§ 4002. Expedited funds availability schedules

Footnotes

1. 1 So in original. Probably should be “subparagraph”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1987

   Expedited Funds Availability Act

   Pub. L. 100–86 title VI § 603 · 101 Stat. 552

   Enacted · 12 U.S.C. § 4002

   Pub. L. 100–86, title VI, § 603, Aug. 10, 1987, 101 Stat. 637

   Source evidence

   Code source credit
   Pub. L. 100–86, title VI, § 603, Aug. 10, 1987, 101 Stat. 637

   Enacted provision · exact public law section
   SEC. 603. EXPEDITED FUNDS AVAILABILITY SCHEDULES. (a) Next Business Day Availability for Certain Deposits.— (1) Cash deposits; wire transfers.— Except as provided in subsection (e) and in section 604, in any case in which— (A) any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or (B) funds are received by a depository institution by wire transfer for deposit in an account at such institution, such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit. (2) Government checks; certain other checks.— Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of— (A) a check which— (i) is drawn on the Treasury of the United States; and (ii) is endorsed only by the person to whom it was issued; (B) a check which— (i) is drawn by a State; (ii) is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution; (iii) is deposited with a special deposit slip which indicates it is a check drawn by a State; and (iv) is endorsed only by the person to whom it was issued; (C) a check which— (i) is drawn by a unit of general local government; (ii) is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution; (iii) is deposited with a special deposit slip which indicates it is a check drawn by a unit of general local government; and (iv) is endorsed only by the person to whom it was issued; (D) the first $100 deposited by check or checks on any one business day; (E) a check deposited in a branch of a depository institution and drawn on the same or another branch of the same depository institution if both such branches are located in the same State or the same check processing region; (F) a cashier’s check, certified check, teller’s check, or depository check which— (i) is deposited in a receiving depository institution which is staffed by individuals employed by such institution; (ii) is deposited with a special deposit slip which indicates it is a cashier’s check, certified check, teller’s check, or depository check, as the case may be; and (iii) is endorsed only by the person to whom it was issued. (b) Permanent Schedule.— (1) Availability of funds deposited by local checks.— Subject to paragraph (3) of this subsection, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 1 business day shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a local originating depository institution and the business day on which the funds involved are available for withdrawal. (2) Availability of funds deposited by nonlocal checks.— Subject to paragraph (3) of this subsection, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 4 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a nonlocal originating depository institution and the business day on which such funds are available for withdrawal. (3) Time period adjustments for cash withdrawal of certain checks.— (A) In general.— Except as provided in subparagraph (B), funds deposited in an account in a depository institution by check (other than a check described in subsection (a)(2)) shall be available for cash withdrawal not later than the business day after the business day on which such funds otherwise are available under paragraph (1) or (2). (B) 5 p.m. cash availability.— Not more than $400 (or the maximum amount allowable in the case of a withdrawal from an automated teller machine but not more than $400) of funds deposited by one or more checks to which this paragraph applies shall be available for cash withdrawal not later than 5 o’clock post meridian of the business day on which such funds are available under paragraph (1) or (2). If funds deposited by checks described in both paragraph (1) and paragraph (2) become available for cash withdrawal under this paragraph on the same business day, the limitation contained in this subparagraph shall apply to the aggregate amount of such funds. (C) $100 availability.— Any amount available for withdrawal under this paragraph shall be in addition to the amount available under subsection (a)(2)(D). (4) Applicability.— This subsection shall apply with respect to funds deposited by check in an account at a depository institution on or after September 1, 1990, except that the Board may, by regulation, make this subsection or any part of this subsection applicable earlier than September 1, 1990. (c) Temporary Schedule.— (1) Availability of local checks.— (A) In general.— Subject to subparagraph (B) of this paragraph, subsections (a)(2), (d), and (e) of this section, and section 604, not more than 2 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a local originating depository institution and the business day on which such funds are available for withdrawal. (B) Time period adjustment for cash withdrawal of certain checks.— (i) In general.— Except as provided in clause (ii), funds deposited in an account in a depository institution by check drawn on a local depository institution that is not a participant in the same check clearinghouse association as the receiving depository institution (other than a check described in subsection (a)(2)) shall be available for cash withdrawal not later than the business day after the business day on which such funds otherwise are available under subparagraph (A). (ii) 5 p.m. cash availability.