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HR 1660 112th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Consumer affairs

FASTT Checks Act

Introduced: April 15, 2011 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 2, 2011
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Apr 15, 2011
Referred to the House Committee on Financial Services.
Apr 15, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Faster Access and Shorter Transaction Time for Checks Act of 2011 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit.

Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act, and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more.

Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.

What's happening now May 2, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1