In the ________ Congress set out mandatory schedules limiting check holds and specifying when funds are to be made available to customers by depositary institutions.
A)Expedited Funds Availability Act
B)Electronic Fund Transfer Act
C)Electronic Banking Act
D)Federal Reserve Act

Question

Quizplus · Accepted Answer

The extensive use of holds,and a growing public sentiment that they were excessive and often unfair,led to the passage by Congress in 1987 of the Expedited Funds Availability Act.In the act,Congress set out mandatory schedules limiting check holds and specifying when funds are to be made available to customers by depositary institutions.The act also delegated to the Federal Reserve Board the authority to speed up the check-processing system.

In the ________ Congress Set Out Mandatory Schedules Limiting Check