Regulation CC: Comprehensive Flashcards
When was the Expedited Funds Availability Act (EFAA) established?
1987
What are the 3 major provisions for EFAA.
- llimi
If an institution makes any changes to its funds availability policy, it must send a notification to all accountholders within how many days?
30 days
What types of deposits must be availably on the next business day following the day of deposit?
- Cash
- Electronic payments
- US Treasury Checks
- US Postal Service money orders
- Federal home loan bank or Federal Reserve bank checks
- State of local government checks
- Cashier’s, certified, teller’s checks,
- On-Us Checks
Deposits made at non-proprietary ATMs must be made available by?
The Fifth business day.
Are personal checks considered a next day availability item?
NO
If an institution chooses to implement a case-by-case hold, the first $___ of the deposit must be made available by the next business day.
$225
A financial institution may delay the availability of funds for a ‘reasonable period of time’ based on what?
- New accounts
- Large Deposits
- Redeposited checks
- Repeat overdraft accounts
- Reasonable cause to doubt collectability
- Emergency conditions.
An account is considered new if each individual on the account has not had a transaction account at the institution within?
The previous 30 days.
For new customers, only the first $___ of the next-day items qualifies for next-day availability.
$5,525
For new customers, the amount over $5,525 must be made available by the __ business day after the day of deposit.
9th
A case-by-case exception hold for a check can be held if an account is overdrawn…
- For six or more business days during the previous six months
- By at least $5,525 on two or more business days in the past 6 months.
Notifications for holds on deposits should be provided to the accountholder when?
At the time of deposit or mailed or delivered no later than the first business day following the banking day the deposit was made.
What is considered a “reasonable” period of time for an exception hold on a check?
- One additional business day for on-us checks
- Five additional business days for other checks
Check 21 became effective when?
October 28, 2004
