Regulation CC: Availability Of Funds and Collection Of Checks Flashcards
In general regulation, cc requires that funds from certain types of deposits be given next day availability list five of the eight types of deposits, named in the regulation
Cash deposits, made at a staffed at teller facility. Electronic payments, US treasury checks US postal money orders deposit at a staffed teller facility into the account of the payee federal reserve bank and federal home loan bank checks deposited at a staffed teller facility in the account of the payee state and local government checks deposited in a credit Union in the same state as the unit of government cashiers certified, and teller checks deposited at a staffed teller facility into the account of the payee on us checks deposited a branch of the depository credit union, if located in the same state or check processing region
A notice that funds deposited to an account may not be immediately available must be posted at all ATMs where deposits can be made. What is the timing for this notice and what are three ways to notice can be given.
The notice must be given before the deposit is made, and can be 1. Posted on a sign at the ATM. 2. Be shown on the ATM screen, and 3. Be printed on deposit envelopes provided at the ATM.
When must the funds from local checks be available for withdrawal?
not later than the second business day following the day of deposit be available for withdrawal?
