Question & Answer

Question: The list of "next-day availability" items in the Vol. II, No. 6 article on EFAA says checks of less than $100 are given this treatment. We believe you meant to say the first $100 of the aggregate deposit by check or checks not subject to next day availability on any one banking day (Subsection 229.10 (c)(viii). Financial institutions are not required to give next-day availability to an unlimited sum of checks individually written for less than $100.

Answer: Thanks for your letter-folks like you keep us on our toes!

You are correct, and it should be clear to tellers that no more than $100 in cash is to be given out on any one day as the result of the deposit of multiple checks totaling over $100. However, the area of most misunderstanding on the $100 rule is not here, but is in new accounts. The "up-to-$100" does not apply to new accounts, which should be understood by customer service personnel and new account representatives.

Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 7, 8/91