NEW ACCOUNTS AVAILABILITY SCHEDULE Type of Item Availability CASH Next day. ELECTRONIC PAYMENTS and ACH - Next day after financial institution receives funds. Next Day Items: Aggregate of funds $5000 and below are available the next day from the total of Treasury checks, Postal Orders, these items. Federal Reserve or Federal Home Loan Bank Checks, State or Local Funds above $5000 are available on the Government, Cashier’s, Certified, 9th business day after the banking day of Teller’s and Traveler’s Checks deposit. (May have to have special deposit slip with some items. This also includes Traveler’s checks which do not appear in the other next day items.) $200 Cash Does not apply to new accounts. Financial Institution’s policy. Local Next Day items BOLDED have to be deposited to a teller or they become available on 2nd business day PRACTICE: NEW ACCOUNTS EXCEPTION Customer A comes in with the following items on Monday: $25,000 Treasury Check This is a new account. The financial institution local checks available on the 9th business day after the banking day of deposit. When would the funds be available for the customer? Monday Tuesday Wednesday Thursday Friday
NEW ACCOUNTS AVAILABILITY SCHEDULE Type of Item Availability CASH Next day. ELECTRONIC PAYMENTS and ACH - Next day after financial institution receives funds. Next Day Items: Treasury checks, Postal Orders, Federal Reserve or Federal Home Loan Bank Checks, State or Local Government, Cashier’s, Certified, Teller’s and Traveler’s Checks (May have to have special deposit slip with some items. This also includes Traveler’s checks which do not appear in the other next day items.) Aggregate of funds $5000 and below are available the next day from the total of these items. Funds above $5000 are available on the 9th business day after the banking day of deposit. $200 Cash Does not apply to new accounts. Local Financial Institution’s policy. Next Day items BOLDED have to be deposited to a teller or they become available on 2nd business day PRACTICE: NEW ACCOUNTS EXCEPTION Customer A comes in with the following items on Monday: $25,000 Treasury Check This is a new account. The financial institution local checks available on the 9th business day after the banking day of deposit. When would the funds be available for the customer? Monday Tuesday Wednesday Thursday Friday
RegCCWkbook070715.docx