Fair Deposit Availability Act of 1986

Summary

Fair Deposit Availability Act of 1986 - Sets forth depository institution disclosure requirements concerning: (1) the availability for withdrawal of funds deposited by check or similar instrument into a deposit account; (2) fees and charges assessed against deposit accounts; and (3) the computation of interest on deposited funds pending the receipt of provisional credit for the check or instrument. Requires the computation of interest on such deposited funds to begin no later than the date the institution receives provisional credit, unless the computation of interest begins at a later date for all deposits, including cash deposits, made to the account. Requires the Federal Reserve Board to publish for comment and implement within three years a regulation to improve the check clearing system used by depository institutions in order to make deposits by a check drawn on: (1) local institutions available for withdrawal after one business day; and (2) other institutions available after three business days. Requires the Board to establish an Expedited Funds Availability Council to advise and consult with the Board in the exercise of its functions under this Act. Requires the Secretary of the Treasury to require that funds deposited by a check drawn on the Treasury, which is endorsed for deposit by a customer with an established relationship with the depository institution, be available for withdrawal when the depository institution is given provisional credit for that check. Sets forth provisions governing the civil liability of institutions that fail to comply with this Act. Requires the Board to prepare a study and submit its findings to the Congress on the effect of improvements and changes in the check clearing system.

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1 official file

• Introduced in Senate

  summary · EN · 7 November 1985

  Open at official source

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