We have always been a next day availability bank, unless a case by case or exception hold was placed. We have gone to a new system and when you deposit any checks they are immediately available for withdrawal unless the teller determines a hold needs to be placed. Do I need to rework my banks Funds Availability Disclosures to indicate our bank is a same day availability bank?

Can't the system parameter be changed to reflect the bank's process? A system should not drive bank policy. If it cannot be changed, disclosures must reflect the new bank schedule.

I believe it is the way the FIS Horizon Teller system works and I've been told that this is the only way it will operate. I believe this is going to cause me to change our disclosures too, just needed some clarification.

We are an FIS Horizon bank and we have next day availability.

Are you sure the teller system is not just memo posting deposits? That is different than an on-line/real time system.

Dig further into what is actually going on, and determine whether system parameters can be tweaked to reflect your stated policy, before doing anything about changing the policy and disclosures. Give yourself a short deadline and if you need to change the disclosures, get started on that project.

Don't forget that if you change your policy to make funds available more expeditiously, you must notify existing consumer accountholders no later than 30 days after implementing the change.

After discussions with a few of the individuals who implemented the new system, it is their intent to give same day availability, per upper management. Now, the problem is that the 30 day after implementing the change disclosure never got sent. Now what?

Send it now and quit losing any sleep. What actual harm has been caused?

I agree. Send it and move on the the next big thing.

The regulation simply does not contemplate making the funds available on a same day basis. (Consider that in 1990 when the regulation was fully phased in, many banks could not reflect same day deposits on their teller screens.) The only possibilities it contemplates are "next day" or "delayed" availability.

Accordingly, I don't think your disclosure needs to reflect "same day" availability at all. If it does, your change is a little over 23 years late... Seriously, I would not bother and if a third party said it was necessary, I would ask for some support for that advice. If they could provide it, I would send notification of the correction, but it's a "no harm, no foul" situation.