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FUNDS AVAILABILITY RULES ON MOBILE DEPOSITS

Answered by: 
John Burnett



Question: 
This is about holds on mobile RDC Deposits, specifically what are the rules on
funds availability? For what periods of time are we permitted to hold funds on
mobile deposits and is the item itself going to affect this? Also, pertaining to
a legal copy of deposited checks - are we obligated to provide the client with
the IRD in a digital bank environment, or just a notice covers us?
Answer: 

Regulation CC does not subject mobile or RDC deposits with respect to funds
availability. Unless there is a state law or regulation, funds availability on
RDC and mobile RDC check deposits is a contractual matter. At some point, the
Fed may amend Reg CC and apply its availability requirements on RDC/mobile
deposit, so it may be good idea to model your availability for these checks
after your policy regarding deposits of actual checks via tellers and ATMs.

Under what circumstances are you considering whether a "legal copy" might be
required? If you are referring to a mobile deposited check that is returned
unpaid, you are not required to provide a substitute check or indeed any copy of
the check unless your depositor asks for one (or your contract calls for it).
Providing a non-legal, but legible copy would be a good practice. Otherwise your
customer may contact you for information about the check.

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First published on 03/27/2022

Filed under: 
Compliance
Filed under compliance as: 
Reg. CC
Check 21/Check Truncation Act

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