Yes. The regulation provides six exceptions that allow credit unions to exceed the maximum hold periods in the availability schedules. The exceptions are considered safeguards against the risk associated with each.
These are the exceptions:
• checks deposited to new accounts
• large deposits ($5,000 or more in checks in any one day)
• redeposited checks
• deposits made by check to accounts that are repeatedly overdrawn
• deposits of checks for which the credit union doubts collectability
• deposits made under certain emergency conditions
In the case of exceptions, the regulation provides that credit unions may extend the availability schedule by a reasonable period of time.
Here are some examples:
• An extension of one business day for items usually available the next business day
• An extension of up to five business days for large deposits
Therefore, a check that had an exception hold would generally have seventh business day availability. The credit union 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.