(a) Cash deposits.
(1) A bank shall make funds deposited in
an account by cash available for withdrawal not later than the business
day after the banking day on which the cashis deposited, if the deposit
is made in person to an employee of the depositary bank.
(2) A bank shall make funds
deposited in an account by cash available for withdrawal not later
than the second business day after the banking day on which the cash
is deposited, if the deposit is not made in person to an employee
of the depositary bank.
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(b) Electronic payments.
(1) In general. A bank shall make funds received for deposit in an account by an
electronic payment available for withdrawal not later than the business
day after the banking day on which the bank received the electronic
payment.
(2) When an electronic payment is received. An electronic payment is received when the bank receiving the payment
has received both—
(i) payment in actually and finally
collected funds; and
(ii) information on the account and amount to be credited.
A bank receives an electronic payment only to the extent
that the bank has received payment in actually and finally collected
funds.
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(c) Certain
check deposits.
(1) General rule. A depositary bank shall make funds deposited in an account by check
available for withdrawal not later than the business day after the
banking day on which the funds are deposited, in the case of—
(i) a check drawn on the Treasury of the United States and deposited
in an account held by a payee of the check;
(ii) a U.S. Postal Service money order
deposited—
(A) in an account held by a payee of the money
order; and
(B) in person
to an employee of the depositary bank.
(iii) a check drawn on a Federal Reserve
Bank or Federal Home Loan Bank and deposited—
(A) in an account
held by a payee of the check; and
(B) in person to an employee of the depositary
bank;
(iv) a check drawn by a state or a unit of general local government
and deposited—
(A) in an account held by a payee of the check;
(B) in a depositary bank
located in the state that issued the check, or the same state as the
unit of general local government that issued the check;
(C) in person to an employee
of the depositary bank; and
(D) with a special deposit slip or deposit envelope, if such slip
or envelope is required by the depositary bank under paragraph (c)(3)
of this section.
(v) a cashier’s, certified, or
teller’s check deposited—
(A) in an account held by
a payee of the check;
(B) in person to an employee of the depositary bank; and
(C) with a special deposit slip
or deposit envelope, if such slip or envelope is required by the depositary
bank under paragraph (c)(3) of this section.
(vi) a check deposited
in a branch of the depositary bank and drawn on the same or another
branch of the same bank if both branches are located in the same state
or the same check-processing region; and,
(vii) the lesser of—
(A) $225, or
(B) the aggregate
amount deposited on any one banking day to all accounts of the customer by check
or checks not subject to next-day availability under paragraphs (c)(1)(i)
through (vi) of this section.
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(2) Checks not
deposited in person. A depositary bank shall make funds deposited
in an account by check or checks available for withdrawal not later
than the second business day after the banking day on which funds
are deposited, in the case of a check deposit described in and that
meets the requirements of paragraphs (c)(1)(ii), (iii), (iv), and
(v), of this section, except that it is not deposited in person to
an employee of the depositary bank.
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(3) Special deposit
slip.
(i) As a condition to making the funds
available for withdrawal in accordance with this section, a depositary
bank may require that a state or local government check or a cashier’s,
certified, or teller’s check be deposited with a special deposit
slip or deposit envelope that identifies the type of check.
(ii) If a depositary bank
requires the use of a special deposit slip or deposit envelope, the
bank must either provide the special deposit slip or deposit envelope
to its customers or inform its customers how the slip or envelope
may be prepared or obtained and make the slip or envelope reasonably
available.
