Yes. There are six exceptions that allow banks to exceed the maximum hold periods in the availability schedules. The exceptions are:
- checks deposited to new accounts;
- large deposits ($5,000 or more in checks in any one day);
- edeposited checks;
- deposits made by check to accounts that are repeatedly overdrawn;
- deposits of checks for which the bank doubts collectibility; and
- deposits made under certain emergency conditions.
In the case of exceptions, the regulation provides that banks may extend the availability schedule by a reasonable period of time. The bank may be able to extend the availability for a longer period of time, but it must be able to prove that the additional time is reasonable.
Kristal M. Cowger, Attorney at Law
Blado Kiger Bolan, Tacoma, Wash.