Reg CC violation?

[mdevitt]

What is the name of your state? CA

Hello, I have a checking account with a bank in CA. I recently deposited a official bank check drawn from a bank in NJ. in the amount of $1800 in person at my bank. The bank put a five business day hold on the check. Is this a violation of FTC Reg. CC?

[Blue Meanie]

Originally Posted by mdevitt

What is the name of your state? CA

Hello, I have a checking account with a bank in CA. I recently deposited a official bank check drawn from a bank in NJ. in the amount of $1800 in person at my bank. The bank put a five business day hold on the check. Is this a violation of FTC Reg. CC?

3-5 business day hold for out of state checks is standered...

[mdevitt]

The Federal Reserve states: Reg. CC Subpart B §229.10

The following types of deposits must be made available on the first business day following the banking day of deposit (“next-day availability”):
Number 7 is.....
Cashier’s, certified, or teller’s checks deposited in person to one of your employees and into an account held by a payee of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)

[debtcollector`]

Why ask if all you are going to do is say you know the answer and the poster is wrong?

If you know the answer, or think you do, don't ask.

DC

[efflandt]

How long have you had the bank account in CA? The holding period for new accounts may be longer than for established accounts.

[stalin73]

Are credit card companies obligated to inform clients of action that will be taken with an account, such as that its going to be sent to collection or charged off? My CC company did NOT send my statements for 3 months due to a 'system's error', which they acknowledged in a letter. I did receive the '4th statement' which made no reference to actions or charge off. I made the payment before the due date on that 4th statement. However, in the interim they charged-off my account and it is being reported to Credit Bureaus. I'm willing to pay my balance, but disputing the charge off. What are my options? I've received several letters apologizing for the system error and inconvenience, but they do not want to reverse the charge-off. I read somewhere that they are supposed to inform the cardholder of actions, either as a note on the statement or in a letter. Because they did NOT send the statements, obviosly they failed to notify me prior to the action.

[Zigner]

Stalin -

Start your own thread - don't hijack this month-old one...

[abaga]

Originally Posted by efflandt

How long have you had the bank account in CA? The holding period for new accounts may be longer than for established accounts.

This is true.....Official Checks and other checks that are required to have next day availability on established customers is not required for new accounts.