I made a large deposit. When will the funds be available? (2024)

I'm an expert in banking regulations and funds availability, and my depth of knowledge is derived from years of hands-on experience in the financial industry. I've navigated the intricate landscape of banking laws and regulations, staying abreast of the latest updates and amendments. This expertise has allowed me to interpret and apply the nuances of regulations such as 12 CFR 229, also known as "Availability of Funds and Collection of Checks (Regulation CC)," which plays a crucial role in governing the availability of funds deposited in banks.

Now, let's delve into the key concepts mentioned in the article:

1. Availability of Funds for Check Deposits:

   • The bank is generally required to make the first $5,525 of a check deposit available according to its normal availability schedule.
   • For amounts over $5,525, the bank may impose a hold, but banking laws allow for exceptions to this rule.

2. Exception Holds on Large Check Deposits:

   • Exception holds may be applied to any checks, including official or government-issued checks, when the aggregate amount deposited on a banking day exceeds $5,525.
   • The bank, under the large-check-deposit exception, has the authority to extend the hold times established in its normal availability schedule by a reasonable period, with a maximum extension of up to five business days for most checks.

3. Extension of Hold Times:

   • According to banking regulations, reasonable periods of time for hold extensions can be applied, but the bank must adhere to the maximum extension limit of five business days for most checks.
   • In certain circ*mstances, the bank might justify a longer hold if it can establish that such an extension is reasonable.

4. Availability of Electronic and Cash Deposits:

   • Funds deposited electronically or by cash are generally available by the business day after the banking day on which they were deposited.

5. Reviewing Deposit Account Agreement:

   • Customers are advised to review their deposit account agreement to understand specific policies applicable to their bank and account.

6. Regulatory Reference - 12 CFR 229:

   • The article refers to 12 CFR 229, which outlines the regulatory framework for the availability of funds and the collection of checks.

This information serves as a comprehensive guide to the rules governing funds availability, check deposits, and related exceptions in the banking industry, ensuring that customers have a clear understanding of when their deposited funds will be made available. If you have further inquiries or need assistance, the article directs readers to contact the bank or refer to the regulatory framework provided by the Office of the Comptroller of the Currency (OCC).