(a) Effective date. The availability schedule contained in this
section is effective September 1, 1990.
(b) Local checks and certain other checks. Except
as provided in paragraphs (d), (e), and (f) of this section, a depositary
bank shall make funds deposited in an account by a check available
for withdrawal not later than the second business day following the
banking day on which funds are deposited, in the case of—
(1) a local check;
(2) a check drawn on the Treasury
of the United States that is not governed by the availability requirements
of section 229.10(c);
(3) a U.S. Postal Service money order that is not governed by the
availability requirements of section 229.10(c); and
(4) a check drawn on a Federal Reserve
Bank or Federal Home Loan Bank; a check drawn by a state or unit of
general local government; or a cashier’s, certified, or teller’s
check; if any check referred to in this paragraph (b)(4) is a local
check that is not governed by the availability requirements of section
229.10(c).
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(c) Nonlocal
checks.
(1) In general. Except as provided in paragraphs (d), (e), and (f) of this section,
a depositary bank shall make funds deposited in an account by a check
available for withdrawal not later than the fifth business day following
the banking day on which funds are deposited, in the case of—
(i) a nonlocal check; and
(ii) a check drawn on a Federal Reserve
Bank or Federal Home Loan Bank; a check drawn by a state or unit of
general local government; a cashier’s, certified, or teller’s
check; or a check deposited in a branch of the depositary bank and
drawn on the same or another branch of the same bank, if any check
referred to in this paragraph (c)(1)(ii) is a nonlocal check that
is not governed by the availability requirements of section 229.10(c).
(2) Nonlocal
checks specified in appendix B-2 to this part must be made available
for withdrawal not later than the times prescribed in that appendix.
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(d) Time period adjustment
for withdrawal by cash or similar means. A depositary bank may
extend by one business day the time that funds deposited in an account
by one or more checks subject to paragraphs (b), (c), or (f) of this
section are available for withdrawal by cash or similar means. Similar
means include electronic payment, issuance of a cashier’s or
teller’s check, or certification of a check, or other irrevocable
commitment to pay, but do not include the granting of credit to a
bank, a Federal Reserve Bank, or a Federal Home Loan Bank that presents
a check to the depositary bank for payment. 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 section
229.10(c)(1)(vii).
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(e) Extension of schedule for certain deposits in
Alaska, Hawaii, Puerto Rico, American Samoa, the Commonwealth of the
Northern Mariana Islands, Guam, and the U.S. Virgin Islands. The
depositary bank may extend the time periods set forth in this section
by one business day in the case of any deposit, other than a deposit
described in section 229.10, that is—
(1) deposited in an account at a branch
of a depositary bank if the branch is located in Alaska, Hawaii, Puerto
Rico, American Samoa, the Commonwealth of the Northern Mariana Islands,
Guam, or the U.S. Virgin Islands; and
(2) deposited by a check drawn on or payable
at or through a paying bank not located in the same state as the depositary
bank.
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(f) Deposits at nonproprietary
ATMs. A depositary bank shall make funds deposited in an account
at a nonproprietary ATM by cash or check available for withdrawal not later
than the fifth business day following the banking day on which the
funds are deposited.
