Sec. 4. Requirement that funds deposited be available for withdrawal in real-time

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 602 of the Expedited Funds Availability Act ( 12 U.S.C. 4001 ) is amended— by redesignating paragraphs

(20)through

(25)as paragraphs

(21)through (26), respectively; and by inserting after paragraph

(19)the following: The term real-time — means any time; and includes a Saturday, Sunday, and a legal holiday. . Section 3 of the Check Clearing for the 21st Century Act ( 12 U.S.C. 5002(2)(D)(iv) ) is amended by striking section 602(24) and inserting section 602(25) . Section 603 of the Expedited Funds Availability Act ( 12 U.S.C. 4002 ) is amended— in subsection (a)— in the subsection heading, by striking and inserting Next Business Day ; Real-time 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 ; and in paragraph (2), in the matter preceding subparagraph (A), by striking not later than the business day after the business day on which and inserting in real-time after ; 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)— in subparagraph (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 subparagraph (B), in the subparagraph heading, by striking and inserting paragraph ; and subparagraph 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)(2), 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 paragraph heading by striking and inserting Next business day ; and Real-time 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 ; in paragraph (2)— by striking , 603(c), or paragraphs and inserting paragraph ; 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), in the matter preceding paragraph (1), 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).