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The Faster Access and Shorter Transaction Time for Checks Act of 2010

Under Rep. Tsongas’ bill, consumers will have faster access to their deposited checks

“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

of 2010

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*
*Should no longer exist due to consolidation to ONE check processing region

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)
Nonlocal: deposit on the 1st is available on the 16th (11 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

 

 

IssuesMoney