Description
The Expedited Funds Availability Act (EFA Act) and its implementing regulation, Regulation CC (Reg CC), govern the availability of funds deposited into transaction accounts held at depository institutions, including specifying the maximum number of business days that funds may be held, any amounts that must be made available depending on the type of deposit, and when deposited funds will be available for withdrawal. This Compliance Quick Reference Guide includes a details around coverage, key definitions, hold notice requirements (for case-by-case and exception holds) and a handy chart to help your team feel confident in placing holds for the correct amounts and time.
