When are deposited funds available? Discover Regulation CC updates for expedited funds availability.
The Expedited Funds Availability Act regulates how financial institutions may use deposit account holds. Implemented by Regulation CC, this law standardizes the length of time banks and credit unions may hold deposited funds.
Effective July 1, 2020, the amounts associated with the next-day availability of deposits and certain exception holds were updated. You need a clear understanding of the current requirements to remain in compliance.
- When must funds be made available the next day?
- What are the general availability rules for all types of deposits?
- How should you use exception holds?
- What are the initial and subsequent disclosure requirements?