12 U.S.C. § 4006: Miscellaneous provisions

Summary

Deposits made on Saturdays, Sundays, legal holidays, or after business hours count as if they were made on the next business day. If the law says money must be available on a business day, it must be available at the start of that day, except for the two specific exceptions in subsections (b)(3) and (c)(1)(B) of section 4002 of this title. Banks may still make funds available sooner than required and keep their normal rights to accept or refuse checks, undo temporary credits, take money back from an account, or ask for a refund of a provisional credit. A bank may not freeze other available money in an account just because a newly deposited check’s funds are not yet available. Each bank must train staff who handle these rules and set up procedures to check that employees follow them. Dollar amounts in this law are adjusted every 5 years after December 31, 2011, using the Consumer Price Index for Urban Wage Earners and Clerical Workers, rounded to the nearest $25.

Title 12, §4006

Banks and Banking, Source: USLM XML via OLRC

(a)After-hours deposits

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)Availability at start of business day

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)Effect on policies of depository institutions

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)Prohibition on freezing certain funds in an account

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)Employee training on and compliance with requirements of this chapter

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)Adjustments to dollar amounts for inflation

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