(a) Cash deposits. (1) A bank shall make funds
deposited in an account by cash available for withdrawal not later than
the business day after the banking day on which the cash is deposited,
if the deposit is made in person to an employee of the depositary bank.
(2) A bank shall make funds deposited in an
account by cash available for withdrawal not later than the second business
day after the banking day on which the cash is deposited, if the deposit
is not made in person to an employee of the depositary bank.
(b) Electronic payments--(1) In general. A
bank shall make funds received for deposit in an account by an electronic
payment available for withdrawal not later than the business day after
the banking day on which the bank received the electronic payment.
(2) When an electronic payment is received.
An electronic payment is received when the bank receiving the payment has
received both--
(i) Payment in actually and finally collected
funds; and
(ii) Information on the account and amount
to be credited.
A bank receives an electronic payment only
to the extent that the bank has received payment in actually and finally
collected funds.
(c) Certain check deposits--(1) General rule.
A depositary bank shall make funds deposited in an account by check available
for withdrawal not later than the business day after the banking day on
which the funds are deposited, in the case of--
(i) A check drawn on the Treasury of the United
States and deposited in an account held by a payee of the check;
(ii) A U.S. Postal Service money order deposited--
(A) In an account held by a payee of the money
order; and
(B) In person to an employee of the depositary
bank.
(iii) A check drawn on a Federal Reserve Bank
or Federal Home Loan Bank and deposited--
(A) In an account held by a payee of the check;
and
(B) In person to an employee of the depositary
bank;
(iv) A check drawn by a state or a unit of
general local government and deposited--
(A) In an account held by a payee of the check;
(B) In a depositary bank located in the state
that issued the check, or the same state as the unit of general local government
that issued the check;
(C) In person to an employee of the depositary
bank; and
(D) With a special deposit slip or deposit
envelope, if such slip or envelope is required by the depositary bank under
paragraph (c)(3) of this section.
(v) A cashier's, certified, or teller's check
deposited--
(A) In an account held by a payee of the check;
(B) In person to an employee of the depositary
bank; and
(C) With a special deposit slip or deposit
envelope, if such slip or envelope is required by the depositary bank under
paragraph (c)(3) of this section.
(vi) A check deposited in a branch of the
depositary bank and drawn on the same or another branch of the same bank
if both branches are located in the same state or the same check processing
region; and,
(vii) The lesser of--
(A) $100, or
(B) The aggregate amount deposited on any
one banking day to all accounts of the customer by check or checks not
subject to next-day availability under paragraphs (c)(1) (i) through (vi)
of this section.
(2) Checks not deposited in person. A depositary
bank shall make funds deposited in an account by check or checks available
for withdrawal not later than the second business day after the banking
day on which funds are deposited, in the case of a check deposit described
in and that meets the requirements of paragraphs (c)(1) (ii), (iii), (iv),
and (v), of this section, except that it is not deposited in person to
an employee of the depositary bank.
(3) Special deposit slip. (i) As a condition
to making the funds available for withdrawal in accordance with this section,
a depositary bank may require that a state or local government check or
a cashier's, certified, or teller's check be deposited with a special deposit
slip or deposit envelope that identifies the type of check.
(ii) If a depositary bank requires the use
of a special deposit slip or deposit envelope, the bank must either provide
the special deposit slip or deposit envelope to its customers or inform
its customers how the slip or envelope may be prepared or obtained and
make the slip or envelope reasonably available.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
