You can place a hold on the customer's transaction account when a check was cashed instead of deposited only if your disclosure says you might. (The reg allows it, but you cannot do it unless you told the customer about the possibility.)
That said, the maximum hold you can place is for the same amount and time frame as if the item had been deposited. You said this was a cashiers check...
Be your own hero. - Whip It
We cashed a cashiers check for a customer, whose account balance is triple the amount of the check cashed. Can we place a hold on his account for the amount of the cashers check cashed? Is this Reg CC applicable or setoff?
I am sure this has been discussed many times...
My employer doesn't agree with anything I say.