A "reasonable" time period is generally defined as one additional business day (making a total of two business days) for on-us checks, and five additional business days (total of seven) for local checks your institution may impose longer exception holds, but you may have the burden of proving that they are "reasonable." Deposits, cash or check, made at an ATM that you do not own (a "nonproprietary" ATM) must be made available by the fifth business day. This does not apply to deposits at nonproprietary ATMs or to deposits subject to certain exception holds.įor certain types of deposits, Regulation CC permits financial institutions to delay, for a "reasonable period of time," the availability of funds. The Expedited Funds Availability Act requires up to the first $200 of a non-"next-day" check(s) to be made available the next day.Įxceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day.Checks drawn on an account held by your institution ("on-us checks") deposited in person to one of your employees or at on-premises ATMs or night depositories. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.) Cashier's, certified, or teller's checks deposited in person to one of your employees and into an account held by a payee of the check.State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check.Federal Reserve Bank and Federal Home Loan Bank checks deposited in person to one of your employees and into an account held by a payee of the check.Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check. Treasury checks deposited in person to one of your employees or at an ATM owned by your institution (a "proprietary" ATM) and into an account held by a payee of the check. (Under other rules, funds for most electronic deposits are made available on the day of deposit.) Electronic payments received by your institution for deposit in an account-An electronic payment (a wire transfer or an ACH credit) is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited.Cash deposited in person to one of your employees.The following types of deposits must be made available on the first business day following the banking day of deposit ("next-day availability"): All references to the number of days to funds availability in this guide indicate maximum time limits for making funds available your institution may provide earlier availability of funds if it chooses and may extend the time when funds are available up to periods set by Regulation CC on a case-by-case basis. A banking day is any business day (up to the bank's cut-off hour) when your institution is open for substantially all of its banking activities. Business days are defined as Mondays through Fridays except federal holidays. Regulation CC states when deposits of various types must be made available to your customers, measured in business days following the banking day on which the deposit is made. Remember, while you are confirming that your disclosure statements match your practices, you should also verify that your practices conform to the regulation. Verification should be done each time your institution's funds availability practices are changed. If they are not, your institution must either change its practices or change its disclosure statements to reflect its practices. You can monitor whether your disclosed policy reflects your practices by comparing specific instances of deposit transactions with your institution's disclosure statements to see if they are the same. Regulation CC requires that financial institutions provide customers who have a transaction account with disclosures stating when their funds will be available for withdrawal many institutions use the model disclosure statements included in Regulation CC.
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