Under the Competitive Banking Equality Act, Banks may delay crediting a deposit to an account for up to 10 business days.

Question

Quizplus · Accepted Answer

The Competitive Equality Banking Act does not specifically address the number of days a bank can delay crediting a deposit. The actual regulation governing the availability of funds and the delay of deposit crediting is outlined in the Federal Reserve's Regulation CC (Expedited Funds Availability Act), which generally requires banks to make funds available within specific timeframes, often shorter than 10 business days for many types of deposits.

Under the Competitive Banking Equality Act, Banks May Delay Crediting