Banks must credit all customers' deposits to their accounts on the same day that the deposits are received.

Question

Quizplus · Accepted Answer

While banks strive to credit deposits on the same day they are received, there is no legal requirement for them to do so. The Federal Reserve only requires that banks make funds available within a certain time frame, which varies depending on the type of deposit and method of depositing.

Banks Must Credit All Customers' Deposits to Their Accounts on the Same