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Financial Institution Letter

Delayed Availability of Funds

August 28, 1996
Notes
 

TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Withdrawal of the Joint Policy Statement on Delayed Availability of Funds

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) have withdrawn their joint statement of policy on delayed availability of funds.

Pursuant to Section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994, the federal banking agencies are required to streamline and remove obsolete and duplicative requirements.

The agencies decided to withdraw the statement because it was no longer necessary with the enactment of the Expedited Funds Availability Act (EFAA), which requires institutions to disclose their funds availability policies. The EFAA also lists specific time periods during which a depository institution must make deposited funds available to its account holders.

The interagency notice is attached.

Carmen J. Sullivan
Director

Attachment: PDF Format (11 kb, PDF help or hard copy ), HTML Format

Distribution: FDIC-Supervised Banks (Commercial and Savings)


FIL-67-96

Last Updated: August 28, 1996