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U.S. Code as of:
01/19/04
Section 4004. 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 withdraw funds
deposited into the customer's account.
(b) Preprinted deposit slips
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 September 1, 1988, but not more than 60 days after
September 1, 1988, 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 September 1, 1988.
(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 4005(b) of this
title begins the accrual of interest or dividends at a later date
than the date described in section 4005(a) of this title 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) of this
section 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
chapter; or
(ii) rearranging the format.
(3) Voluntary use
Nothing in this chapter 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.
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