12 CFR § 229.12 - Availability schedule. (2024)

FAQs

What time must funds be made available? ›

Under the permanent availability schedule, which became effective in September 1990, local check deposits must be made available no later than the second business day following the day on which the funds were deposited (See Figure 1).

Made at a staffed teller station; and • Deposited into an account held by the payee of the check. However, two types of deposits, U.S. Treasury checks and “on us” checks, must receive next-day availability even if the deposit is not made at a staffed teller station.

Printing Your Availability Notice on Deposit Slips

Regulation CC requires that financial institutions include a notice of funds availability on the front of all preprinted deposit slips. The notice need state only that deposits may not be available for immediate withdrawal.

Availability Rules—$225 and $450

Review records that detail holds placed on accounts. Determine if holds are in accordance with the regulation. Sample deposit accounts with deposits subject to the $225 availability rule and the $450 cash withdrawal rule and verify the credit union's compliance with the rules.

Generally, a bank must make the first $225 from the deposit available—for either cash withdrawal or check writing purposes—at the start of the next business day after the banking day that the deposit is made.

The Federal Reserve has set baseline rules for check deposits: The first $225 must be available the next business day, while amounts from $226 to $5,525 must be available within two business days after the deposit, and amounts of over $5,525 generally should be accessible on the seventh business day.

A depositary bank shall, however, make $450 of these funds available for withdrawal by cash or similar means not later than 5:00 p.m. on the business day on which the funds are available under paragraphs (b), (c), or (f) of this section. This $450 is in addition to the $225 available under § 229.10(c)(1)(vii).

What time of day does direct deposit hit? Usually, you'll have access to your direct deposit at the opening of business on your payday — by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning.

Immediately Available Funds means good funds delivered by wire transfer to an account designated by the intended recipient. Immediately Available Funds means funds deposited by federal funds wire transfer.

Funds Availability Date means the occurrence of (a) the earlier of 35 days from the Bank Meeting and the day on which LCPI notifies the Borrower that it has completed General Syndication and (b) the Effective Date. Funds Availability Date xxs the meaning specified in Section 3.01 of the Original Credit Agreement.

What is the Federal funds Availability Act? ›

In 1987, Congress passed the Expedited Funds Availability Act (PDF) (EFAA), to address concerns about the lengths of holds banks were then placing on checks deposited by their customers. The EFAA establishes maximum permissible hold periods for checks and other deposits.

Funds availability refers to when you can access money that you've deposited with your bank to pay bills, make purchases and cover everyday expenses. With some exceptions, money that you add to your checking account or savings account isn't always available to use right away.

A proof of funds (POF) is a document such as a bank statement proving that a person or a company has the financial ability to perform a transaction or meet a potential future liability. The POF can be issued by a bank, a financial institution or a trade finance provider.

For example, some banks have begun to exchange electronic images of checks. However, under current check law, a bank must present the original paper check for payment unless the paying bank has agreed to accept electronic presentment.

Reasonable cause to believe a check is uncollectible requires the existence of facts that would cause a well-grounded belief in the mind of a reasonable person. Such belief shall not be based on the fact that the check is of a particular class or is deposited by a particular class of persons.

Usually, you'll have access to your direct deposit at the opening of business on your payday — by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning.

Standard deposit times

Most recipients can expect their direct deposits to be available by 9 a.m. on payday, with many banks allowing funds to be released between midnight and 6 a.m. If your bank allows for the funds to be released sooner, you'll see them then.

You should find out when your bank's cut-off time is for wire transfers to ensure your transfer arrives on time. The cut-off time is usually 5 pm, but it can vary between banks. Banks will process requests made after this time the following business day.

Most transactions post at the end of each business day but posting order and times can vary. Business days for banks are generally Monday - Friday from 9am to 5pm, excluding federal holidays. Transactions received outside of these hours, including on weekends, are usually posted on the next business day.