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From Watertown Savings Bank Heather Makuch Subject Regulation CC Comments Date May 25 2011 Proposal Regulation CC - Availability of Funds and Collection of Checks Document ID R-1409 Document Version 1 Release Date 03/03/2011 Name Heather Makuch Affiliation Watertown Savings Bank Category of Affiliation Address City State Country Zip PostalCode Bank s concern regarding the proposed changes to Regulation CC deal with reducing the number of days for...
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How to fill out regulation cc - availability
How to fill out Regulation CC - Availability of Funds and Collection of Checks
01
Begin by obtaining a copy of the Regulation CC form.
02
Identify the type of account being opened (checking, savings, etc.).
03
Fill in the account holder's personal information including name, address, and social security number.
04
Indicate the type of checks that will be deposited and their respective amounts.
05
Specify the funds availability policy based on the institution's guidelines.
06
Review any holds on checks for special circumstances such as new accounts or large deposits.
07
Sign and date the form to certify that the information provided is accurate.
08
Submit the completed form to the bank or relevant financial institution.
Who needs Regulation CC - Availability of Funds and Collection of Checks?
01
Financial institutions that handle check deposits and withdrawals.
02
Account holders who want to understand their rights and obligations regarding funds availability.
03
Businesses that process payments via checks.
04
Compliance officers ensuring adherence to federal regulations.
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People Also Ask about
What are the new changes to reg cc?
The recent changes made to Regulation CC amend the minimum amount of deposited funds that financial institutions must make available for withdrawal by opening of business on the next day.
What are the changes to reg cc?
The recent changes made to Regulation CC amend the minimum amount of deposited funds that financial institutions must make available for withdrawal by opening of business on the next day.
What is the $450 rule?
These changes impact when deposited funds will be available for withdrawal – increasing the amount made available to you for certain items presented for deposit. The first $275 (previously $225) of a check deposit will generally be available no later than the first business day after the day of deposit.
What is section 229.12 of the regulation CC?
(f) Deposits at nonproprietary ATMs. A depositary bank shall make funds de- posited in an account at a nonpropri- etary ATM by cash or check available for withdrawal not later than the fifth business day following the banking day on which the funds are deposited.
What three things a bank must do to meet the requirements of Federal Reserve regulation CC?
The EFAA requires banks to (1) make funds deposited in transaction accounts available to their customers within specified time frames, (2) pay interest on interest-bearing transaction accounts not later than the day the bank receives credit, and (3) disclose their funds-availability policies to their customers.
What is the $225 availability rule?
The $225 Rule states that the first $225 of deposits made on any banking day must be made available the next business day.
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What is Regulation CC - Availability of Funds and Collection of Checks?
Regulation CC is a federal regulation that governs the availability of funds deposited in banks and the collection of checks, ensuring that banks provide clear information about when deposited funds will be made available to customers.
Who is required to file Regulation CC - Availability of Funds and Collection of Checks?
All depository institutions, including banks and credit unions, that provide access to deposit accounts must comply with Regulation CC and are required to file applicable information.
How to fill out Regulation CC - Availability of Funds and Collection of Checks?
To fill out the Regulation CC forms, institutions must document information related to their funds availability policies and ensure compliance with the timing and notice requirements detailed in the regulation.
What is the purpose of Regulation CC - Availability of Funds and Collection of Checks?
The purpose of Regulation CC is to promote the availability of deposited funds to customers within a reasonable time frame while ensuring proper disclosure of funds availability policies.
What information must be reported on Regulation CC - Availability of Funds and Collection of Checks?
Institutions must report information regarding their funds availability policies, including the timeframe for making deposited funds available, any exceptions, and disclosures provided to consumers.
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