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12 U.S.C. § 4003 — Safeguard exceptions

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4003 — Safeguard exceptions

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Source file: Laws/federal/codes/united-states-code/title-12/section-4003-safeguard-exceptions--6cba8a46f1.md
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Source location: Title 12, Chapter 41, § 4003; chapter-041-expedited-funds-availability.md

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**(a) New accounts** Notwithstanding [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim), in the case of any account established at a depository institution by a new depositor, the following provisions shall apply with respect to any deposit in such account during the 30-day period (or such shorter period as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may establish) beginning on the date such account is established— (1) **Next business day availability of cash and certain items** — Except as provided in paragraph (3), in the case of— (A) any cash deposited in such account; (B) any funds received by such depository institution by wire transfer for deposit in such account; (C) any funds deposited in such account by cashier’s check, certified check, teller’s check, depository check, or traveler’s check; and (D) any funds deposited by a government check which is described in subparagraph (A), (B), or (C) of [section 4002(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002/a/2&num=0&edition=prelim), such cash or funds shall be available for withdrawal on the business day after the business day on which such cash or funds are deposited or, in the case of a wire transfer, on the business day after the business day on which such funds are received for deposit. (2) **Availability of other items** — In the case of any funds deposited in such account by a check (other than a check described in subparagraph (C) or (D) of paragraph (1)), the availability for withdrawal of such funds shall not be subject to the provisions of section 4002(b), 4002(c), or paragraphs 11 So in original. Probably should be “paragraph”. (1) of [section 4002(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002/e&num=0&edition=prelim). (3) **Limitation relating to certain checks in excess of $5,000** — In the case of funds deposited in such account during such period by checks described in subparagraph (C) or (D) of paragraph (1) the aggregate amount of which exceeds $5,000— (A) paragraph (1) shall apply only with respect to the first $5,000 of such aggregate amount; and (B) not more than 8 business days shall intervene between the business day on which any such funds are deposited and the business day on which such excess amount shall be available for withdrawal. **(b) Large or redeposited checks; repeated overdrafts** The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation, establish reasonable exceptions to any time limitation established under subsection (a)(2), (b), (c), or (e) of [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim) for— (1) the amount of deposits by one or more checks that exceeds the amount of $5,000 in any one day; (2) checks that have been returned unpaid and redeposited; and (3) deposit accounts which have been overdrawn repeatedly. **(c) Reasonable cause exception** (1) **In general** — In accordance with regulations which the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe, subsections (a)(2), (b), (c), and (e) of [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim) shall not apply with respect to any check deposited in an account at a depository institution if the receiving depository institution has reasonable cause to believe that the check is uncollectible from the originating depository institution. For purposes of the preceding sentence, reasonable cause to believe requires the existence of facts which would cause a well-grounded belief in the mind of a reasonable person. Such reasons shall be included in the notice required under subsection (f). (2) **Basis for determination** — No determination under this subsection may be based on any class of checks or persons. (3) **Overdraft fees** — If the receiving depository institution determines that a check deposited in an account is a check described in paragraph (1), the receiving depository institution shall not assess any fee for any subsequent overdraft with respect to such account, if— (A) the depositor was not provided with the written notice required under subsection (f) (with respect to such determination) at the time the deposit was made; (B) the overdraft would not have occurred but for the fact that the funds so deposited are not available; and (C) the amount of the check is collected from the originating depository institution. (4) **Compliance** — Each agency referred to in [section 4009(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4009/a&num=0&edition=prelim) shall monitor compliance with the requirements of this subsection in each regular examination of a depository institution and shall describe in each report to the Congress the extent to which this subsection is being complied with. For the purpose of this paragraph, each depository institution shall retain a record of each notice provided under subsection (f) as a result of the application of this subsection. **(d) Emergency conditions** Subject to such regulations as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may prescribe, subsections (a)(2), (b), (c), and (e) of [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim) shall not apply to funds deposited by check in any receiving depository institution in the case of— (1) any interruption of communication facilities; (2) suspension of payments by another depository institution; (3) any war; or (4) any emergency condition beyond the control of the receiving depository institution, if the receiving depository institution exercises such diligence as the circumstances require. **(e) Prevention of fraud losses** (1) **In general** — The Board, jointly with the Director of the Bureau of Consumer Financial Protection, may, by regulation or order, suspend the applicability of this chapter, or any portion thereof, to any classification of checks if the Board, jointly with the Director of the Bureau of Consumer Financial Protection, determines that— (A) depository institutions are experiencing an unacceptable level of losses due to check-related fraud, and (B) suspension of this chapter, or such portion of this chapter, with regard to the classification of checks involved in such fraud is necessary to diminish the volume of such fraud. (2) **Sunset provision** — No regulation prescribed or order issued under paragraph (1) shall remain in effect for more than 45 days (excluding Saturdays, Sundays, legal holidays, or any day either House of Congress is not in session). (3) **Report to Congress** (A) *Notice of each suspension* — Within 10 days of prescribing any regulation or issuing any order under paragraph (1), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall transmit a report of such action to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (B) *Contents of report* — Each report under subparagraph (A) shall contain— (i) the specific reason for prescribing the regulation or issuing the order; (ii) evidence considered by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in making the determination under paragraph (1) with respect to such regulation or order; and (iii) specific examples of the check-related fraud giving rise to such regulation or order. **(f) Notice of exception; availability within reasonable time** (1) **In general** — If any exception contained in this section (other than subsection (a)) applies with respect to funds deposited in an account at a depository institution— (A) the depository institution shall provide notice in the manner provided in paragraph (2) of— (i) the time period within which the funds shall be made available for withdrawal; and (ii) the reason the exception was invoked; and (B) except where other time periods are specifically provided in this chapter, the availability of the funds deposited shall be governed by the policy of the receiving depository institution, but shall not exceed a reasonable period of time as determined by the Board, jointly with the Director of the Bureau of Consumer Financial Protection. (2) **Time for notice** — The notice required under paragraph (1)(A) with respect to a deposit to which an exception contained in this section applies shall be made by the time provided in the following subparagraphs: (A) In the case of a deposit made in person by the depositor at the receiving depository institution, the depository institution shall immediately provide such notice in writing to the depositor. (B) In the case of any other deposit (other than a deposit described in subparagraph (C)), the receiving depository institution shall mail the notice to the depositor not later than the close of the next business day following the business day on which the deposit is received. (C) In the case of a deposit to which subsection (d) or (e) applies, notice shall be provided by the depository institution in accordance with regulations of the Board, jointly with the Director of the Bureau of Consumer Financial Protection. (D) In the case of a deposit to which subsection (b)(1) or (b)(2) applies, the depository institution may, for nonconsumer accounts and other classes of accounts, as defined by the Board, that generally have a large number of such deposits, provide notice at or before the time it first determines that the subsection applies. (E) In the case of a deposit to which subsection (b)(3) applies, the depository institution may, subject to regulations of the Board, provide notice at the beginning of each time period it determines that the subsection applies. In addition to the requirements contained in paragraph (1)(A), the notice shall specify the time period for which the exception will apply. (3) **Subsequent determinations** — If the facts upon which the determination of the applicability of an exception contained in subsection (b) or (c) to any deposit only become known to the receiving depository institution after the time notice is required under paragraph (2) with respect to such deposit, the depository institution shall mail such notice to the depositor as soon as practicable, but not later than the first business day following the day such facts become known to the depository institution.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4002 — Expedited funds availability schedules

