 will index with inflation every five years* *Proposed checks only have a one day hold even if an exception reason “On-us”
SUMMARY OF HOLDS Type of Hold Checks What business day available $200 Case by Case Hold Use when financial institution’s policy is same day or next day availability Local Checks (All other checks except next day items) 2nd day Yes Large Deposits Use for aggregate deposits over $5000 Proposed rules would index numbers like $5000 with inflation every five years. Next day items Local checks ( All Checks) 7th day/4th Proposed Yes be $200depending on if you put a case by case on the first $5000 and will be $5000 on next day items) Redeposited items Use for checks that are being deposited a second time Next day items Local checks (All Checks) 7th day/4th Proposed No Repeated Overdrafter Overdrawn six days in six months or 2 days in six months @ $5,000 *Could have been overdrawn if financial institution paid the check Next day items Local checks (All Checks) 7th day/4th Proposed No Reasonable Cause to Doubt Collectability Use when financial institution has reason to collectability – See hold form Next day checks (All Checks) 7th day/4th Proposed No Emergency Conditions Hurricanes, tornadoes Next day items Local checks (All Checks) 7th day/4th Proposed No New to see if your institution uses special rules Use first thirty days account holder with financial institution. Do not give hold notice. Next day items Local checks (All other checks except next day items) 1st $5,000 next day/over $5,000 9 days LC Financial Institution’s policy $5000 will index with inflation every five years* No *Proposed “On-us” checks only have a one day hold even if an exception reason