§ 4004. Disclosure of funds availability policies

Footnotes

1. 1 So in original.

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 § 605 · 101 Stat. 552

   Enacted · 12 U.S.C. § 4004

   Pub. L. 100–86, title VI, § 605, Aug. 10, 1987, 101 Stat. 644

   Source evidence

   Code source credit
   Pub. L. 100–86, title VI, § 605, Aug. 10, 1987, 101 Stat. 644

   Enacted provision · exact public law section
   SEC. 605. DISCLOSURE OF FUNDS AVAILABILITY POLICIES. (a) Notice for New Accounts.— Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may with3draw funds deposited into the customer’s account. (b) Preprinted Deposit Sups.— All preprinted deposit slips that a depository institution furnishes to its customers shall contain a summary notice, as prescribed by the Board in regulations, that deposited items may not be available for immediate withdrawal. (c) Mailing of Notice.— (1) First mailing after enactment.— In the first regularly scheduled mailing to customers occurring after the effective date of this section, but not more than 60 days after such effective date, each depository institution shall send a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into such customer’s account, unless the depository institution has provided a disclosure which meets the requirements of this section before such effective date. (2) Subsequent changes.— A depository institution shall send a written notice to customers at least 30 days before implementing any change to the depository institution’s policy with respect to when customers may withdraw funds deposited into consumer accounts, except that any change which expedites the availability of such funds shall be disclosed not later than 30 days after implementation. (3) Upon request.— Upon the request of any person, a depository institution shall provide or send such person a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into a customer’s account. (d) Posting of Notice.— (1) Specific notice at manned teller stations.— Each depository institution shall post, in a conspicuous place in each location where deposits are accepted by individuals employed by such depository institution, a specific notice which describes the time periods applicable to the availability of funds deposited in a consumer account. (2) General notice at automated teller machines.— In the case of any automated teller machine at which any funds are received for deposit in an account at any depository institution, the Board shall prescribe, by regulations, that the owner or operator of such automated teller machine shall post or provide a general notice that funds deposited in such machine may not be immediately available for withdrawal. (e) Notice of Interest Payment Policy.— If a depository institution described in section 606(b) begins the accrual of interest or dividends at a later date than the date described in section 606(a) with respect to all funds, including cash, deposited in an interest-bearing account at such depository institution, any notice required to be provided under subsections (a) and (c) shall contain a written description of the time at which such depository institution begins to accrue interest or dividends on such funds. (f) Model Disclosure Forms.— (1) Prepared by board.— The Board shall publish model disclosure forms and clauses for common transactions to facilitate compliance with the disclosure requirements of this section and to aid customers by utilizing readily understandable language. (2) Use of forms to achieve compliance.— A depository institution shall be deemed to be in compliance with the requirements of this section if such institution— (A) uses any appropriate model form or clause as published by the Board, or (B) uses any such model form or clause and changes such form or clause by— (i) deleting any information which is not required by this title; or (ii) rearranging the format. (3) Voluntary use.— Nothing in this title requires the use of any such model form or clause prescribed by the Board under this subsection. (4) Notice and comment.— Model disclosure forms and clauses shall be adopted by the Board only after notice duly given in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5, United States Code.

2. 2010

   Consumer Financial Protection Act of 2010

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

   Inserted · 12 U.S.C. § 4004(b); 12 U.S.C. § 4004(d)(2)

   Pub. L. 111–203, § 1086(c)(1), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”

   Source evidence

   Code amendment note
   Subsecs. (b), (d)(2). Pub. L. 111–203, § 1086(c)(1), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”.

   Enacted provision · exact public law section
   (1) by inserting after “Board” each place that term appears, other than in the heading for section 605(f)(1), the following: “, jointly with the Director of the Bureau of Consumer Financial Protection,”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

3. 2010

   Consumer Financial Protection Act of 2010

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

   Inserted · 12 U.S.C. § 4004(f)(1)

   Pub. L. 111–203, § 1086(c)(2), inserted “and Bureau” after “Board” in heading

   Source evidence

   Code amendment note
   Subsec. (f)(1). Pub. L. 111–203, § 1086(c)(2), inserted “and Bureau” after “Board” in heading.

   Enacted provision · exact public law section
   (2) in subsection (f)(1), in the paragraph heading, by inserting “and bureau” after “board”.

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

4. 2010

   Consumer Financial Protection Act of 2010

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

   Inserted · 12 U.S.C. § 4004(f)(1)

   Pub. L. 111–203, § 1086(c)(1), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”

   Target inherited from the preceding amendment note.

   Source evidence

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

   Enacted provision · exact public law section
   (1) by inserting after “Board” each place that term appears, other than in the heading for section 605(f)(1), the following: “, jointly with the Director of the Bureau of Consumer Financial Protection,”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

5. 2010

   Consumer Financial Protection Act of 2010

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

   Inserted · 12 U.S.C. § 4004(f)(2)(A); 12 U.S.C. § 4004(f)(2)(3); 12 U.S.C. § 4004(f)(2)(4)

   Pub. L. 111–203, § 1086(c)(1), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”

   Source evidence

   Code amendment note
   Subsec. (f)(2)(A), (3), (4). Pub. L. 111–203, § 1086(c)(1), inserted “, jointly with the Director of the Bureau of Consumer Financial Protection,” after “Board”.

   Enacted provision · exact public law section
   (1) by inserting after “Board” each place that term appears, other than in the heading for section 605(f)(1), the following: “, jointly with the Director of the Bureau of Consumer Financial Protection,”; and

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

5 of 5 references resolved to an enrolled provision