Expedited Funds Expedited Funds Availability Act Availability Act1988

Slides:

Advertisements

Similar presentations

Lines A1c and A2.

Advertisements

Copyright, 1996 © Dale Carnegie & Associates, Inc. BANK ON IT Money Smart Course Indiana Department of Financial Institutions.

Bank Provided Services Consumer Economics Graduation Requirement Senior Seminar

Money and Financial Institutions. In the monetary system goods and services are indirectly exchanged using money, which can then be exchanged for other.

Regulation CC March 2, What is Regulation CC? The federal regulations that defines check types and the maximum hold period allowable for each type.

Balance Sheet Workspace Practice Problems. Problem 1 The US Treasury borrows from the nonbank public by selling them US Treasury securities. The nonbank.

Checking Account & Debit Card Simulation

Checking Accounts & Banking Services

Regulation CC Funds Availability Presented By: [Your name here]

Consumer Services Chapter 10-3: Managing Your Money.

© 2007 West Legal Studies in Business, A Division of Thomson Learning Chapter 19 Checks, the Banking System, and E-Money.

Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Banks and Other Financial Institutions Financial Services.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Banking Basics O You can take charge of your financial future!

Copyright © 2008 Delmar Learning. All rights reserved. Chapter 14 Banking.

Payment System and Banking Relationships1 U.S. Banking System Financial Institutions  Commercial Banks Focus: corporate services: lending, cash management.

Banking and Financial Services

Banking and Financial Services

1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is.

BANKING/CHECKING ACCOUNTS. Banking/Checking Accounts How Banks Work Using a checking account Balancing your checking account Electronic banking Other.

Checking Accounts 101 How much do you know about the most common form of bank account?

FINANCE Chapter 9 Checking Accounts and Other Banking Services.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Banking: Checking Account What is a Checking Account? An account where money is deposited and kept for day-to-day expenses Also called demand deposit.

How should I pay?. I listed these in the order I think you are most likely to encounter them.  Cash  Check  Debit card (use for a Debit or Credit transaction)

Checking Accounts. What is a Checking Account? 1.A checking account is a sum of money that you deposit in a bank or other financial institution, to hold.

Bank On It 1. 2 Purpose Bank On It : Is an overview of banking services. Will help you build a positive relationship with banks, thrifts, and credit unions.

1 CO-OP Shared Branching Shared Branching 101 January 2014.

Introduction to Business © Thomson South-Western ChapterChapter Banking and Financial Services Banks and Other Financial Institutions Financial.

Chapter 3, Section 3 ELECTRONIC BANKING.

Objective 4.02 Understand the banking system Classification of financial institutions.

Financial Law Coach Johnson Understanding Business and Personal Law.

Chapter 10 Banking.

Banking Math 10 Essentials. Banking Transactions A bank is an financial institution which deals with cash, domestic and foreign, receives and stores deposits.

“Check” Out These Terms!. Overdrawn – The amount by which withdrawals exceed deposits Overdraft Protection – the bank will cover the check or pay the.

Banking Vocabulary.

©2002 by West Legal Studies in Business A Division of Thomson Learning Chapter 20 Checks, Banks and Cyberbanking.

Banking. Why banks?  Security: FDIC (Federal Deposit Insurance Commission), insured up to $250,000  Convenience- access your money almost anywhere 

CHAPTERS 9 & 10 WHERE TO STASH YOUR CASH. LEARNING TARGETS Students can… Explain how banks make a profit Identify types of checking accounts Fill out.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 3.2Slide 1 3.2Electronic Banking Record electronic banking transactions Find account balance when banking.

September 28, 2011 Objective: Students will identify the purpose of a checking account.

The Language of Banking Chapter 1 Unit 2. The Language of Banking This unit will be covering the most common banking terms and their definitions. The.

Comprehensive Volume, 18 th Edition Chapter 34: Checks and Funds Transfers.

1 Common Payment Services - EFT Electronic Funds Transfer (EFT) Banking method in which computers and electronic technology is used as a substitute for.

