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Bureau of Financial Institutions
OTHER PFR AGENCIES
Federal Reserve Board Regulation CC, the Expedited Funds Availability Act sets maximum time frames for the availability of certain bank deposits. Here is a partial listing...
Exceptions to the above rules are deposits checks deposited to new accounts. This could result in the availability being legally extended past the above standards.
Check with your financial institution, since some institutions may allow you access to your funds sooner than the regulation requires.
*A business day is any weekday, Monday throughout Friday, excluding federal holidays.
NO, Financial Institutions must make funds available according to Federal Reserve Board Regulation CC, the Expedited Funds Availability Act. According to this Act most checks will be available in 5 business days. However, it will take at least a week before a check clears through the check clearing processing system and it may be returned for insufficient funds. There is a scam that relies on this difference in time. Here is how it works. You are selling a car on the internet, somebody wants to purchase the car, and they send you a check for more than the asking price and request that you send the overpayment to their shipping agent or somebody else by Western Union. Your financial institution tells you the funds are available to withdraw in 3 days. You wait 3 days and send the money to the shipper. A week after the check had been deposited it is returned as a counterfeit check. By the time you realize the check is not good, the money is gone.
Last Updated: February 14, 2012
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