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Expedited Funds Availability Act

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Expedited Funds Availability Act
Legislation in the United States, passed in 1987, that requires banks to make checks and other deposits available within a certain number of days. Depending on circumstances such as the size of the deposit and how long the account has been open, the bank must make the deposit available on the first, second, seventh or ninth day. See also: Check hold.


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10) Check 21 has its roots in the Expedited Funds Availability Act (EFAA) enacted on August 10, 1987.
explores the law of payment through a series of problems designed to encourage students to concentrate on the exact statutory language in the Uniform Commercial Code, the Electronic Fund Transfer Act, and the Expedited Funds Availability Act.
The journal carries information on federal and state laws and regulatory developments that affect payment systems, from the UCC to the Electronic Funds Transfer Act and the Expedited Funds Availability Act, as well as Check 21.
 
 
 
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