Rates Current as of Friday February 10, 2012

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What rules and regulations determine when a bank must make my money available to me in my account after I make a deposit?

In 1987, Congress passed the Expedited Funds Availability Act, which limits the length of time that a financial institution may hold the funds from a deposited check. The law balances the risks that a financial institution faces from an uncollected check with the needs of customers and depositors. Regulation CC implements the Expedited Funds Availability Act (EFA) and governs the availability of funds and the collection and return of checks. This regulation establishes the availability schedules, as provided in the EFA, under which depository institutions must make funds deposited into transaction accounts available for withdrawal. The regulation also provides that depository institutions must disclose their funds availability policies to their customers.

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