The Hold Card Notice Template should be completed if a hold needs to be placed on the bank account. The customer should be immediately notified if the funds are not available. If the customer has already left the bank, he or she will need to be mailed a notice stating the reason the funds are being delayed, the amount of funds not available, and the date the delay will be released.
Examples of when the funds may not be immediately available include:
The bank has reasonable cause to believe a check deposited by the customer will not be paid
The total amount of checks deposited to a customer’s account is more than $3,500
A check returned unpaid is redeposited
The account has a history of excessive overdrafts
Unexpected emergencies, such as temporary communication or computer failures, may also be reasons for needing the BNK103-1 HOLD CARD.