H.R.4936 - Faster Access and Shorter Transaction Time for Checks Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Tsongas, Niki [D-MA-5] (Introduced 03/24/2010)|
|Committees:||House - Financial Services|
|Latest Action:||03/24/2010 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.4936 — 111th Congress (2009-2010)All Bill Information (Except Text)
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.