Funds Availability Notice Requirements: Cutoff Hour

In order to satisfy the requirement that you describe when a deposit is considered received, it is essential that you specify the cutoff hour. In Regulation CC, at 229.16(b)(2), it says that your specific availability policy disclosure should state when each category will be available for withdrawal (including a description of the bank's business days and when a deposit is considered received). http://www.bankersonline.com/regs/229/22916.html

Note also that the model forms in Appendix C contain a reference to the time of day within their description of when a deposit is considered received.
http://www.bankersonline.com/regs/229/a229c.html

First published on BankersOnline.com 2/5/01