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U.S. Code as of:
01/19/04
Section 4002. Expedited funds availability schedules
(a) Next business day availability for certain deposits
(1) Cash deposits; wire transfers
Except as provided in subsection (e) of this section and in
section 4003 of this title, 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 4003 of this
title, 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 4003 of this
title, 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) of this section) 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) of this section.
(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 4003 of this
title, 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) of this section) 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) of this section.
(2) Availability of nonlocal checks
Subject to subsections (a)(2), (d), and (e) of this section and
section 4003 of this title, 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) of this section.
(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) of this section 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) of this section
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 ATM
(1) Nonproprietary ATM
(A) In general
Not more than 4 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 (!1)
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) of this section;
(iii) a deposit made by a check drawn on a local
originating depository institution (other than a check
described in subsection (a)(2) of this section); or
(iv) a deposit made by a check drawn on a nonlocal
originating depository institution (other than a check
described in subsection (a)(2) of this section).
(2) Proprietary ATM - temporary and permanent schedules
The provisions of subsections (a), (b), and (c) of this section
shall apply with respect to any funds deposited at a proprietary
automated teller machine for deposit in an account at a
depository institution.
(3) 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 August 10, 1987, 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) of this section or in the regulations
issued under any such subsection.
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