H.R.799 - Consumer Checking Account Fairness Act

To amend the Expedited Funds Availability Act to redress imbalances between the faster withdrawals permitted under the Check 21 Act and the slower rates for crediting deposits, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Consumer Checking Account Fairness Act as introduced.
  • Official: To amend the Expedited Funds Availability Act to redress imbalances between the faster withdrawals permitted under the Check 21 Act and the slower rates for crediting deposits, and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 1,680
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/15/05
 
 
 
 
 
 
 

Official Summary

Consumer Checking Account Fairness Act - Amends the Expedited Funds Availability Act to direct the Board of Governors of the Federal Reserve System to prescribe regulations to: (1) reduce the expedited funds availability time periods to take into account the time within which any receiving

Official Summary

Consumer Checking Account Fairness Act - Amends the Expedited Funds Availability Act to direct the Board of Governors of the Federal Reserve System to prescribe regulations to:
(1) reduce the expedited funds availability time periods to take into account the time within which any receiving institution can reasonably expect to learn of the nonpayment of most items for each category of checks under the Checking Clearing for the 21st Century Act (Check 21 Act) or its implementing regulations; and
(2) eliminate distinctions between the time period schedules if the Board finds that they no longer have any significance for any category of checks under such Act or regulations. Extends the next business day availability requirement to funds deposited at a proprietary ATM. Sets a limit upon certain overdraft fees imposed during a check hold period. Requires a depository institution to credit all deposits to a consumer checking account before debiting any check drawn on the account and presented for payment. Requires that Saturday be treated as a business day in the calculation of any period within which funds deposited in an account are required to be made available if the depository institution debits accounts on Saturdays for checks received. Reduces from four business days to two business days the mandatory check hold period on funds deposited by nonlocal checks. Prohibits a depository institution from imposing a fee for paying any check drawn on an account which lacks sufficient funds (bounce protection) unless the accountholder has requested check protection service. Amends the Check 21 Act to provide that if a bank that holds the account of a consumer imposes any fee for producing a copy of a substitute check, the expedited recredit process shall be available for all charges initiated by check against the account regardless of whether a substitute check was involved or provided to the consumer.

...Read the Rest


Latest Letters to Congress

See All Letters (1)
 


Vote on This Bill

100% Users Support Bill

3 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC