“The Faster Access and Shorter Transaction Time for Checks Act of 2010” or FASTT Checks Act
(H.R. 4936)
Under Rep. Tsongas’ bill, consumers will have faster access to their deposited checks by:
• Increasing the amount of money consumers can access from deposits; and
• Counting Saturdays as Business Days.
|
Effect Today |
Effect Under the FASTT Checks Act |
||
Type of Check |
Wait Time |
Rule |
Wait Time |
Rule |
Local Check |
Friday to Tuesday |
Second business day |
Friday to Monday |
Second business day, counting Saturday |
Nonlocal Check* |
Friday to Friday |
Fifth business day |
Friday to Monday (consolidation to one check processing region) |
Second business day, counting Saturday |
Checks totaling $5,000 deposited in one day |
Local: deposit on the 1st is available on the 10th (7 business days) |
Add 5 business days to local or nonlocal rule for amount equal to or over $5,000 |
Eliminates the five extra days for deposit amounts up to $10,000 |
Up to $10,000 apply local and nonlocal check rules and times |
Funds from smaller checks available on the next business day |
First $100 |
Friday to Monday |
First $200 |
Friday to Saturday |