**(a) Next business day availability for certain deposits** (1) **Cash deposits; wire transfers** — Except as provided in subsection (e) and in [section 4003 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4003&num=0&edition=prelim), in any case in which— (A) any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or (B) funds are received by a depository institution by wire transfer for deposit in an account at such institution, such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit. (2) **Government checks; certain other checks** — Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of— (A) a check which— (i) is drawn on the Treasury of the United States; and (ii) is endorsed only by the person to whom it was issued; (B) a check which— (i) is drawn by a State; (ii) is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution; (iii) is deposited with a special deposit slip which indicates it is a check drawn by a State; and (iv) is endorsed only by the person to whom it was issued; (C) a check which— (i) is drawn by a unit of general local government; (ii) is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution; (iii) i

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Federal law — U.S. Code and appendices · legal_authorities

2 U.S.C. § 21 — Oath of Senators

The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(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

12 U.S.C. § 4001 — Definitions

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

12 U.S.C. § 4003 — Safeguard exceptions

Page 1583 TITLE 12—BANKS AND BANKING § 4003 1 So in original. Probably should be ‘‘subparagraph’’. (2) Extension for certain deposits in noncontig- uous States or territories Notwithstanding any other provision of law, any time period established under subsection (b), (c), or (e) shall be extended by 1 business day in the case of any deposit which is both— (A) deposited in an account at a depository institution which is located in Alaska, Ha- waii, Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Is- lands, Guam, or the Virgin Islands; and (B) deposited by a check drawn on an orig- inating depository institution which is not located in the same State, commonwealth, or territory as the receiving depository in- stitution. (e) Deposits at ATM (1) Nonproprietary ATM (A) In general Not more than 4 business days shall inter- vene between the business day a deposit de- scribed in subparagraph (B) is made at a nonproprietary automated teller machine (for deposit in an account at a depository in- stitution) and the business day on which funds from such deposit are available for withdrawal. (B) Deposits described in this paragraph 1 A deposit is described in this subparagraph if it is— (i) a cash deposit; (ii) a deposit made by a check described in subsection (a)(2); (iii) a deposit made by a check drawn on a local originating depository institution (other than a check described in sub- section (a)(2)); or (iv) a deposit made by a check drawn on a nonlocal originating depository institu- tion (other than a check described in sub- section (a)(2)). (2) Proprietary ATM—temporary and perma- nent schedules The provisions of subsections (a), (b), and (c) shall apply with respect to any funds deposited at a proprietary automated telle

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