The first ________ of any amount deposited in a bank must be available to the depositor on the business day following the day of deposit.
A)$100
B)$200
C)$300
D)$500
E)$1,000

Question

Quizplus · Accepted Answer

Because customers were frustrated with extended holds on checks,the United States Congress enacted the Expedited Funds Availability Act of 1987.This act created explicit timelines that mandate when banks must make deposited funds available to customers.If the risk of dishonor is low,the funds must be made available very quickly.For example,according to 12 C.F.R.Section 229.10(a)-(c),the first $100 of any amount deposited must be available to the depositor on the business day following the day of deposit.The availability of the rest of the funds depends on whether the check is local,what the amount of the check is,and how the depositor wants to withdraw the funds.

The First ________ of Any Amount Deposited in a Bank