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§ 4006. —  Miscellaneous provisions. - US § 4006. —  Miscellaneous provisions. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4006]

                       TITLE 12--BANKS AND BANKING
Sec. 4006. Miscellaneous provisions

(a) After-hours deposits

    For purposes of this chapter, any deposit which is made on a 
Saturday, Sunday, legal holiday, or after the close of business on any 
business day shall be deemed to have been made on the next business day.

(b) Availability at start of business day

    Except as provided in subsections (b)(3) and (c)(1)(B) of section 
4002 of this title, if any provision of this chapter requires that funds 
be available for withdrawal on any business day, such funds shall be 
available for withdrawal at the start of such business day.

(c) Effect on policies of depository institutions

    No provision of this chapter shall be construed as--
        (1) prohibiting a depository institution from making funds 
    available for withdrawal in a shorter period of time than the period 
    of time required by this chapter; or
        (2) affecting a depository institution's right--
            (A) to accept or reject a check for deposit;
            (B) to revoke any provisional settlement made by the 
        depository institution with respect to a check accepted by such 
        institution for deposit;
            (C) to charge back the depositor's account for the amount of 
        such check; or
            (D) to claim a refund of such provisional credit.

(d) Prohibition on freezing certain funds in an account

    In any case in which a check is deposited in an account at a 
depository institution and the funds represented by such check are not 
yet available for withdrawal pursuant to this chapter, the depository 
institution may not freeze any other funds in such account (which are 
otherwise available for withdrawal pursuant to this chapter) solely 
because the funds so deposited are not yet available for withdrawal.

(e) Employee training on and compliance with requirements of this 

    Each depository institution shall--
        (1) take such actions as may be necessary fully to inform each 
    employee (who performs duties subject to the requirements of this 
    chapter) of the requirements of this chapter; and
        (2) establish and maintain procedures reasonably designed to 
    assure and monitor employee compliance with such requirements.

(Pub. L. 100-86, title VI, Sec. 607, Aug. 10, 1987, 101 Stat. 646.)


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