§4006 — Title 12 Banks and Banking | U.S. Code

Summary

Treat deposits made on a Saturday, Sunday, legal holiday, or after business hours as if they were made on the next business day. Except as provided in subsections (b)(3) and (c)(1)(B) of section 4002, when the rules require funds to be available on a business day, those funds must be available at the start of that business day. A bank or credit union may make funds available sooner. The institution still has the right to accept or reject a check, undo a provisional settlement, charge back the account, or seek a refund of a provisional credit. If a deposited check’s money is not yet available, the bank may not freeze other money in the same account just for that reason. Banks must train employees who handle these rules and keep procedures to check that employees follow them. Dollar amounts in the rules will be updated every 5 years after December 31, 2011, using the annual percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the Bureau of Labor Statistics, rounded to the nearest $25.

Title 12, §4006

Banks and Banking — Source: USLM XML via OLRC

(a)For purposes of this chapter, any deposit which is made on a Saturday, Sunday, legal holiday, or after the close of business on any business day shall be deemed to have been made on the next business day.

(b)Except as provided in subsections (b)(3) and (c)(1)(B) of section 4002 of this title, if any provision of this chapter requires that funds be available for withdrawal on any business day, such funds shall be available for withdrawal at the start of such business day.

(c)No provision of this chapter shall be construed as—

(1)prohibiting a depository institution from making funds available for withdrawal in a shorter period of time than the period of time required by this chapter; or

(2)affecting a depository institution’s right—

(A)to accept or reject a check for deposit;

(B)to revoke any provisional settlement made by the depository institution with respect to a check accepted by such institution for deposit;

(C)to charge back the depositor’s account for the amount of such check; or

(D)to claim a refund of such provisional credit.

(d)In any case in which a check is deposited in an account at a depository institution and the funds represented by such check are not yet available for withdrawal pursuant to this chapter, the depository institution may not freeze any other funds in such account (which are otherwise available for withdrawal pursuant to this chapter) solely because the funds so deposited are not yet available for withdrawal.

(e)Each depository institution shall—

(1)take such actions as may be necessary fully to inform each employee (who performs duties subject to the requirements of this chapter) of the requirements of this chapter; and

(2)establish and maintain procedures reasonably designed to assure and monitor employee compliance with such requirements.

(f)The dollar amounts under this chapter shall be adjusted every 5 years after December 31, 2011, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as published by the Bureau of Labor Statistics, rounded to the nearest multiple of $25.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in text, was in the original “this title”, meaning title VI of Pub. L. 100–86, Aug. 10, 1987, 101 Stat. 635, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 4001 of this title and Tables.

Amendments

2010—Subsec. (f). Pub. L. 111–203 added subsec. (f).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

§4006 Miscellaneous provisions