Category: Checking & Savings
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A bank may add one, five or six business days to a check hold
A deposit that the bank says will be available Thursday can turn into the following Wednesday, and the regulation lets that happen. Under 12 CFR 229.13, a bank that invokes one of the Federal Reserve Board’s hold exceptions may add one, five or six business days to a check hold, depending on the kind of…
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Seven kinds of deposit must be available the next business day, among them a Treasury check and a cashier’s check handed over in person
A paycheck, a tax refund or a cashier’s check for a car sale all land in a bank account the same way, but the rules do not treat them the same. Under Federal Reserve Board Regulation CC, seven kinds of check deposit must be available the next business day, and the list includes a Treasury…
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The credit union for City of Jackson and Hinds County employees closed September 30, after regulators put it in conservatorship on May 6
Jackson Area Federal Credit Union, chartered in 1953 to serve City of Jackson and Hinds County employees in Mississippi, no longer exists as a separate institution. The National Credit Union Administration announced on September 30, 2026 that the credit union was closed and that Five Star Credit Union, based in Dothan, Alabama, had taken over…
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A bank has ten business days to decide a disputed debit card charge, or 45 days if it puts the money back in the account first, and up to 90 for point-of-sale purchases
Regulation E, the federal rule that governs debit card and other electronic transfers, puts a stopwatch on banks. Once a customer reports a disputed charge, the bank has 10 business days to determine whether an error occurred. It can stretch to 45 days only if it provisionally credits the disputed amount back into the account…
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The Treasury is not required to pay a federal check more than twelve months after the date printed on it, and the money goes back to the issuing agency
A federal check sitting in a drawer has a clock on it. Under Treasury’s own regulation, 31 CFR 240.5, the Treasury is not required to pay a check that has not been negotiated to a financial institution within 12 months after it was issued, and once that year passes the proceeds do not stay with…
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Nano Banc’s sole branch reopened as a Sunwest branch the next business day after it failed
Nano Banc had one branch, and between the closure on Friday, September 25, 2026, and the opening of business the following Monday, no customer could walk into it. On Monday, September 28, the same branch reopened under a different name: Sunwest Bank, the Utah institution that took over Nano Banc’s deposits. By the calendar that…
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A federal benefit recipient with no bank account can take a Direct Express card
A federal benefit recipient with no bank account can take a Direct Express card instead. Treasury states it plainly: the Direct Express Debit Mastercard “is a way to get your federal benefits, even if you do not have a bank account.” The card exists because federal law generally requires benefits to arrive electronically, and a…
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Delaware mailed more than $1.2 million in unclaimed property checks to approximately 10,000 owners matched through tax returns
Delaware’s annual MONEY MATCH round went out in mid-September, and the state says it mailed more than $1.2 million in unclaimed property checks to approximately 10,000 people. The money did not come from a tax refund or a government stimulus. It was dormant property that had been sitting in the state’s custody, paired with owners…
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Banks in Alaska, Hawaii, Puerto Rico, American Samoa, the Northern Mariana Islands, Guam and the U.S. Virgin Islands may hold an out-of-state check one extra day
Regulation CC, the Federal Reserve rule that sets how long a bank may wait before releasing deposited funds, gives branches in seven U.S. places one more business day than the standard schedule allows. The extra day is a permission rather than a requirement, and it reaches only some checks. The paragraph that grants it is…
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A bank customer has 60 days from the statement date to report a bad debit under Regulation E, and the bank then has 10 business days (20 for a new account) to decide or provisionally credit it
A debit card charge nobody authorized sets two clocks running at once, and each starts on a different day. Federal Regulation E gives the customer 60 days to report the problem, counted from the statement that shows it. It then gives the bank 10 business days to decide whether an error happened, or 20 business…