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Expedited Funds Availability Act

Expedited Funds Availability Act. Reg. CC. Expedited Funds Availability Act. Expedited Funds Availability Act 1988. http:// www.federalreserve.gov/bankinforeg/regcccg.htm. Expedited Funds Availability Act. Expedited Funds Availability applies to funds deposited into

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Expedited Funds Availability Act

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  1. Expedited Funds Availability Act Reg. CC

  2. Expedited Funds Availability Act Expedited Funds Availability Act 1988 http://www.federalreserve.gov/bankinforeg/regcccg.htm

  3. Expedited Funds Availability Act Expedited Funds Availability applies to funds deposited into a members - transaction/share draft account.

  4. Deposit Definitions The day funds are considered deposited: With teller – when the teller receives it Mail – banking day CU receives it Night deposit – when removed by CU CU ATM’s – when deposited (must consider cut-off) Off premises ATM – when removed Closed or after cut-off – next banking day

  5. Availability Next Day Items: Cash Electronic payments (ACH & Wire transfers) U.S. Treasury Checks & Postal Money Orders Federal Reserve & Federal Home Loan Bank Checks State & Local Government Checks Cashier, Certified & Teller checks Checks drawn on your CU’s accounts

  6. Availability Reg CC Amendments • Check 21 • - 2003 • Local Checks • - 2010

  7. Availability • If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day. • If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit. $200 Rule:

  8. Availability • If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day. • If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit. $200 Rule:

  9. Exception Holds Longer holds can be placed for: 5,001.00 New Accounts Large deposits – over $5,000 Re-deposited checks Repeatedly overdrawn accounts Reasonable cause to doubt collectability Emergency situations

  10. Holds Notification Initial Funds Availability Policy Preprinted deposit slips Lobby signs ATM notices Exception & Case-by-Case Notice On member request Sample Disclosures: http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&SID=775d3d1007f25dc3f6920ba378e674c8&rgn=div9&view=text&node=12:3.0.1.1.10.4.8.11.37&idno=12

  11. Holds Notification Case-by-Case Holds

  12. Thank you for joining me for this overview of the Expedited Funds Availability Act

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