I 

112TH CONGRESS 

1ST SESSION H. R. 1660 

To amend the Expedited Funds Availability Act, to adjust dollar limits on 

check hold policies, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 15, 2011 

Ms. TSONGAS (for herself, Ms. SPEIER, and Ms. WILSON of Florida) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Expedited Funds Availability Act, to adjust 

dollar limits on check hold policies, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Faster Access and 

5 Shorter Transaction Time for Checks Act of 2011’’ or the 

6 ‘‘FASTT Checks Act’’. 

7 SEC. 2. ADJUSTMENT OF DOLLAR AMOUNTS. 

8 (a) SECTION 603 ADJUSTMENTS.—Section 603 of 

9 the Expedited Funds Availability Act (12 U.S.C. 4002) 

10 is amended— 


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1 (1) in subsection (b)(3)(B), by striking ‘‘$400’’ 

2 each place that term appears and inserting ‘‘$800’’; 

3 and 

4 (2) in subsection (c)(1)(B)(iii), in the clause 

5 heading, by striking ‘‘$100’’ and inserting ‘‘$200’’. 

6 (b) SECTION 604 ADJUSTMENTS.—Section 604 of 

7 the Expedited Funds Availability Act (12 U.S.C. 4003) 

8 is amended— 

9 (1) in subsection (a)(3)— 

10 (A) in the paragraph heading, by striking 

11 ‘‘$5,000’’ and inserting ‘‘$10,000’’; and 

12 (B) by striking ‘‘$5,000’’ each place that 

13 term appears and inserting ‘‘$10,000’’; and 

14 (2) in subsection (b)(1), striking ‘‘$5,000’’ and 

15 inserting ‘‘$10,000’’. 

16 SEC. 3. ELIMINATION OF LARGE DEPOSIT EXCEPTION FOR 

17 LARGE DEPOSITARY BANKS. 

18 Section 604(b) of the Expedited Funds Availability 

19 Act (12 U.S.C. 4003(b)) is amended— 

20 (1) by redesignating paragraphs (1), (2), and 

21 (3) as subparagraphs (A), (B), and (C), respectively, 

22 and moving the left margin of each such subpara23 graph (as so redesignated) 2 ems to the right; 


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1 (2) by striking ‘‘REPEATED OVERDRAFTS.— 

2 The Board’’ and inserting ‘‘REPEATED OVER3 DRAFTS.— 

4 ‘‘(1) IN GENERAL.—The Board’’; and 

5 (3) by adding at the end the following new 

6 paragraph: 

7 ‘‘(2) EXCEPTION FOR LARGE DEPOSITARY

8 BANKS.—Subparagraph (A) of paragraph (1) shall 

9 not apply, and the Board may not establish any ex10 ception under such subparagraph, with respect to 

11 any check that— 

12 ‘‘(A) has been truncated and cleared in ac13 cordance with the Check Clearing for the 21st 

14 Century Act; and 

15 ‘‘(B) is received for payment or deposit at 

16 a depositary bank (as defined in section 3(3)(B) 

17 of such Act) which has total assets of 

18 $10,000,000,000 or more.’’. 

19 SEC. 4. TREATMENT OF SATURDAY AS A BUSINESS DAY. 

20 (a) DEFINITION.—Section 602(3) of the Expedited 

21 Funds Availability Act (12 U.S.C. 4001(3)) is amended 

22 by inserting before the period at the end the following: 

23 ‘‘, except that Saturday shall be treated as a business day 

24 in the calculation of any period within which funds deposVerDate Mar 15 2010 00:45 Apr 22, 2011 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1660.IH H1660

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1 ited in an account at a receiving depository institution are 

2 required to be made available under this title’’. 

3 (b) CONFORMING AMENDMENT.—Section 607(a) of 

4 the Expedited Funds Availability Act (12 U.S.C. 4006(a)) 

5 is amended by striking ‘‘Saturday,’’. 

Æ 


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