The Expedited Funds Availability Act: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, Second Session, on H.R. 5301 ... April 4, 1984 |
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Page 18
... means an account in a de- pository institution on which the account holder is per- mitted to make withdrawals by ... means the Board of Gover- nors of the Federal Reserve System ; ( 3 ) the term " business day " means any day other than ...
... means an account in a de- pository institution on which the account holder is per- mitted to make withdrawals by ... means the Board of Gover- nors of the Federal Reserve System ; ( 3 ) the term " business day " means any day other than ...
Page 19
... means a depository institution- ( A ) which has an office in the city , town , or village in which the office of the ... means the depository institution in which a check is first deposited ; ( 9 ) the term " State " means the several ...
... means a depository institution- ( A ) which has an office in the city , town , or village in which the office of the ... means the depository institution in which a check is first deposited ; ( 9 ) the term " State " means the several ...
Page 20
... means the several States and the District of Columbia . EFFECTIVE DATE SEC . 13. ( a ) The provisions of sections 1 , 2 , 3 , 8 , 9 , 12 , 5 and 13 shall take effect on the date of the enactment of this 6 Act . 7 ( b ) The provisions of ...
... means the several States and the District of Columbia . EFFECTIVE DATE SEC . 13. ( a ) The provisions of sections 1 , 2 , 3 , 8 , 9 , 12 , 5 and 13 shall take effect on the date of the enactment of this 6 Act . 7 ( b ) The provisions of ...
Page 23
... mean , patience begins to wear thin , not on the part of the Members , but on the part of our constituents who are up in arms about this . But that's why we're having the hearings to determine if , indeed , there is voluntary compliance ...
... mean , patience begins to wear thin , not on the part of the Members , but on the part of our constituents who are up in arms about this . But that's why we're having the hearings to determine if , indeed , there is voluntary compliance ...
Page 60
... mean , for example a mom and pop bakery store , you know , would get a check from some big conglomerate but it's drawn on a bank in California . A lot of payroll checks are done the same way . I mean , big national corporations will ...
... mean , for example a mom and pop bakery store , you know , would get a check from some big conglomerate but it's drawn on a bank in California . A lot of payroll checks are done the same way . I mean , big national corporations will ...
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Common terms and phrases
American Bankers Association amount automated teller machine Availability Act availability of funds available for withdrawal bank's bill CARPER cash Chairman ST GERMAIN check clearing check kites check you deposit checks deposited checks drawn checks returned Committee CONOVER consumer credit union customer accounts day of deposit delayed availability delayed funds availability deposit account depositary bank deposited checks deposited items depository institution disclosure statement DOUGLAS Federal Home Loan Federal Reserve System financial institutions FSLA funds availability policies government checks hold policies Home Loan Bank insured interest issue item drawn items deposited legislation Loan Bank Board money market funds National Bank non-sufficient funds number of days payment payor bank place a hold policy statement provisional credit reasonable received redemption requests regulations require return process returned checks returned item Section Subarticle Subcommittee Subdivision teller TESE thrift institution transaction account uncollected funds Uniform Commercial Code Vincent Tese Washington WYLIE York
Popular passages
Page 339 - These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary Is a criminal offense.
Page 76 - In determining the amount of award in any class action, the court shall consider, among other relevant factors, the amount of any actual damages awarded, the frequency and persistence of failures of compliance by the creditor, the resources of the creditor, the number of persons adversely affected, and the extent to which the creditor's failure of compliance was intentional.
Page 77 - Commission, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 79 - ... (4) Subject to any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in an account with its customer becomes available for withdrawal as of right (a) in any case where the bank has received a provisional settlement for the item,— when such settlement becomes final and the bank has had a reasonable time to learn that the settlement is final...
Page 76 - A creditor may not be held liable in any action brought under this section for a violation of this chapter if the creditor shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.
Page 383 - Act for a period not in excess of an additional banking day without discharge of secondary parties and without liability to its transferor or any prior party. (2) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this...
Page 76 - ... in the case of a class action, such amount as the court may allow, except that as to each member of the class no minimum recovery shall be applicable, and the total recovery under this subparagraph in any class action or series of class actions...
Page 75 - Corporation and to savings and loan holding companies: (2) the term "regulated financial institution" means an insured bank as defined in Section 3 of the Federal Deposit Insurance Act or an insured institution as defined in Section 401 of the National Housing Act...
Page 371 - Edwin J. Gray Chairman Federal Home Loan Bank Board 1700 G Street, NW Washington, DC 20552 Dear Mr.
Page 75 - ... (5) A deposit of money in a bank is final when made but, subject to any right of the bank to apply the deposit to an obligation of the customer, the deposit becomes available for withdrawal as of right at the opening of the bank's next banking day following receipt of the deposit.