RegCC

What does RegCC stand for?

• The US Patriot Act of 2001

• Expedited Funds Availability Act

• Electronic Funds Transfer

• Regulation D

Choose two requirements of Reg CC

• Making funds available for withdrawal within the times prescribed by the regulation

• Regulation CC does not require financial institutions to provide customers who have a transaction account with disclosures stating when their funds will be available for withdrawal

• Comerica’s disclosed policy does not reflect employees practices

• Providing funds availability disclosures and notices to customers

How does Comerica ensure employees’ compliance? Choose all that apply.

• Provide availability disclosures after a new account is opened.

• Annual compliance training.

• Regulation CC procedures available via Connect.

• When changes to policy occur a new disclosure is provided to consumer customers 10 days before the change is implemented or, if the change will improve the availability of funds to the customer, no later than 10 days after the change becomes effective.

Where is Comerica’s Deposit Availability’s disclosure located?

• In the break room.

• www.federalreserve.gov

• Behind the teller line.

• In the lobby.

Reg CC requires institutions to include notices on over-the-counter deposit slips.

• True

• False

Next day availability items include:

Check all that apply.

• Cash

• Personal check for $10,000 from Bank of America

• $5,000 cashiers check from Chase

• Electronic payment of $25,000

• State or local government check

As of July 1, the next day availability of large deposits (exception reason code 6) dollar amount has been increased to ... ?

• $5,000

• $5,525

• $5,255

• $5,250

John Smith opened his account on July 10, 2020. The balance in his account is $12,000. He is depositing a $6,000 check drawn off of Chase Bank and $3,000 cash. You place a REG CC hold using reason code #6. Is this correct procedure? Explain why or why not?

If the decision to place a hold is made after the customer leaves the banking center, the Notice of Hold must be mailed (to the customer) no later than the

Jane Smith is a regular customer of our banking center. Her account was opened August 2019. She also has a business account with Comerica. Her monthly average balance in her personal account is $25,000. She is depositing a State of Michigan lottery check for $20,000. Do you place a hold on this item?

• Yes, reason code #08-Next Day Availability Check Deposited to New Account.

• Yes, reason code #06-Large Item Deposit

• No hold is required, this is a next availability item.

• No, she has a good relationship with the bank.