Transcription of Regulation Availability of and ... - Federal Reserve
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Regulation Availability of and ... - Federal Reserve
1. The term check does not include checks drawn in a foreign currency or checks drawn on a bank located outside the United States. Regulation CC Availability of Funds and Collection of Checks Background Regulation CC (12 CFR 229) implements two laws the Expedited Funds Availability Act (EFA Act), which was enacted in August 1987 and became effective in September 1988, and the Check Clearing for the 21st Century Act (Check 21), which was enacted in October 2003 and became effective on October 28, 2004. The Regulation sets forth the requirements that deposi tory institutions make funds deposited into transac tion accounts available according to specified time schedules and that they disclose their funds Availability policies to their customers.
accounts for purposes of the other subparts of Regulation CC, such as savings deposits, are accounts for purposes of subpart D. Consumers and Customers • A consumer is a natural person who draws a check on a consumer account or cashes or deposits a returned check against a consumer account.
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