58 Pa. Code § 609a.17 - Deposit of Counter Checks and personal checks substituted for Counter Checks

(a) Counter Checks and personal checks that have been substituted for Counter Checks shall be deposited in accordance with the time periods established in the certificate holder's internal controls. The time periods established by a certificate holder may not exceed:

(1) Fifteen days after the date of the Counter Check or the date on the personal check that has been substituted for the Counter Check if the amount of the check is less than $5,000.

(2) Thirty days after the date of the Counter Check or the date on the personal check that has been substituted for the Counter Check if the amount of the check is $5,000 or more.

(b) If the last day of a time period specified in subsection (a) falls on a Saturday, Sunday or Federal or State holiday, the time period shall run until the next business day.

(c) Notwithstanding subsection (a), a certificate holder may extend the deposit date up to an additional 15 days beyond the date specified in the certificate holder's internal controls for good cause. A credit supervisor or above shall approve an extension of time and record the length of the extension and the reason for the extension in the patron's credit file.

Notes

58 Pa. Code § 609a.17

This section cited in 58 Pa. Code § 609a.16 (relating to substitution and consolidation of Counter Checks); and 58 Pa. Code § 609a.19 (relating to use of an electronic credit system for the processing of Counter Checks and customer deposits).