I 

111TH CONGRESS 

2D SESSION H. R. 4936 

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

check hold policies, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 24, 2010 

Ms. TSONGAS 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 2010’’ 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 (a)(2)(D), by striking ‘‘$100’’ 

2 and inserting ‘‘$200’’; 

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

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

5 (3) in subsection (b)(3)(C), in the subpara6 graph heading, by striking ‘‘$100’’ and inserting 

7 ‘‘$200’’; and 

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

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

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

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

12 is amended— 

13 (1) in subsection (a)(3)— 

14 (A) in the paragraph heading, by striking 

15 ‘‘$5,000’’ and inserting ‘‘$10,000’’; and 

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

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

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

19 inserting ‘‘$10,000’’. 

20 SEC. 3. ELIMINATION OF LARGE DEPOSIT EXCEPTION FOR 

21 LARGE DEPOSITARY BANKS. 

22 Section 604(b) of the Expedited Funds Availability 

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

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

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


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1 and moving the left margin of each such subpara2 graph (as so redesignated) 2 ems to the right; 

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

4 The Board’’ and inserting ‘‘REPEATED OVER5 DRAFTS.— 

6 ‘‘(1) IN GENERAL.—The Board’’; and 

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

8 paragraph: 

9 ‘‘(2) EXCEPTION FOR LARGE DEPOSITARY

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

11 not apply, and the Board may not establish any ex12 ception under such subparagraph, with respect to 

13 any check that— 

14 ‘‘(A) has been truncated and cleared in ac15 cordance with the Check Clearing for the 21st 

16 Century Act; and 

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

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

19 of such Act) which has total assets of 

20 $10,000,000,000 or more.’’. 

21 SEC. 4. REGULAR ADJUSTMENTS FOR INFLATION. 

22 Section 607 of the Expedited Funds Availability Act 

23 (12 U.S.C. 4006) is amended by adding at the end the 

24 following: 


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1 ‘‘(f) ADJUSTMENTS TO DOLLAR AMOUNTS FOR IN2 FLATION.—The dollar amounts under this title shall be 

3 adjusted every 5 years after December 31, 2011, by the 

4 annual percentage increase in the Consumer Price Index 

5 for Urban Wage Earners and Clerical Workers, as pub6 lished by the Bureau of Labor Statistics, rounded to the 

7 nearest multiple of $25.’’. 

8 SEC. 5. TREATMENT OF SATURDAY AS A BUSINESS DAY. 

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

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

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

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

13 in the calculation of any period within which funds depos14 ited in an account at a receiving depository institution are 

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

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

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

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

Æ 


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