12 USC 4002 - Expedited funds availability schedules

U.S Code last checked for updates: Nov 22, 2024

§ 4002.

Expedited funds availability schedules

(a)

Next business day availability for certain deposits

(1)

Cash deposits; wire transfers

Except as provided in subsection (e) and in section 4003 of this title, in any case in which—

(A)

any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or

(B)

funds are received by a depository institution by wire transfer for deposit in an account at such institution,

such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit.

(2)

Government checks; certain other checks

Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of—

(A)

a check which—

(i)

is drawn on the Treasury of the United States; and

(ii)

is endorsed only by the person to whom it was issued;

(B)

a check which—

(i)

is drawn by a State;

(ii)

is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution;

(iii)

is deposited with a special deposit slip which indicates it is a check drawn by a State; and

(iv)

is endorsed only by the person to whom it was issued;

(C)

a check which—

(i)

is drawn by a unit of general local government;

(ii)

is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution;

(iii)

is deposited with a special deposit slip which indicates it is a check drawn by a unit of general local government; and

(iv)

is endorsed only by the person to whom it was issued;

(D)

the first $200 deposited by check or checks on any one business day;

(E)

a check deposited in a branch of a depository institution and drawn on the same or another branch of the same depository institution if both such branches are located in the same State or the same check processing region;

(F)

a cashier’s check, certified check, teller’s check, or depository check which—

(i)

is deposited in a receiving depository institution which is staffed by individuals employed by such institution;

(ii)

is deposited with a special deposit slip which indicates it is a cashier’s check, certified check, teller’s check, or depository check, as the case may be; and

(iii)

is endorsed only by the person to whom it was issued.

(b)

Permanent schedule

(1)

Availability of funds deposited by local checks

(2)

Availability of funds deposited by nonlocal checks

(3)

Time period adjustments for cash withdrawal of certain checks

(A)

In general

(B)

5 p.m. cash availability

(C)

$200 availability

(4)

Applicability

(c)

Temporary schedule

(1)

Availability of local checks

(A)

In general

(B)

Time period adjustment for cash withdrawal of certain checks

(i)

In general

(ii)

5 p.m. cash availability

(iii)

$200 availability

(2)

Availability of nonlocal checks

(3)

Applicability

(d)

Time period adjustments

(1)

Reduction generally

(2)

Extension for certain deposits in noncontiguous States or territories

Notwithstanding any other provision of law, any time period established under subsection (b), (c), or (e) shall be extended by 1 business day in the case of any deposit which is both—

(A)

deposited in an account at a depository institution which is located in Alaska, Hawaii, Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, or the Virgin Islands; and

(B)

deposited by a check drawn on an originating depository institution which is not located in the same State, commonwealth, or territory as the receiving depository institution.

(e)

Deposits at ATM

(1)

Nonproprietary ATM

(A)

In general

(B)

Deposits described in this paragraph 1

 So in original. Probably should be “subparagraph”.

A deposit is described in this subparagraph if it is—

(i)

a cash deposit;

(ii)

a deposit made by a check described in subsection (a)(2);

(iii)

a deposit made by a check drawn on a local originating depository institution (other than a check described in subsection (a)(2)); or

(iv)

a deposit made by a check drawn on a nonlocal originating depository institution (other than a check described in subsection (a)(2)).

(2)

Proprietary ATM—temporary and permanent schedules

(3)

Study and report on ATM’s

(f)

Check return; notice of nonpayment

No provision of this section shall be construed as requiring that, with respect to all checks deposited in a receiving depository institution—

(1)

such checks be physically returned to such depository institution; or

(2)

any notice of nonpayment of any such check be given to such depository institution within the times set forth in subsection (a), (b), (c), or (e) or in the regulations issued under any such subsection.

(Pub. L. 100–86, title VI, § 603, Aug. 10, 1987, 101 Stat. 637; Pub. L. 101–625, title X, § 1001, Nov. 28, 1990, 104 Stat. 4424; Pub. L. 102–242, title II, § 227(a), (b)(1), Dec. 19, 1991, 105 Stat. 2307; Pub. L. 111–203, title X, § 1086(a), (e), July 21, 2010, 124 Stat. 2085, 2086; Pub. L. 115–174, title II, § 208(a)(2), May 24, 2018, 132 Stat. 1312.)

cite as: 12 USC 4002