Deposit Funds Holds Options |
  
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Deposit Funds Holds Options |
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The following table shows the current standard defaults set by the Federal Reserve Board (Regulation CC - Availability of Funds and Collection of Checks) for deposit funds holds. The choices made with these options dictate the hold calculations on Next Day (Local), Second Day (Non-Local), and Unspecified funds. Your institution may choose to change any of these institution options, so some options may not correspond to your holds.
Additionally, depending on the customer account, your institution may need to hold the funds for longer due to reasonable cause (concern for potential fraud, repeated overdrafts, etc). If needed, the expiration date of a hold can be manually changed on the Funds Holds screen (according to limits set by the Federal Reserve Board).
Hold |
Defaults To: |
GOLDPoint Institution Option |
|---|---|---|
Next Day Hold Amount |
$225.00 minimum |
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Next Day Hold Days |
2 days maximum |
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Next Day Extended Days |
7 days maximum |
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Second Day Hold Days |
5 days maximum |
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Second Day Extended Days |
11 days maximum |
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Aggregate Large Excess (Y/N)* |
Y |
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New Account Hold Days |
30 days |
Uncollected Funds |
Large Excess Amount |
$5,525.00 minimum |
* The system currently defaults to aggregate all check deposits during a day and, if the amount exceeds the large excess limit defined by your institution, the system will apply the aggregate total of deposits minus the limit as an excess amount (e.g., $5,000.00 large excess limit). For example, a customer makes three check deposits during the day. Each deposit is for $2,000.00. On the third deposit, the total deposits for the day will be at $6,000.00. This exceeds the limit set by the institution by $1,000.00. The system will apply the $1,000.00 as a large excess hold. The $1,000.00 amount will be held until the morning of the date entered in the Expiration column or the date set in the institution option listed above. (For example, if a Next Day check totaling $7,000.00 was deposited into an account, and your institution uses the Next Day Extended Day option with the Large Excess Amount option set at $5,000.00, then $2,000.00 of the check's funds would need to be held for seven days before being released).
If an institution chooses not to aggregate, large excess holds will only be applied to one check deposit when it exceeds the institution-defined limit. Applying the example above to a non-aggregating institution, none of the deposits of $2,000.00 would be considered large enough for a large excess hold. However, if the customer made another deposit of $7,000.00, $2,000.00 of the deposit would be applied as a large excess hold. If your institution never wants to hold for large excess, use Institution Option LGXA and put the hold amount to "999,999,999.99." Use LGEA to specify any other large excess amount.
These options are set by GOLDPoint Systems through your account representative. If you need to adjust an option, submit a work order.
In order to access uncollected funds (UCF) options, the Account Uses Uncollected Funds? field must be marked.
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