What account class does Reg CC apply to?
What account class does Reg CC apply to?
Regulation CC applies to all credit unions, but it only applies to transaction accounts. Non- transaction accounts, such as most credit union regular share accounts or membership accounts, are not governed by Reg CC. So Regulation CC does not apply to savings accounts; only to checking or share draft accounts.
How do you explain Reg CC?
Regulation CC states when deposits of various types must be made available to your customers, measured in business days following the banking day on which the deposit is made. Business days are defined as Mondays through Fridays except federal holidays.
Which type of hold does Reg CC require record retention of two years?
(1) A bank shall retain evidence of compliance with the requirements imposed by this subpart for not less than two years. Records may be stored by use of microfiche, microfilm, magnetic tape, or other methods capable of accurately retaining and reproducing information.
Does Reg CC only apply to consumer accounts?
Regulation CC requires institutions to send change notices to holders of consumer accounts. So even though Reg. CC applies generally to commercial accounts, the change notice requirements only apply to consumer accounts.
Does Reg CC require annual training?
By the way, there’s nothing at all in the regulation to suggest that Regulation CC training needs to be annual. You can train new hires as needed and then provide refresher training sessions for those who demonstrate a need.
Does Reg CC apply to ach?
Regulation CC defines an electronic payment as a wire transfer or an ACH credit transfer, and that distinction makes all the difference.
What are the two types of Reg CC holds?
Regulation CC (12 CFR 229) implements two laws—the Expedited Funds Availability Act (EFA Act), which was enacted in August 1987 and became effective in September 1988, and the Check Clearing for the 21st Century Act (Check 21), which was enacted in October 2003 and became effective on October 28, 2004.
Is Regulation CC applicable to business accounts?
Unlike many “consumer” protection laws, Regulation CC does not specifically exclude business purpose deposits; it applies to consumer, fiduciary and business accounts. The regulation does not apply to any type of savings account as defined in Regulation D, which would include money market deposit accounts.
Does Reg CC apply to cash deposits?
When you deposit cash or checks into your checking or savings account at a bank, Regulation CC specifies how soon you can have access to your deposited funds. Additionally, Regulation CC requires that your bank discloses to you the schedule of your funds will be available for withdrawal.
Does Reg CC apply to wire transfers?
Can a Reg CC hold be placed on a savings account?
The definition applies to accounts with general third-party payment powers but does not cover time deposits or savings deposits, including money market deposit accounts, even though they may have limited third-party payment powers.
Does Reg CC apply to mobile deposits?
Answer: The answer is “yes” and “no”. Mobile deposits are NOT subject to the funds availability rules of Regulation CC (aka Subpart B), but they are subject to the check collection rules of Regulation CC (aka Subpart C).
What counts as a transaction?
A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money.
Does Reg CC apply to business checking accounts?
Do credit unions follow Reg D?
The Regulation D guidance from the Fed does not affect whether banks or credit unions can charge fees for excess withdrawals from savings accounts. While financial institutions are encouraged to allow additional withdrawals without assessing fees, they are not required to change their existing policies.
Does putting money into an account count as a transaction?
Transaction types A chequing account transaction can include any of the following: Deposits (cash and cheques) Withdrawals (at ATMs, bank tellers, in stores, etc.) One-time payments for goods and services (groceries, clothing, food, etc.)
What is a guide to Regulation CC compliance?
A Guide to Regulation CC Compliance Disclosing Your Availability Policy| Determining Funds Availability Delaying Funds Availability| Applying Funds Availability Rules This guide is intended to help financial institutions comply with Regulation CC, Availability of Funds and Collection of Checks.
What is the Reg CC quick reference sheet?
This Reg CC Quick Reference Sheet was developed by BOL user JeffSal. It was updated for 7/1/2020 by John Burnett. The 7/1/2020 version should be used once a depository institution implements the new Reg CC requirements. It is a quick reference guide to what Reg CC allows or requires for funds availability.
What does Reg CC allow for funds availability?
It is a quick reference guide to what Reg CC allows or requires for funds availability. Depository institutions can make funds available faster or in greater amounts than the regulation requires.
When should the 7/1/2020 version of Reg CC be used?
The 7/1/2020 version should be used once a depository institution implements the new Reg CC requirements. It is a quick reference guide to what Reg CC allows or requires for funds availability. Depository institutions can make funds available faster or in greater amounts than the regulation requires.