expedited funds availability act

12
Expedited Funds Availability Act Reg. CC

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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 - PowerPoint PPT Presentation

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Page 1: Expedited Funds  Availability Act

Expedited Funds Availability Act

Reg. CC

Page 3: Expedited Funds  Availability Act

Expedited Funds Availability Act

Expedited Funds Availability applies to funds deposited intoa members - transaction/share draft account.

Page 4: Expedited Funds  Availability Act

Deposit Definitions

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

The day funds are considered deposited:

Closed or after cut-off – next banking day

With teller – when the teller receives it

Page 5: Expedited Funds  Availability Act

Availability

Electronic payments (ACH & Wire transfers)U.S. Treasury Checks & Postal Money OrdersFederal Reserve & Federal Home Loan Bank Checks

State & Local Government Checks

Next Day Items:

Cashier, Certified & Teller checks

Cash

Checks drawn on your CU’s accounts

Page 6: Expedited Funds  Availability Act

Availability

Reg CC Amendments

• Check 21- 2003

• Local Checks- 2010

Page 7: Expedited Funds  Availability Act

Availability$200 Rule:• 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.

Page 8: Expedited Funds  Availability Act

Availability$200 Rule:• 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.

Page 9: Expedited Funds  Availability Act

Exception Holds

Large deposits – over $5,000

Re-deposited checks

Repeatedly overdrawn accounts

Reasonable cause to doubt collectability

Longer holds can be placed for:

Emergency situations

New Accounts5,001.00

Page 10: Expedited Funds  Availability Act

Holds Notification

Preprinted deposit slips

Lobby signs

ATM notices

Exception & Case-by-Case Notice

On member request

Initial Funds Availability Policy

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

Page 11: Expedited Funds  Availability Act

Holds Notification

Case-by-Case Holds

Page 12: Expedited Funds  Availability Act

Thank you for joining me for this overview of the Expedited Funds

Availability Act