Summary: H.R.4936 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.4936. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/24/2010)

Faster Access and Shorter Transaction Time for Checks Act of 2010 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit.

Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act; and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more.

Requires inflation adjustments every five years to dollar amounts under the Act.

Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.