Talk:Expedited Funds Availability Act

Factual inaccuracy

There appears to be an inaccuracy regarding local/non-local checks under "Types of Holds" second paragraph. The CFR indicates a local check is defined by the same Federal Reserve "check processing region" --not "check processing office". 12 CFR 229.2(r) and (s).66.194.65.196 (talk) 00:33, 30 December 2008 (UTC)

I am new here so unclear how much I should edit, but, I believe that there is a basic misunderstanding on this topic. EFAA and Reg CC are not the same thing. EFAA is a law enacted by the Congress. Reg CC is a set of regulations written to implement the law. The text seems to mostly be about Reg CC, so perhaps it would be better to simply retitle the article. —Preceding unsigned comment added by Rongaf (talk • contribs) 13:17, 11 May 2011 (UTC)

This article is COMPLETELY INCORRECT!! 12 CFR 229.12 states that UNLESS specific criteria are present - ALL FUNDS FROM (most) CHECKS DEPOSITED MUST BE MADE AVAILABLE NO LATER THAN THE SECOND BUSINESS DAY FOLLOWING THE DAY OF DEPOSIT. I can't edit the graphics and don't have time - someone needs to get their FACTS correct and rewrite this Cowboycorvette (talk) 03:41, 5 March 2020 (UTC)

Moved content

I replaced this content in Bank regulation in the United States with a summary. Some of it may be useful for incorporation in this article.

• Defines when standard holds and exception holds can be placed on check deposits, and defines the maximum length of time the money can be held.
• Regulation CC only applies to transaction accounts, which does not include savings accounts, money market accounts, or time deposit accounts.
• Regulation CC does not apply to frequently overdrawn accounts or to deposits involving suspect checks.
• Regulation CC does not apply to new accounts (open 30 days or less). For a new account, your financial institution may place a hold on your deposits for longer than their normal policy. This protects financial institutions from check fraud. Next day availability is still required for deposits of cash and for electronic payments.
• Regulation CC provides an exception for emergency conditions such as adverse weather conditions, war, or a computer breakdown.
• Regulation CC provides an exception for suspect checks.
  • Funds from electronic direct deposits are available the same day.
  • Funds from cash deposits must be available at the beginning of the following business day.
  • Deposits made in person (walk into the bank and see a teller) and meeting certain requirements must be made available by the next business day.
  • ATMs must have a posting explaining when the effective date of deposit is. Typically, it will take longer to have access to funds when using an ATM that is not at a branch location to make a deposit.
  • Funds from local checks must be available two business days after the effective date of deposit. Non-local checks take longer to process and can be held up to 5 business days from the effective date of deposit (with the exception of the $100 which must be received the following business day).
  • $100 of the total deposits from a customer on the same day is available at the beginning of the following business day (business days exclude Saturdays, Sundays, and legal holidays). This is known as the $100 Rule.
    • [Note - The $100 Rule does not apply to new accounts (defined as accounts open for 30 days or less)].
• There is an exception to Regulation CC for large dollar amounts.
  • Standard holds
    • The first $4,900: 2 business days
    • The remaining amount over $5,000: 7 business days
  • Exception Holds
    • The first $4,900: 5 business days
    • The remaining amount over $5,000: 11 business days
  • Special Check Deposits, including guaranteed items such as cashiers checks
    • The first $5,000 must be made available immediately

• A bank's hold policy can be less stringent than the guidelines outlined in Reg. CC, but it cannot exceed the guidelines.

Pnm (talk) 03:28, 30 May 2010 (UTC)