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12 U.S.C. § 4004 — Disclosure of funds availability policies
Federal law — U.S. Code and appendices · legal_authorities
**(a) Notice for new accounts** Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into the customer’s account.
**(b) Preprinted deposit slips** All preprinted deposit slips that a depository institution furnishes to its customers shall contain a summary notice, as prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in regulations, that deposited items may not be available for immediate withdrawal.
**(c) Mailing of notice**
(1) **First mailing after enactment** — In the first regularly scheduled mailing to customers occurring after September 1, 1988, but not more than 60 days after September 1, 1988, each depository institution shall send a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into such customer’s account, unless the depository institution has provided a disclosure which meets the requirements of this section before September 1, 1988.
(2) **Subsequent changes** — A depository institution shall send a written notice to customers at least 30 days before implementing any change to the depository institution’s policy with respect to when customers may withdraw funds deposited into consumer accounts, except that any change which expedites the availability of such funds shall be disclosed not later than 30 days after implementation.
(3) **Upon request** — Upon the request of any person, a depository institution shall provide or send such person a written notice containing the specific policy of such depository institution with
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Source location: Title 12, Chapter 41, § 4004; chapter-041-expedited-funds-availability.md
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**(a) Notice for new accounts** Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into the customer’s account.
**(b) Preprinted deposit slips** All preprinted deposit slips that a depository institution furnishes to its customers shall contain a summary notice, as prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in regulations, that deposited items may not be available for immediate withdrawal.
**(c) Mailing of notice**
(1) **First mailing after enactment** — In the first regularly scheduled mailing to customers occurring after September 1, 1988, but not more than 60 days after September 1, 1988, each depository institution shall send a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into such customer’s account, unless the depository institution has provided a disclosure which meets the requirements of this section before September 1, 1988.
(2) **Subsequent changes** — A depository institution shall send a written notice to customers at least 30 days before implementing any change to the depository institution’s policy with respect to when customers may withdraw funds deposited into consumer accounts, except that any change which expedites the availability of such funds shall be disclosed not later than 30 days after implementation.
(3) **Upon request** — Upon the request of any person, a depository institution shall provide or send such person a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into a customer’s account.
**(d) Posting of notice**
(1) **Specific notice at manned teller stations** — Each depository institution shall post, in a conspicuous place in each location where deposits are accepted by individuals employed by such depository institution, a specific notice which describes the time periods applicable to the availability of funds deposited in a consumer account.
(2) **General notice at automated teller machines** — In the case of any automated teller machine at which any funds are received for deposit in an account at any depository institution, the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe, by regulations, that the owner or operator of such automated teller machine shall post or provide a general notice that funds deposited in such machine may not be immediately available for withdrawal.
**(e) Notice of interest payment policy** If a depository institution described in [section 4005(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4005/b&num=0&edition=prelim) begins the accrual of interest or dividends at a later date than the date described in [section 4005(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4005/a&num=0&edition=prelim) with respect to all funds, including cash, deposited in an interest-bearing account at such depository institution, any notice required to be provided under subsections (a) and (c) shall contain a written description of the time at which such depository institution begins to accrue interest or dividends on such funds.
**(f) Model disclosure forms**
(1) **Prepared by Board and Bureau** — The Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall publish model disclosure forms and clauses for common transactions to facilitate compliance with the disclosure requirements of this section and to aid customers by utilizing readily understandable language.
(2) **Use of forms to achieve compliance** — A depository institution shall be deemed to be in compliance with the requirements of this section if such institution—
(A) uses any appropriate model form or clause as published by the Board, jointly with the Director of the Bureau of Consumer Financial Protection,,11 So in original. or
(B) uses any such model form or clause and changes such form or clause by—
(i) deleting any information which is not required by this chapter; or
(ii) rearranging the format.
(3) **Voluntary use** — Nothing in this chapter requires the use of any such model form or clause prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, under this subsection.
(4) **Notice and comment** — Model disclosure forms and clauses shall be adopted by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, only after notice duly given in the Federal Register and an opportunity for public comment in accordance with [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved—
(1) a military or foreign affairs function of the United States; or
(2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts.
**(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include—
(1) a statement of the time, place, and nature of public rule making proceedings;
(2) reference to the legal authority under which the rule is proposed;
(3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and
(4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov).
Except when notice or hearing is required by statute, this subsection does not apply—
(A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or
(B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.
**(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Account** — The term “account” means a demand deposit account or other similar transaction account at a depository institution.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Business day** — The term “business day” means any day other than a Saturday, Sunday, or legal holiday.
(4) **Cash** — The term “cash” means United States coins and currency, including Federal Reserve notes.
(5) **Cashier’s check** — The term “cashier’s check” means any check which—
(A) is drawn on a depository institution;
(B) is signed by an officer or employee of such depository institution; and
(C) is a direct obligation of such depository institution.
(6) **Certified check** — The term “certified check” means any check with respect to which a depository institution certifies that—
(A) the signature on the check is genuine; and
(B) such depository institution has set aside funds which—
(i) are equal to the amount of the check; and
(ii) will be used only to pay such check.
(7) **Check** — The term “check” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.
(8) **Check clearinghouse association** — The term “check clearinghouse association” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System.
(9) **Check processing region** — The term “check processing region” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescrib
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Federal law — U.S. Code and appendices · legal_authorities
Page 1586
TITLE 12—BANKS AND BANKING
§ 4004
Bureau
of
Consumer
Financial
Protection.’’
for
‘‘Board.’’
1991—Subsec. (a)(2). Pub. L. 102–242, § 227(b)(2), struck
out ‘‘and (2)’’ after ‘‘paragraphs (1)’’.
Subsec. (b). Pub. L. 102–242, § 225(1), inserted ‘‘(a)(2),’’
after ‘‘subsection’’.
Subsec. (c)(1). Pub. L. 102–242, § 225(2), substituted
‘‘(a)(2)’’ for ‘‘(a)(2)(F)’’.
Subsec. (d). Pub. L. 102–242, § 225(3), inserted ‘‘(a)(2),’’
after ‘‘subsections’’.
Subsec. (f)(1)(A)(i). Pub. L. 102–242, § 225(4), sub-
stituted ‘‘time period within which’’ for ‘‘day’’.
Subsec. (f)(2)(D), (E). Pub. L. 102–242, § 225(5), added
subpars. (D) and (E).
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of
House of Representatives treated as referring to Com-
mittee on Banking and Financial Services of House of
Representatives by section 1(a) of Pub. L. 104–14, set
out as a note preceding section 21 of Title 2, The Con-
gress. Committee on Banking and Financial Services of
House of Representatives abolished and replaced by
Committee on Financial Services of House of Rep-
resentatives, and jurisdiction over matters relating to
securities and exchanges and insurance generally trans-
ferred from Committee on Energy and Commerce of
House of Representatives by House Resolution No. 5,
One Hundred Seventh Congress, Jan. 3, 2001.
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the des-
ignated transfer date, see section 1100H of Pub. L.
111–203, set out as a note under section 552a of Title 5,
Government Organization and Employees.
EFFECTIVE DATE
Section effective Sept. 1, 1988, see section 613(b) of
Pub. L. 100–86, set out as a note under section 4001 of
this title.
§ 4004. Disclosure of
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