(a) When funds are considered deposited. For
the purposes of this subpart--
(1) Funds deposited at a staffed facility,
ATM, or contractual branch are considered deposited when they are received
at the staffed facility, ATM, or contractual branch;
(2) Funds mailed to the depositary bank are
considered deposited on the day they are received by the depositary bank;
(3) Funds deposited to a night depository,
lock box, or similar facility are considered deposited on the day on which
the deposit is removed from such facility and is available for processing
by the depositary bank;
(4) Funds deposited at an ATM that is not
on, or within 50 feet of, the premises of the depositary bank are considered
deposited on the day the funds are removed from the ATM, if funds normally
are removed from the ATM not more than two times each week; and
(5) Funds may be considered deposited on the
next banking day, in the case of funds that are deposited--
(i) On a day that is not a banking day for
the depositary bank; or
(ii) After a cut-off hour set by the depositary
bank for the receipt of deposits of 2:00 p.m. or later, or, for the receipt
of deposits at ATMs, contractual branches, or off-premise facilities, of
12:00 noon or later.
(b) Availability at start of business day.
Except as otherwise provided in Sec. 229.12(d), if any provision of this
subpart requires that funds be made available for withdrawal on any business
day, the funds shall be available for withdrawal by the later of:
(1) 9:00 a.m. (local time of the depositary
bank); or
(2) The time the depositary bank's teller
facilities (including ATMs) are available for customer account withdrawals.
(c) Effect on policies of depositary bank.
This part does not--
(1) Prohibit a depositary bank from making
funds available to a customer for withdrawal in a shorter period of time
than the time required by this subpart;
(2) Affect a depositary bank's right--
(i) To accept or reject a check for deposit;
(ii) To revoke any settlement made by the
depositary bank with respect to a check accepted by the bank for deposit,
to charge back the customer's account for the amount of a check based on
the return of the check or receipt of a notice of nonpayment of the check,
or to claim a refund of such credit; and
(iii) To charge back funds made available
to its customer for an electronic payment for which the bank has not received
payment in actually and finally collected funds;
(3) Require a depositary bank to open or otherwise
to make its facilities available for customer transactions on a given business
day; or
(4) Supersede any policy of a depositary bank
that limits the amount of cash a customer may withdraw from its account
on any one day, if that policy--
(i) Is not dependent on the time the funds
have been deposited in the account, as long as the funds have been on deposit
for the time period specified in Secs. 229.10, 229.12, or 229.13; and
(ii) In the case of withdrawals made in person
to an employee of the depositary bank--
(A) Is applied without discrimination to all
customers of the bank; and
(B) Is related to security, operating, or
bonding requirements of the depositary bank.
(d) Use of calculated availability. A depositary
bank may provide availability to its nonconsumer accounts based on a sample
of checks that represents the average composition of the customer's deposits,
if the terms for availability based on the sample are equivalent to or
more prompt than the availability requirements of this subpart.
(e) Holds on other funds. (1) A depositary
bank that receives a check for deposit in an account may not place a hold
on any funds of the customer at the bank, where--
(i) The amount of funds that are held exceeds
the amount of the check; or
(ii) The funds are not made available for
withdrawal within the times specified in Secs. 229.10, 229.12, and 229.13.
(2) A depositary bank that cashes a check
for a customer over the counter, other than a check drawn on the depositary
bank, may not place a hold on funds in an account of the customer at the
bank, if--
(i) The amount of funds that are held exceeds
the amount of the check; or
(ii) The funds are not made available for
withdrawal within the times specified in Secs. 229.10, 229.12, and 229.13.
(f) Employee training and compliance. Each
bank shall establish procedures to ensure that the bank complies with the
requirements of this subpart, and shall provide each employee who performs
duties subject to the requirements of this subpart with a statement of
the procedures applicable to that employee.
(g) Effect of Merger Transaction. For purposes
of this subpart, except for the purposes of the new accounts exception
of Sec. 229.13(a), and when funds are considered deposited under Sec. 229.19(a),
two or more banks that have engaged in a merger transaction may be considered
to be separate banks for a period of one year following the consummation
of the merger transaction.
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