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The Expedited Funds Availability Act -Also Referred to as "Regulation

Question 38

Multiple Choice

The Expedited Funds Availability Act -also referred to as "Regulation CC", states that _____.


A) it has nothing to do with the electronic transfers
B) when a customer deposits a cashier's check, certified check, or a check written on an account in the same bank, the funds must be available by the next five business day
C) funds drawn on institutions within the same Federal Reserve region must be available within five working days
D) there is a maximum ten-day wait for funds from out-of-town checks
E) the time limits are effective, even if the customer has not endorsed the check in a designated space on the back side

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