The Expedited Funds Availability Act (Regulation CC) sets out rules on how quickly banks must unlock your funds. It allows for longer downtimes in certain circumstances. These situations can be described as exceptions. Most banks say they “generally” provide money on the working day after making a deposit, but there are exceptions. Cash deposits to a bank employee must be provided within one working day (working days are weekdays that are not public holidays) and these deposits are often immediately available. Some types of cheques should also be available on a business day: it is always important to define your terms. If you deposit a cheque, you probably think you did it “today,” but you may have missed the cut-off for the start of the deposit process that day. If you make a large deposit, ask the cashier what day your deposit is counted and if holds apply. Your receipt should also have this information, but there is never any need to verify the details. Holds can also help you avoid any problems, but you are ultimately responsible for every deposit you make to your account. If your bank allows you to spend money from a cheque that bounces later (which can happen several weeks after deposit), you may have to pay a fee in addition to the bank`s refund for the money they gave you. It may not be your fault that someone makes you a bad check, but it`s still your problem if you spend money that you don`t really have.
That`s why it`s important to check funds for suspicious cheques and avoid writing cheques from people you don`t trust. If it`s late in the day, you can better deposit at an ATM or via your bank`s mobile app (by putting a picture of the cheque). These methods often have break times later. However, this strategy can backfire if you are not familiar with the technology. Complications can occur, especially at ATMs that do not create an image of your cheque. Trying new deposit methods is best if you don`t need all the money soon and your account is in good condition. If in doubt, seek advice from your bank`s customer service on how to speed up the filing process. When you deposit money into your account, the bank often fixes these deposits, so you have to wait at least one business day before using the money. Federal rules limit how banks can implement their money availability policies.
Banks can be less stringent if they wish. For example, banks can provide emergency funds, and they often do, but they cannot hold money forever. Electronic deposits, such as transfers and direct deposits, are also available in one day. If a waiver applies, the Bank may hold funds for a “reasonable” period of time. “Reasonable” is not specifically defined. Five working days is a typical maintenance time, but longer maintenance options are possible. The deposit contract for the regions includes all deposit accounts that you have or have had with The Regions Bank, under any name or description, including, but not limited, on current accounts, savings accounts, money market deposit accounts, time deposit accounts and certificates of deposit. But sometimes problems arise. Your bank can respect the money, and you can`t withdraw money or spend it as fast as you hoped.
Your bank`s money availability policy and federal provisions specify the duration of all of this.