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Consumer Banking and Payments Law: 12 U.S.C. § 5013. Variation by agreement

(a) Section 5007

Any provision of section 5007 of this title may be varied by agreement of the banks involved.

(b) No other provisions may be varied

Except as provided in subsection (a), no provision of this chapter may be varied by agreement of any person or persons.

[Pub. L. No. 108-100, § 14, 117 Stat. 1190 (Oct. 28, 2003)]

Consumer Banking and Payments Law: 12 U.S.C. § 5015. Study and report on funds availability

(a) Study

In order to evaluate the implementation and the impact of this chapter, the Board shall conduct a study of—

(1) the percentage of total checks cleared in which the paper check is not returned to the paying bank;

(2) the extent to which banks make funds available to consumers for local and nonlocal checks prior to the expiration of maximum hold periods;

Consumer Banking and Payments Law: 12 U.S.C. § 5016. Statistical reporting of costs and revenues for transporting checks between reserve banks

In the annual report prepared by the Board for the first full calendar year after October 28, 2003 and in each of the 9 subsequent annual reports by the Board, the Board shall include the amount of operating costs attributable to, and an estimate of the Federal Reserve banks’ imputed revenues derived from, the transportation of commercial checks between Federal Reserve bank check processing centers.

[Pub. L. No. 108-100, § 17, 117 Stat. 1191 (Oct. 28, 2003)]

Consumer Banking and Payments Law: 12 C.F.R. § 229.11 Adjustment of dollar amounts.

(a) Dollar amounts indexed. The dollar amounts specified in §§ 229.10(c)(1)(vii), 229.12(d), 229.13(a), 229.13(b), 229.13(d), and 229.21(a) shall be adjusted effective on July 1, 2020, on July 1, 2025, and on July 1 of every fifth year after 2025, in accordance with the procedure set forth in paragraph (b) of this section using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W), as published by the Bureau of Labor Statistics.

Consumer Banking and Payments Law: 12 C.F.R. § 229.12 Availability schedule.

(a) Effective date.

The availability schedule contained in this section is effective September 1, 1990.

(b) Local checks and certain other checks.

Except as provided in paragraphs (d), (e), and (f) of this section, a depository bank shall make funds deposited in an account by a check available for withdrawal not later than the second business day following the banking day on which funds are deposited, in the case of—

Consumer Banking and Payments Law: 12 C.F.R. § 229.13 Exceptions.

(a) New accounts.

For purposes of this paragraph, checks subject to § 229.10(c)(1)(v) include traveler’s checks.

(1) A deposit in a new account—

(i) Is subject to the requirements of § 229.10 (a) and (b) to make funds from deposits by cash and electronic payments available for withdrawal on the business day following the banking day of deposit or receipt;

Consumer Banking and Payments Law: 12 C.F.R. § 229.14 Payment of interest.

(a) In general.

A depositary bank shall begin to accrue interest or dividends on funds deposited in an interest bearing account not later than the business day on which the depositary bank receives credit for the funds. For the purposes of this section, the depositary bank may—

(1) Rely on the availability schedule of its Federal Reserve Bank, Federal Home Loan Bank, or correspondent bank to determine the time credit is actually received; and

Consumer Banking and Payments Law: 12 C.F.R. § 229.16 Specific availability policy disclosure.

(a) General.

To meet the requirements of a specific availability policy disclosure under §§ 229.17 and 229.18(d), a bank shall provide a disclosure describing the bank’s policy as to when funds deposited in an account are available for withdrawal. The disclosure must reflect the policy followed by the bank in most cases. A bank may impose longer delays on a case-by-case basis or by invoking one of the exceptions in § 229.l3, provided this is reflected in the disclosure.

Consumer Banking and Payments Law: 12 C.F.R. § 229.18 Additional disclosure requirements.

(a) Deposit slips.

A bank shall include on all preprinted deposit slips furnished to its customers a notice that deposits may not be available for immediate withdrawal.

(b) Locations where employees accept consumer deposits.

A bank shall post in a conspicuous place in each location where its employees receive deposits to consumer accounts a notice that sets forth the time periods applicable to the availability of funds deposited in a consumer account.

Consumer Banking and Payments Law: 12 C.F.R. § 229.19 Miscellaneous.

(a) When funds are considered deposited.

For the purposes of this subpart—

(1) Funds deposited at a staffed facility, ATM, or contractual branch are considered deposited when they are received at the staffed facility, ATM, or contractual branch;

(2) Funds mailed to the depositary bank are considered deposited on the day they are received by the depositary bank;

Consumer Banking and Payments Law: 12 C.F.R. § 229.20 Relation to state law.

(a) In general.

Any provision of a law or regulation of any state in effect on or before September 1, 1989, that requires funds deposited in an account at a bank chartered by the state to be made available for withdrawal in a shorter time than the time provided in subpart B, and, in connection therewith, subpart A, shall—

Consumer Banking and Payments Law: 12 C.F.R. § 229.21 Civil liability.

(a) Civil liability.

A bank that fails to comply with any requirement imposed under subpart B, and in connection therewith, subpart A, of this part or any provision of state law that supersedes any provision of subpart B, and in connection therewith, subpart A, with respect to any person is liable to that person in an amount equal to the sum of—

(1) Any actual damage sustained by that person as a result of the failure;

Consumer Banking and Payments Law: 12 C.F.R. § 229.30 Electronic checks and electronic information.

(a) Checks under this subpart. Electronic checks and electronic returned checks are subject to this subpart as if they were checks or returned checks, except where “paper check” or “paper returned check” is specified. For the purposes of this subpart, the term “check” or “returned check” as used in Subpart A includes “electronic check” or “electronic returned check,” except where “paper check” or “paper returned check” is specified.

Consumer Banking and Payments Law: 12 C.F.R. § 229.33 Depositary bank’s responsibility for returned checks and notices of nonpayment.

(a) Right to assert claim.

(1) A paying bank or returning bank may be liable to a depositary bank under § 229.38 for failing to return a check in an expeditious manner only if the depositary bank has arrangements in place such that the paying bank or returning bank could return a returned check to the depositary bank electronically, directly or indirectly, by commercially reasonable means.