[20081010]RS22036_加急资金可用性支票保留.pdf

1 P.L. 100-86; 101 Stat.563.2 117 Stat.1177.Order Code RS22036Updated October 10, 2008Expedited Funds Availability/Check-HoldsPauline SmaleEconomic AnalystGovernment and Finance DivisionSummaryIn 1987, Congress passed the Expedited Funds Availability Act (EFAA),1 whichaddressed the check-hold policies of depository financial institutions for various typesof transaction accounts. The act was meant to ensure timely access to deposited fundsand requires institutions to disclose to customers their funds availability policies.Federal Reserve Regulation CC implements the funds availability provisions andincludes a schedule with maximum time limits for withholding funds. The 2003 enactment of P.L. 108-100 (the Check 21 Act)2 refocused attention onthe check-hold policies of financial institutions. This act made it easier for financialinstitutions to convert paper checks into electronically generated images and was aimedat making the clearing process between institutions faster and more efficient. The lawdid not require institutions to generate or receive check images, but required them toaccept substitute checks created from electronic images. Consumer advocates wereconcerned that the impl