— Not more than $400 (or the maximum amount allowable in the case of a withdrawal from an automated teller machine but not more than $400) of funds deposited by one or more checks to which this subparagraph applies shall be available for cash withdrawal not later than 5 o’clock post meridian of the business day on which such funds are available under subparagraph (A). (iii) $100 availability.— Any amount available for withdrawal under this subparagraph shall be in addition to the amount available under subsection (a)(2)(D). (2) Availability of nonlocal checks.— Subject to subsections (a)(2), (d), and (e) of this section and section 604, not more than 6 business days shall intervene between the business day on which funds are deposited in an account at a depository institution by a check drawn on a nonlocal originating depository institution and the business day on which such funds are available for withdrawal. (3) Applicability.— This subsection shall apply with respect to funds deposited by check in an account at a depository institution after August 31, 1988, and before September 1, 1990, except as may be otherwise provided under subsection (b)(4). (d) Time Period Adjustments.— (1) Reduction generally.— Notwithstanding any other provision of law, the Board shall, by regulation, reduce the time periods established under subsections (b), (c), and (e) to as short a time as possible and equal to the period of time achievable under the improved check clearing system for a receiving depository institution to reasonably expect to learn of the nonpayment of most items for each category of checks. (2) Extension for certain deposits in noncontiguous states or territories.— Notwithstanding any other provision of law, any time period established under subsection (b), (c), or (e) shall be extended by 1 business day in the case of any deposit which is both— (A) deposited in an account at a depository institution which is located in Alaska, Hawaii, Puerto Rico, or the Virgin Islands; and (B) deposited by a check drawn on an originating depository institution which is not located in the same State, commonwealth, or territory as the receiving depository institution. (e) Deposits at an ATM.— (1) Nonproprietary atm—temporary schedule.— (A) In general.— Not more than 6 business days shall intervene between the business day a deposit described in subparagraph (B) is made at a nonproprietary automated teller machine (for deposit in an account at a depository institution) and the business day on which funds from such deposit are available for withdrawal. (B) Deposits described in this paragraph.— A deposit is described in this subparagraph if it is— (i) a cash deposit; (ii) a deposit made by a check described in subsection (a)(2); (iii) a deposit made by a check drawn on a local originating depository institution (other than a check described in subsection (a)(2)); or (iv) a deposit made by a check drawn on a nonlocal originating depository institution (other than a check described in subsection (a)(2)). (C) Applicability.— This paragraph shall apply with respect to funds deposited at a nonproprietary automated teller machine after August 31, 1988, and before September 1, 1990. (2) Nonproprietary atm—permanent schedule.— (A) Cash, government checks, and local checks.— Not more than 1 business day shall intervene between the business day on which a deposit described in paragraph (1)(B) (i), (ii), or (iii) is made at a nonproprietary automated teller machine (for deposit in an account at a depository institution) and the business day on which funds from such deposit are available for withdrawal. (B) Nonlocal checks.— Not more than 4 business days shall intervene between the business day a deposit described in paragraph (1)(B)(iv) is made at a nonproprietary automated teller machine (for deposit in an account at a depository institution) and the business day on which funds from such deposit are available for withdrawal. (C) Determination of “local originating depository institution”.— For the purpose of this paragraph, a check is drawn on a local originating depository institution if that depository institution is located in the same check processing region as the receiving nonproprietary ATM. (D) Applicability.— This paragraph shall apply with respect to funds deposited at a nonproprietary automated teller machine on or after September 1, 1990. (3) Proprietary atm—temporary and permanent schedules.— The provisions of subsections (a), (b), and (c) shall apply with respect to any funds deposited at a proprietary automated teller machine for deposit in an account at a depository institution. (4) Study and report on atm’s.— The Board shall, either directly or through the Consumer Advisory Council, establish and maintain a dialogue with depository institutions and their suppliers on the computer software and hardware available for use by automated teller machines, and shall, not later than September 1 of each of the first 3 calendar years beginning after the date of the enactment of this title, report to the Congress regarding such software and hardware and regarding the potential for improving the processing of automated teller machine deposits. (f) Check Return; Notice of Nonpayment.— No provision of this section shall be construed as requiring that, with respect to all checks deposited in a receiving depository institution— (1) such checks be physically returned to such depository institution; or (2) any notice of nonpayment of any such check be given to such depository institution within the times set forth in subsection (a), (b), (c), or (e) or in the regulations issued under any such subsection.

