H.R. 4936 · 111th Congress
Faster Access and Shorter Transaction Time for Checks Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TsongasSponsorNo cosponsors.
Faster Access and Shorter Transaction Time for Checks Act of 2010 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit.
What it does: CRS summary · Introduced in House · Mar 24, 2010
Faster Access and Shorter Transaction Time for Checks Act of 2010 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit.
Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act; and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more.
Requires inflation adjustments every five years to dollar amounts under the Act.
Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Faster Access and Shorter Transaction Time for Checks Act of 2010
Also known as: FASTT Checks Act
Latest action (Mar 24, 2010): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 24, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.