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Information on Expedited Funds Availability Act

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I would like to know more about Expedited Funds Availability Act.

Like most statutes affecting banking, EFA is very broadly written and contains only vague instructions regarding the limitations imposed on banks when they are placing holds on deposited items. It is interpreted; i.e. detail is provided, by Regulation CC.

If you want a narrative description of how it works, review the examination procedures for your federal functional regulatory agency. The FDIC's are here. If you are responsible for compliance in this area, you will eventually graduate to reading the regulation itself. You will find it here.

The consolidation of the check processing regions in the last several years will render the portion of your reading regarding "local" and "nonlocal" checks moot. Corresponding changes to the regulation have been proposed.

First published on 11/19/12

First published on 11/19/2012

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