Cc Countersignature Adjustment with airSlate SignNow

Cc countersignature adjustment

[Music] hi it's Dave Dickenson with bankers compliance consulting and I want to talk with you about reg CC or the expedited funds availability Act the key to this regulation is delaying deposits that your customers make into their checking accounts so first off I hope that you have this quick reference guide on one side the page one it will show you three tiers that say our policy case-by-case delays and then extended delays and on the other side is a deposit delay form we're going to talk through that but grab a pen and write down a couple things first off this regulation only applies to checking accounts now you might have club accounts and now's and super now's and different names like that but there's a regulation that defines what is a checking or demand account versus savings versus time accounts those are the three buckets and this regulation reg CC only applies to that demand or transactional count bucket so if there's any confusion about what accounts at your institution this applies to be sure to talk to your supervisor and they can probably identify those for you it does not apply to money market savings accounts time accounts etc now the other thing is there are some states that have a duplicate law that applies to savings and money markets so again check with your supervisor to find out what what's that does that apply to us or not number two it only applies to deposited checks into those accounts so there's a couple ways to get around this number one for instance if somebody came to you with a check that you said I'm not so sure this is just good you could say let's place that for collection and that costs a little money some institutions will charge the customer for that some might eat that fee but you don't have to take a check for deposit now there's an exception I'll come to a minute but you could say we're not going to accept this as a deposit instead we're gonna place it for collection speaking of what checks you have to take it's only on us checks that are properly endorsed that have sufficient funds so let's say that I come into your bank and I have a cheque from another customer of your institution John Doe gave me a cheque and I take that check and and I bring it in to you because John Doe also banks with you it's on us if you will you have to see if it's properly endorsed in other words that I correctly endorse the check and is there sufficient funds in John's account you could look that up because John is a customer of yours if so then that is a check that you must accept for deposit if I brought you a check from XYZ bank you could say no deposit that or not deposit but go go cash that an...