FASTT Checks Act

Summary

Faster Access and Shorter Transaction Time for Checks Act of 2011 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit. Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act, and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more. Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 15 April 2011

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• Introduced in House

  summary · EN · 15 April 2011

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