§ 4006. — Miscellaneous provisions.
[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
CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
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
chapter
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.)