2. 1990

   Cranston-Gonzalez National Affordable Housing Act

   Pub. L. 101–625 § 1001(1) · 104 Stat. 4079

   Substituted · 12 U.S.C. § 4002(e)(1)(A)

   Pub. L. 101–625, § 1001(1), substituted “4” for “6”

   Source evidence

   Code amendment note
   Subsec. (e)(1)(A). Pub. L. 101–625, § 1001(1), substituted “4” for “6”.

   Enacted provision · exact public law section
   (1) in paragraph (1)(A), by striking “6” and inserting “4”;

3. 1990

   Cranston-Gonzalez National Affordable Housing Act

   Pub. L. 101–625 § 1001(2) · 104 Stat. 4079

   Substituted · 12 U.S.C. § 4002(e)(1)(C)

   Pub. L. 101–625, § 1001(2), substituted “prior to the expiration of the 2-year period beginning on November 28, 1990” for “before September 1, 1990”

   Source evidence

   Code amendment note
   Subsec. (e)(1)(C). Pub. L. 101–625, § 1001(2), substituted “prior to the expiration of the 2-year period beginning on November 28, 1990” for “before September 1, 1990”.

   Enacted provision · exact public law section
   (2) in paragraph (1)(C), by striking “before September 1, 1990” and inserting “prior to the expiration of the 2-year period beginning on the date of enactment of the Cranston-Gonzalez National Affordable Housing Act”; and

4. 1990

   Cranston-Gonzalez National Affordable Housing Act

   Pub. L. 101–625 § 1001(3) · 104 Stat. 4079

   Substituted · 12 U.S.C. § 4002(e)(2)(D)

   Pub. L. 101–625, § 1001(3), substituted “the expiration of the 2-year period beginning on November 28, 1990” for “September 1, 1990”

   Source evidence

   Code amendment note
   Subsec. (e)(2)(D). Pub. L. 101–625, § 1001(3), substituted “the expiration of the 2-year period beginning on November 28, 1990” for “September 1, 1990”.

   Enacted provision · exact public law section
   (3) in paragraph (2)(D), by striking out “September 1, 1990” and inserting in lieu “the expiration of the 2-year period beginning on the date of enactment of the Cranston-Gonzalez National Affordable Housing Act”.

5. 1991

   Federal Deposit Insurance Corporation Improvement Act of 1991

   Pub. L. 102–242 § 227(b)(1)(A) · 105 Stat. 2236

   Struck · 12 U.S.C. § 4002(e)(1)

   Pub. L. 102–242, § 227(b)(1)(A), struck out “—temporary schedule” after “ATM” in heading

   Source evidence

   Code amendment note
   Subsec. (e)(1). Pub. L. 102–242, § 227(b)(1)(A), struck out “—temporary schedule” after “ATM” in heading.

   Enacted provision · exact public law section
   (A) by striking the heading for paragraph (1) and inserting the following: “(1) Nonproprietary atm.— and

6. 1991

   Federal Deposit Insurance Corporation Improvement Act of 1991

   Pub. L. 102–242 § 227(a) · 105 Stat. 2236

   Struck · 12 U.S.C. § 4002(e)(1)(C)

   Pub. L. 102–242, § 227(a), struck out subpar. (C) which read as follows: “This paragraph shall apply with respect to funds deposited at a nonproprietary automated teller machine after August 31, 1988, and prior to the expiration of the 2-year period beginning on November 28, 1990.”

   Source evidence

   Code amendment note
   Subsec. (e)(1)(C). Pub. L. 102–242, § 227(a), struck out subpar. (C) which read as follows: “This paragraph shall apply with respect to funds deposited at a nonproprietary automated teller machine after August 31, 1988, and prior to the expiration of the 2-year period beginning on November 28, 1990.”

