[Cash Availability] Arturo,who owns a vineyard in Northern California,deposits two checks in his local bank on Monday.One check is from Simon,who lives in the area,and the other is from Zina,who lives in Atlanta.Arturo needs to write a check to a supplier from his local account.
-Are the funds from both checks required to be available at the same time for Arturo to use?

Question

Quizplus · Accepted Answer

A)If the deposited check is drawn on a bank within the same Federal Reserve Bank area,the depositary bank must make the deposited funds available to the customer on the second business day following the deposit day [12 C.F.R.
229.10b)].If the deposited check is outside the same Federal Reserve Bank area,the depositary bank must make the funds available on the fifth business day following the day of deposit [12 C.F.R.229.12c)].
B)If the deposited check is drawn on a bank within the same Federal Reserve Bank area,the depositary bank must make the deposited funds available to the customer on the second business day following the deposit day [12 C.F.R.229.10b)].If the deposited check is outside the same Federal Reserve Bank area,the depositary bank must make the funds available on the fifth business day following the day of deposit [12 C.F.R.229.12c)].
C)If the deposited check is drawn on a bank within the same Federal Reserve Bank area,the depositary bank must make the deposited funds available to the customer on the second business day following the deposit day [12 C.F.R.229.10b)].If the deposited check is outside the same Federal Reserve Bank area,the depositary bank must make the funds available on the fifth business day following the day of deposit [12 C.F.R.229.12c)].
D)If the deposited check is drawn on a bank within the same Federal Reserve Bank area,the depositary bank must make the deposited funds available to the customer on the second business day following the deposit day [12 C.F.R.229.10b)].If the deposited check is outside the same Federal Reserve Bank area,the depositary bank must make the funds available on the fifth business day following the day of deposit [12 C.F.R.229.12c)].
E)If the deposited check is drawn on a bank within the same Federal Reserve Bank area,the depositary bank must make the deposited funds available to the customer on the second business day following the deposit day [12 C.F.R.229.10b)].If the deposited check is outside the same Federal Reserve Bank area,the depositary bank must make the funds available on the fifth business day following the day of deposit [12 C.F.R.229.12c)].
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Topic: Accepting Deposits

[Cash Availability] Arturo,who Owns a Vineyard in Northern California,deposits Two