Sec. 2. Requirement that funds deposited be available for withdrawal in real time
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Section 603 of the Expedited Funds Availability Act ( 12 U.S.C. 4002 ) is amended— in subsection (a)— in paragraph (1)— by striking Except as provided in subsection
(e)and in section 604, in and inserting In ; and in the matter following subparagraph
(B)by striking not later than the business day after the business day on which and inserting in real time when ; in paragraph
(2)by striking not later than the business day after the business day on which and inserting in real time after ; and in the subsection heading by striking and inserting Next Business Day ; Real Time by striking subsection
(b)and inserting the following: Funds deposited in an account at a depository institution by a check drawn on a local or nonlocal originating depository institution shall be available for withdrawal in real time. ; by striking subsection (c); by striking subsection (d); by redesignating subsections
(e)and
(f)as subsections
(c)and (d), respectively; in subsection (c), as redesignated by paragraph (5)— in paragraph (1)(A)— by striking Not more than 4 business days shall intervene between the business day a and inserting A ; by inserting a comma after subparagraph
(B); by striking is ; and by striking and the business day on which funds from such deposit are available for withdrawal and inserting shall be available for withdrawal in real time ; and in paragraph (2)— by striking , (b), and
(c)and inserting and
(b); and in the paragraph heading by striking and inserting Temporary and permanent schedules ; and Permanent Schedule in subsection (d), as redesignated by paragraph (5), by striking (c), or
(e)and inserting or
(c). Section 604 of the Expedited Funds Availability Act ( 12 U.S.C. 4003 ) is amended— in subsection (a)— in paragraph (1)— in the matter following subparagraph
(D)by striking on the business day after the business day on which such cash or funds are deposited or, in the case of a wire transfer, on the business day after the business day on which and inserting in real time after such cash or funds are deposited or, in the case of a wire transfer, in real time after ; and in the paragraph heading by striking and inserting Next Business Day ; Real Time in paragraph (2)— by striking , 603(c), ; and by striking 603(e) and inserting 603(c) ; and by striking paragraph (3)(B) and inserting the following: any such funds deposited in excess of such amount shall be available for withdrawal in real time. ; in subsection
(b)by striking (c), or
(e)and inserting or
(c); in subsection (c)(1) by striking (c), and
(e)and inserting and
(c); and in subsection
(d)by striking (c), and
(e)and inserting and
(c). Section 607 of the Expedited Funds Availability Act ( 12 U.S.C. 4006 ) is amended— by striking subsections
(a)and (b); and by redesignating subsections
(c)through
(f)as subsections
(a)through (d), respectively. Section 609 of the Expedited Funds Availability Act ( 12 U.S.C. 4008 ) is amended— by striking subsections
(d)and (f); and by redesignating subsection
(e)as subsection (d).
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Sec. 2
Requirement that funds deposited be available for withdrawal in real time
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