What must be included in a case-by-case delay notice?

Compliance > Regulation CC - EFAA
Q:  What must be included in a case-by-case delay notice?

A:  In general, when a depository bank extends the time when funds will be available for withdrawal on a case-by-case basis, it must provide the depositor with a written notice.  The notice shall include the following information:
  • A number or code, which need not exceed four digits, that identifies the customer's account;
  • The date of the deposit;
  • The amount of the deposit that is being delayed; and
  • The date the funds will be available for withdrawal.

 

This can be found in 12 CFR 229.16 here:  http://www.ecfr.gov/cgi-bin/text-idx?tpl=/ecfrbrowse/Title12/12cfr229_main_02.tpl
 

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