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Expedited Funds Availability Act - PowerPoint PPT Presentation


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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

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Presentation Transcript
slide1

Expedited Funds

Availability Act

Reg. CC

slide2

Expedited Funds Availability Act

Expedited Funds

Availability Act

1988

http://www.federalreserve.gov/bankinforeg/regcccg.htm

slide3

Expedited Funds Availability Act

Expedited Funds Availability applies to funds deposited into

a members - transaction/share draft account.

slide4

Deposit Definitions

The day funds are considered deposited:

With teller – when the teller receives it

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

Closed or after cut-off – next banking day

slide5

Availability

Next Day Items:

Cash

Electronic payments (ACH & Wire transfers)

U.S. Treasury Checks & Postal Money Orders

Federal Reserve & Federal Home Loan Bank Checks

State & Local Government Checks

Cashier, Certified & Teller checks

Checks drawn on your CU’s accounts

slide6

Availability

Reg CC Amendments

  • Check 21
    • - 2003
  • Local Checks
    • - 2010
slide7

Availability

  • 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.

$200 Rule:

slide8

Availability

  • 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.

$200 Rule:

slide9

Exception Holds

Longer holds can be placed for:

5,001.00

New Accounts

Large deposits – over $5,000

Re-deposited checks

Repeatedly overdrawn accounts

Reasonable cause to doubt collectability

Emergency situations

slide10

Holds Notification

Initial Funds Availability Policy

Preprinted deposit slips

Lobby signs

ATM notices

Exception & Case-by-Case Notice

On member request

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

slide11

Holds

Notification

Case-by-Case Holds