   Enacted provision · exact public law section
   (a) In General.— Section 603(e) of the Expedited Funds Availability Act (12 U.S.C. 4002(e)) is amended by striking paragraphs (1)(C) and (2).

7. 1991

   Federal Deposit Insurance Corporation Improvement Act of 1991

   Pub. L. 102–242 § 227(a) · 105 Stat. 2236

   1. Redesignated · 12 U.S.C. § 4002(e)(2)(4)

      Pub. L. 102–242, § 227(a), (b)(1)(B), redesignated pars. (3) and (4) as (2) and (3), respectively

   2. Struck · 12 U.S.C. § 4002(e)(2)(4)

      Pub. L. 102–242, § 227(a), (b)(1)(B), struck out former par. (2) which related to permanent schedule for funds deposited at nonproprietary automated teller machines

   Source evidence

   Code amendment note
   Subsec. (e)(2) to (4). Pub. L. 102–242, § 227(a), (b)(1)(B), redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former par. (2) which related to permanent schedule for funds deposited at nonproprietary automated teller machines.

   Enacted provision · exact public law section
   (a) In General.— Section 603(e) of the Expedited Funds Availability Act (12 U.S.C. 4002(e)) is amended by striking paragraphs (1)(C) and (2).

8. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1086(e)(1) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 4002(a)(2)(D)

   Pub. L. 111–203, § 1086(e)(1), substituted “$200” for “$100”

   Source evidence

   Code amendment note
   Subsec. (a)(2)(D). Pub. L. 111–203, § 1086(e)(1), substituted “$200” for “$100”.

   Enacted provision · exact public law section
   (1) in subsection (a)(2)(D), by striking “$100” and inserting “$200”; and

9. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 § 1086(e)(2) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 4002(b)(3)(C); 12 U.S.C. § 4002(c)(1)(B)(iii)

   Pub. L. 111–203, § 1086(e)(2), (3), substituted “$200” for “$100” in heading

   Source evidence

   Code amendment note
   Subsecs. (b)(3)(C), (c)(1)(B)(iii). Pub. L. 111–203, § 1086(e)(2), (3), substituted “$200” for “$100” in heading.

   Enacted provision · exact public law section
   (2) in subsection (b)(3)(C), in the subparagraph heading, by striking “$100” and inserting “$200”; and

10. 2010

    Consumer Financial Protection Act of 2010

    Pub. L. 111–203 § 1086(a) · 124 Stat. 1376

    Inserted · 12 U.S.C. § 4002(d)(1)

    Pub. L. 111–203, § 1086(a), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”

    Source evidence

    Code amendment note
    Subsec. (d)(1). Pub. L. 111–203, § 1086(a), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”.

    Enacted provision · exact public law section
    (a) Amendment to Section 603.— Section 603(d)(1) of the Expedited Funds Availability Act (12 U.S.C. 4002) is amended by inserting after “Board” the following “, jointly with the Director of the Bureau of Consumer Financial Protection,”.

11. 2018

    Economic Growth, Regulatory Relief, and Consumer Protection Act

    Pub. L. 115–174 title II § 208(a)(2) · 132 Stat. 1296

    Inserted · 12 U.S.C. § 4002(d)(2)(A)

    Pub. L. 115–174 inserted “American Samoa, the Commonwealth of the Northern Mariana Islands, Guam,” after “Puerto Rico,”

    Source evidence

    Code amendment note
    Subsec. (d)(2)(A). Pub. L. 115–174 inserted “American Samoa, the Commonwealth of the Northern Mariana Islands, Guam,” after “Puerto Rico,”.

    Enacted provision · exact public law section
    (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by inserting “American Samoa, the Commonwealth of the Northern Mariana Islands, Guam,” after “Puerto Rico,”.

    Effective date note
    Amendment by Pub. L. 115–174 effective 30 days after May 24, 2018, see section 208(b) of Pub. L. 115–174, set out as a note under section 4001 of this title.

12 of 12 references resolved to an enrolled provision