Funds Availability Act

Summary

Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to promulgate regulations to establish a reasonable period of time within which a depository institution shall permit a retail banking customer to draw on an item received for deposit in such customer's account. Permits a depository institution and retail banking customer to agree in writing to a greater period of time if special circumstances are involved. Declares that the regulations promulgated under this Act shall require each depository institution to: (1) notify each of its retail banking customers, in writing, of the applicable time limitations; and (2) keep posted in a conspicuous place at each branch a notice which substantially sets forth such time limitations.

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1 official file

• Introduced in House

  summary · EN · 24 January 1985

  Open at official source

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