(a) When funds are considered deposited. For the purposes of this
subpart—
(1) funds deposited at
a staffed facility, ATM, or contractual branch are considered deposited
when they are received at the staffed facility, ATM, or contractual
branch;
(2) funds mailed
to the depositary bank are considered deposited on the day they are
received by the depositary bank;
(3) funds deposited to a night depository,
lock box, or similar facility are considered deposited on the day
on which the deposit is removed from such facility and is available
for processing by the depositary bank;
(4) funds deposited at an ATM that is not
on, or within 50 feet of, the premises of the depositary bank are
considered deposited on the day the funds are removed from the ATM,
if funds normally are removed from the ATM not more than two times
each week; and
(5) funds
may be considered deposited on the next banking day, in the case of
funds that are deposited—
(i) on a day that is not a banking day
for the depositary bank; or
(ii) after a cutoff hour set by the
depositary bank for the receipt of deposits of 2:00 p.m. or later,
or, for the receipt of deposits at ATMs, contractual branches, or
off-premise facilities, of 12:00 noon or later. Different cutoff hours
later than these times may be established for receipt of different
types of deposits, or receipt of deposits at different locations.
9-241
(b) Availability
at start of business day. Except as otherwise provided in section
229.12(d), if any provision of this subpart requires that funds be
made available for withdrawal on any business day, the funds shall
be available for withdrawal by the later of—
(1) 9:00 a.m. (local time of the depositary
bank); or
(2) the time
the depositary bank’s teller facilities (including ATMs) are available
for customer-account withdrawals.
9-242
(c) Effect on policies of depositary bank. This
part does not—
(1) prohibit a depositary bank from making
funds available to a customer for withdrawal in a shorter period of
time than the time required by this subpart;
(2) affect a depositary bank’s right—
(i) to accept or reject a check for deposit;
(ii) to revoke any settlement made by
the depositary bank with respect to a check accepted by the bank for
deposit, to charge back the customer’s account for the amount of a
check based on the return of the check or receipt of a notice of nonpayment
of the check, or to claim a refund of such credit; and
(iii) to charge back funds
made available to its customer for an electronic payment for which
the bank has not received payment in actually and finally collected
funds;
(3) require a depositary bank to open or otherwise to make its facilities
available for customer transactions on a given business day; or
(4) supersede any policy
of a depositary bank that limits the amount of cash a customer may
withdraw from its account on any one day, if that policy—
(i) is not
dependent on the time the funds have been deposited in the account,
as long as the funds have been on deposit for the time period specified
in section 229.10, 229.12, or 229.13; and—
(ii) in the case of withdrawals made
in person to an employee of the depositary bank—
(A) is applied
without discrimination to all customers of the bank; and
(B) is related to security, operating,
or bonding requirements of the depositary bank.
9-243
(d) Use of
calculated availability. A depositary bank may provide availability
to its nonconsumer accounts based on a sample of checks that
represents the average composition of the customer’s deposits, if
the terms for availability based on the sample are equivalent to or
more prompt than the availability requirements of this subpart.
(e) Holds on other funds.
(1) A depositary bank that
receives a check for deposit in an account may not place a hold on
any funds of the customer at the bank, where—
(i) the amount
of funds that are held exceeds the amount of the check; or
(ii) the funds are not made
available for withdrawal within the times specified in 229.10, 229.12,
and 229.13.
(2) A depositary bank that cashes a check for a customer over the
counter, other than a check drawn on the depositary bank, may not
place a hold on funds in an account of the customer at the bank, if—
(i) the amount of funds that are held exceeds the amount of the check;
or
(ii) the funds
are not made available for withdrawal within the times specified in
229.10, 229.12, and 229.13.
9-244
(f) Employee training and compliance. Each bank shall establish procedures to ensure that the bank complies
with the requirements of this subpart, and shall provide each employee
who performs duties subject to the requirements of this subpart with
a statement of the procedures applicable to that employee.
(g) Effect of merger transaction.
(1) In general. For purposes of this subpart, except for the purposes
of the new-accounts exception of section 229.13(a), and when funds
are considered deposited under section 229.19(a), two or more banks
that have engaged in a merger transaction may be considered to be
separate banks for a period of one year following the consummation
of the merger transaction.
(2) Merger transactions
on or after July 1, 1998, and before March 1, 2000. If banks
have consummated a merger transaction on or after July 1, 1998, and
before March 1, 2000, the merged banks may be considered separate
banks until March 1, 2001.
