Did you know that Regulation CC allows you to delay funds deposited into a new account? This is often overlooked by many financial institutions. The key is that this needs to be disclosed to customers upfront in your Funds Availability disclosure given at account opening.
Kevin explains more in the video.
Video Highlights:
- A new account is an account that is less than 30 days old, and at least one customer on the account is new.
- Financial institutions have the option to delay deposits for new accounts, but they must let customers know on the front end in the Funds Availability Notice given at account opening.
- After 30 days of being open, a new account is no longer eligible for special rules or delays associated with them.
Published
2023/02/16
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
