Reg CC Subparts A B D

Question 1

For certain check deposits, depository bank makes funds available next business day after the banking day, which the funds are deposited

Answer 1

Next day availability (229.10)

Question 2

Items that are required to have next day availability?

Answer 2

Cash
Electronic payment
Checks drawn on treasury of the United States
US postal service money orders
Checks drawn on the federal reserve bank or federal home loan bank
Checks drawn by a state or local government
Cashiers certified or check 

Question 3

Other items that do not meet next day availability get what amount next day?

Answer 3

Lesser of 225 or aggregate amount deposited by check on anyone banking day to all accounts of the customer.

Question 4

What is EGRRCPA?

Answer 4

Economic growth, regulatory, relief, and consumer protection act.

Question 5

What areas does the EGRRCPA coverage extend to?

Answer 5

Certain American territories:
American Samoa
Commonwealth of the northern Mariana Islands
Guam 

Question 6

Depository bank shall make funds available for withdrawal no later than the second business day after the banking day on which the checks were deposited in person

Answer 6

Two day Availability

Question 7

What areas does the two day availability not applied to?
Add one business day.

Answer 7

Alaska
Hawaii
Puerto Rico
US Virgin Islands

Question 8

ATMs that are not owned by your institution, but allows deposits, except it for your institution?

Answer 8

Non-proprietary ATMs

Question 9

Deposits at non-proprietary ATMs, depository bank must make funds available when?

Answer 9

No later than the fifth business day after the banking day on which the check was deposited.

Question 10

What are the six exceptions to the availability of funds that are eligible for extended holds?

Answer 10

New account
Large deposits (greater than 5,525)
Redeposited checks
Deposits to accounts that are repeatedly overdrawn
Reasonable, to doubt the collectibility of a check
Checks deposited during emergency conditions

Question 11

Substitute checks are governed under what part of reg CC?

Answer 11

Subpart D

Question 12

Legal equivalent of original check for all purposes, must accurately represent all information on original check; bear legal legend and must include all endorsements?

Answer 12

Substitute check (IRD)

Question 13

Who warrants substitute checks?

Answer 13

Financial institution that transfers presents or returns a substitute check

Question 14

-meet all requirements for legal equivalency
-accurately represents the information from front and back of the original check
-includes legal legend
-no double debit

Answer 14

Substitute warrantees (229.52) 

Question 15

Allows a consumer to make a claim for recredit in regards to a substitute check if that substitute check was not properly charged to consumer account or if the consumer has a warranty claim with regards to that substitute check, so if the consumer received a loss

Answer 15

Check 21 Act: expedited recredit

Question 16

Check 21 act expedited recredit time frame for consumer claim?

Answer 16

40 calendar days after receipt of statement with the item.