Consumer complaint received 2023-04-29
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: AXOS FINANCIAL, INC. (NY)

The folks at AXOS BANK aka XXXX XXXX XXXX have a deposit availablity policy in violation of regulation cc, my deposits are on hold for a minimum of 7 days and have been held for as much as 10 days with no explanation. 



Regulation CC states when deposits of various types must be made available to your customers, measured in business days following the banking day on which the deposit is made. Business days are defined as Mondays through Fridays except federal holidays. A banking day is any business day ( up to the bank 's cut-off hour ) when your institution is open for substantially all of its banking activities. All references to the number of days to funds availability in this guide indicate maximum time limits for making funds available ; your institution may provide earlier availability of funds if it chooses and may extend the time when funds are available up to periods set by Regulation CC on a case-by-case basis. 

The following types of deposits must be made available on the first business day following the banking day of deposit ( " next-day availability '' ) : Cash deposited in person to one of your employees. 
Electronic payments received by your institution for deposit in an account -- An electronic payment ( a wire transfer or an ACH credit ) is considered received ( deposited ) when your institution has received both payment in collected funds and information on the account and the amount to be credited. ( Under other rules, funds for most electronic deposits are made available on the day of deposit. ) U.S. Treasury checks deposited in person to one of your employees or at an ATM owned by your institution ( a " proprietary '' ATM ) and into an account held by a payee of the check. 
U.S. Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check. 
XXXX XXXX XXXX and XXXX XXXX XXXX XXXX checks deposited in person to one of your employees and into an account held by a payee of the check. 
State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check. ( Note : If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip. ) Cashier 's, certified, or teller 's checks deposited in person to one of your employees and into an account held by a payee of the check. ( Note : If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip. ) Checks drawn on an account held by your institution ( " on-us checks '' ) deposited in person to one of your employees or at on-premises ATMs or night depositories. 
The Expedited Funds Availability Act requires up to the first {$200.00} of a non- '' next-day '' check ( s ) to be made available the next day.

Exceptions : When deposits of types 1, 4, 5, 6, and 7 are not made in person ( for example, when they are made at one of your ATMs ), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own ( a " nonproprietary '' ATM ) must be made available by the fifth business day. 

For checks of types not discussed above, funds generally must be made available in accordance with a schedule specified in Regulation CC. That schedule differentiates between " local '' or " nonlocal '' checks. Since there is now only one XXXX XXXX  check-processing region, however, there are no longer any " nonlocal '' checks for purposes of Regulation CC. 

Funds from local checks must be made available by the second business day following the day of deposit. 

There are minor exceptions involving, for example, certain checks deposited outside the continental United States and cash withdrawals of the proceeds of certain checks. A detailed explanation can be found in section 229.12 of Regulation CC.

But remember, the Expedited Funds Availability Act requires the first {$200.00} of a deposit that is not already subject to next-day availability to be made available by the first business day following the day of deposit. 

This does not apply to deposits at nonproprietary ATMs or to deposits subject to certain exception holds. Further explanation can be found in section 229.13 of Regulation CC.

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