$0.01 $1 $5 $10 $25 $50 $75 $100 $200 $300 $400 $500 $750 $1,000 $5,000 $10,000 $25,000 $50,000 $75,000 $100,000 $200,000 $300,000 $400,000 $500,000 $750,000.

Types of Money How should I pay?. Types of money I listed these in the order I think you are most likely to encounter them.  Cash  Check  Debit card.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts Banking Services and Fees 9.

4.02 E STUDENTS WILL UNDERSTAND THE PURPOSES OF SPECIAL CHECKS STUDENTS WILL UNDERSTAND STOP PAYMENT ORDERS AND VOID CHECKS. Other Forms of Payment.

Banking Keep your money safe!. Banking You started your business, now what do you do with your money? Where do you get that loan to expand your business?

More bankingChecks, etc. Check types ServicesMisc. Banking Banking Services Game.

FHF Ferrell Hirt Ferrell M: Business 2 nd Edition.

Fri. 4/15. Ch. 10 Money and Banking 10.3 Notes “Banking Today”

BANKING/CHECKING ACCOUNTS. Banking/Checking Accounts How Banks Work Using a checking account Balancing your checking account Electronic banking Other.

PD 21 Mrs. Biegel. NPR Podcast Banks are a business, they: Provide a safe place for people to deposit money Lend funds to people & businesses in temporary.

Using Bank Services Chapter 33. Checking Accounts A customer deposits money in an account and receives a book of checks. May deposit or withdraw money.

Other Banking Services Chapter 7.5. Certified Check ► Personal check ► Stamped and signed by bank officer ► Charges a fee - $5-$20 ► Withdrawals money.

Unit 4: Banking Consumer Education Chapter 7. How Banks Work  Banks are a business; they work to earn a profit  Most profit comes from interest charged.

Presenter: Shirley Johnson

Lesson 5.2 Banking Services and Fees

Consumer Education Chapter 7

Financial Institutions Electronic Banking Checking Accounts

17 Banking and Financial Services

How to use a checking acct

Banking and Financial Services

Who Wants to Win… 100 GRAND.

Lesson 4.2 Banking Services and Fees

Presentation transcript:

Expedited Funds Expedited Funds Availability Act Availability Act1988

Expedited Funds Availability applies to funds deposited into a members - transaction/share draft account.

Mail – banking day CU receives it Night deposit – when removed by CU CU ATM’s – when deposited (must consider cut-off) Off premises ATM – when removed The day funds are considered deposited: Closed or after cut-off – next banking day With teller – when the teller receives it

Electronic payments (ACH & Wire transfers) U.S. Treasury Checks & Postal Money Orders Federal Reserve & Federal Home Loan Bank Checks State & Local Government Checks Next Day Items: Cashier, Certified & Teller checks Cash Checks drawn on your CU’s accounts

Reg CC Amendments Check 21Check Local ChecksLocal Checks

$200 Rule: If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day.If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day. If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit.If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit.

$200 Rule: If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day.If $100 is deposited in an account by local check, the entire amount must be available for withdrawal at the start of the next business day. If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit.If a member deposits a $500 local check, $200 would have to be available for withdrawal at the start of the next business day, and the remaining $300 would have to be available on the second business day after deposit.

Large deposits – over $5,000 Re-deposited checks Repeatedly overdrawn accounts Reasonable cause to doubt collectability Longer holds can be placed for: Emergency situations New Accounts 5,001.00

Preprinted deposit slips Lobby signs ATM notices Exception & Case-by-Case Notice On member request Initial Funds Availability Policy Sample Disclosures: idx?c=ecfr&SID=775d3d1007f25dc3f6920ba378e674c8&rgn=div9&view=text&node=12: &idno=12http:// idx?c=ecfr&SID=775d3d1007f25dc3f6920ba378e674c8&rgn=div9&view=text&node=12: &idno=12

Case-by-Case Holds

Thank you for joining me for this overview of the Expedited Funds Availability Act