Changes To Regulation CC
Recently, the Federal Reserve Board increased several of the monetary limits within Regulation CC and tied them to a formula that is derived from data within the Consumer Price Index. In line with this regulation, credit unions are allowed to hold funds in certain circumstances, but only for limited periods, which are outlined below and within our Funds Availability Policy.
- Next Day Availability – $200 is changing to $225. This means that now the first $225 of your total amount deposited daily will be available on the first business day. Depending on the type of the deposit, additional funds may not be available under the day after your deposit is originally made. If we are not going to make all the funds of your deposit available on the first business day, we will notify you at the time you make your deposit.
- Special Exception Holds – $5,000 is changing to $5,525. This means the checks you deposit that exceed $5,525 can be held. This amount is used on certain special exception holds, such as large deposit holds, new account holds, and repeatedly overdrawn holds.
- Hold Extensions – $400 is changing to $450. This means the rule permits financial institutions to extend holds by one business day when a deposit is taken for withdrawal by cash or similar means.
To help you better understand the changes that occurred on July 1, 2020, below is a chart showcasing the previous limits and the now in effect monetary limits.
Regulation CC Policy
|Regulation Reference||Current thresholds||Thresholds on and after July 1, 2020|
|Next day availability (229.10)||$200||$225|
|Large Deposit (229.13(b)), New Account (229.13(a)), and Repeated Overdraft Limits (229.13(d))||Aggregate amounts over $5,000||Aggregate amounts over $5,525|
|Special rules for cash withdrawals (229.12(d))||$400||$450|
|Civil Liability (229.21(a))||$1,000 and $500,000||$1,100 and $552,500|
To review our Funds Availability Policy in full, click here.
If you have any questions, do not hesitate to reach out to our Virtual Member Center by phone/text at 800.442.2800 or through Live Chat with us on our website.
New memberships only. $100 paid when new member opens a checking account with a minimum deposit of $25 and has at least one direct deposit totaling $100 per month. Direct deposit must be made within 60 days of account opening. Bonus will be paid within 30 days of direct deposit posting to new account. New account must remain open and maintain a positive balance for at least 90 days. If criteria is not met, $100 bonus will be withdrawn from account. Limit one $100 bonus per new member. Honor employees and immediate family members ineligible. Offer subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Limited time offer. Federally insured by NCUA.
New memberships only. $250 paid when new member opens a checking account with a minimum deposit of $25 and has at least one direct deposit totaling $100 per month. Direct deposit must be made within 60 days of account opening. Bonus will be paid within 30 days of direct deposit posting to new account. New account must remain open and maintain a positive balance for at least 90 days. If criteria is not met, $250 bonus will be withdrawn from account. Limit one $250 bonus per new member. Honor employees and immediate family members ineligible. Offer subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Limited time offer. Federally insured by NCUA.
Content of this website is protected by the copyright laws of the United States and applicable international agreements. The architecture, written, and graphic content of this site are copyright protected by Honor Credit Union. Unauthorized use of information and materials herein is prohibited unless expressly granted in writing.
The information provided by this site, and information provided by links to other websites, are provided on an as-is basis. No warranties of any kind are extended, either express or implied, including but not limited to warranties of merchantability, fitness of purpose, or freedom from computer virus.
Honor Credit Union does not warrant the accuracy or completeness of the content of this site, or in external sites available via links from our site. In addition, Honor Credit Union does not warrant that functions provided by this site, or via links to other sites, will be uninterrupted or without error.
Honor Credit Union will not be liable for any direct or indirect, special, incidental, consequential or punitive damages, or lost profits arising from use of our site, or any interruption in availability of our site, or delay in operation or transmission, computer virus, loss of data, or otherwise.
The content contained herein, the terms, conditions, and descriptions that appear, are subject to change at any time. Availability of products and services for your participation are subject to credit and other conditions determined necessary by Honor Credit Union.
Honor Credit Union expressly disclaims liability for any errors or omissions in information, materials or functions included in our site, or in third party sites available via links from our site.
Direct communications to Honor Credit Union is available through this site, subject to the following:
- You may not obtain and use any information or material from this site that violates any copyright, trademark or other proprietary rights of any person or entity.
- Your communications must not contain any defamatory, libelous, or obscene content.
- You must indemnify and hold Honor Credit Union harmless from any and all damages, losses, and liabilities arising from your communications with us through our site.
- Information submitted through this site will become and remain Honor Credit Union property. Honor Credit Union will be free to use information and concepts provided through this site.
Honor Credit Union will not be subject to any obligations of confidentiality regarding submitted information except as agreed to or required by law.
Honor Credit Union operates and controls its offices and this site in the State of Michigan, USA. Information, products, and services may not be appropriate or available in other areas. If you access the Honor Credit Union site from other areas, you are responsible for compliance with local laws and regulations.
Access to and use of the Honor Credit Union site, and these Terms and Conditions, are governed by laws of the State of Michigan. In the event any provision of these Terms and Conditions is held unenforceable, it will not affect the validity or enforceability of the remaining provisions and will be replaced by any enforceable provision that comes the closest to the intention underlying the unenforceable provision.