Conclusion: Reg CC: Ongoing Responsibilities Toward the Account Holder (Funds Availability)

There are two basic groups of availability time limitations you must remember. They are: (1) the next-day availability rules and (2) the permanent schedule. Most of the time limits established in these groups can be extended if one of the safeguard exceptions listed earlier applies. If your policy is to allow availability sooner than required by these time limits, you can extend availability on a case-by-case basis up to the maximum time limit for any reason or no reason at all if you have disclosed that authority in your initial disclosure. If you delay availability either because of a safeguard exception or on a case-by-case basis, then you must give the customer a notice of the delay that includes a statement of when the deposit will be available. You must also post a notice of your funds availability policy in your lobby and include notices on ATMs and preprinted deposit slips. Changes in your policy require notice of the change to be mailed to your customers, and you must supply disclosures of your funds availability policy upon request to anyone who asks.

Regulation CC also requires that you begin paying interest on deposits no later than the time you receive credit for the items deposited, unless you are a credit union and disclose a different policy in your initial disclosure. Finally, the Regulation imposes requirements for employee training and record retention discussed earlier.

For more information on the topics we dealt with in this section, you can look at Sections 10, 11, 12, 13, 14, 15, 16, 18, 19, 20, and 21 of Regulation CC, the corresponding sections of the Commentary and the Model Availability Policy Disclosures in Appendix C. Definitions of terms used in Regulation CC and this section are in Section 2 of Regulation CC. The Regulation, the Commentary, and the Model Disclosures appear in Title 12, Code of Federal Regulations, Section 229.1 et seq.