An official check (e.g., cashier’s check, certified check, teller’s check) deposited in person, into the payee’s account, and, if applicable, with whatever slip or envelope is required by the credit union.State or local government checks deposited in person, into the payee’s account, in state, and, if applicable, with whatever slip or envelope is required by the credit union or.Federal Home Loan Bank or Federal Reserve Bank checks deposited in person into the payee’s account.Postal Service money orders deposited in person and into the payee’s account Treasury checks deposited into the payee’s account It requires credit unions to make the first $5,525 deposited on any given banking day available the next business day or the second business day, if checks need to be deposited in person to get next-day availability, when the funds are deposited by the following types of checks: It “appl to the aggregate amount of deposits by one or more checks to the extent that the aggregate amount is in excess of $5,525 on any one banking day.” It is not limited to accounts of a certain age.

Notwithstanding that general rule, “n account is not considered a new account if each customer on the account has had, within 30 calendar days before the account is established, another account at the depositary bank for at least 30 calendar days.” It applies to new accounts-those that are not older than 30 calendar days.

The chart below summarizes how the exception holds work, including their similarities and their differences: The similar thresholds in both seem to cause some confusion from time to time.

With NAFCU’s Regulatory Compliance School beginning in less than a month, we thought it would be a good time to revisit a topic that is covered during school: the difference between the new accounts exception hold in section 229.13(a) of Regulation CC and the large deposits exception hold in section 299.13(b).

Regulation cc check holds