Consumer Banking and Payments Law: 4.5.8 One-Day Extension for Certain Withdrawals
The consumer’s bank is allowed to extend the time it holds the consumer’s funds by one business day if the consumer withdraws funds not by writing a regular check but by withdrawing cash or withdrawing by electronic payment or by obtaining a cashier’s check, a teller’s check, or a certified check.258 The one-day extension does not apply to all of the consumer’s funds in this category, however. The bank must make $450 available for withdrawal by these means not later than 5:00 p.m.
