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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedMarch 12th, 2009

Bill Details

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Title

Consumer Checking Fairness Act

Official Title

To establish a fair order of posting checks and deposits to prevent unjust enrichment of financial institutions from fees that accrue only by virtue of the order used by the institution for posting checks and deposits, and for other purposes.

Summary

Consumer Checking Fairness Act - Amends the Expedited Funds Availability Act to require depository institutions to: (1) post checks presented for payment against checking accounts used primarily for personal, family, or household purposes after the close of any business day in the numerical order of the checks, beginning with the lowest number; (2) notify accountholders of, and require their written consent for, an alternate posting order; and (3) credit all deposits to such accounts after the close of any business day before debiting any check drawn on the account and presented for payment. Directs the Board of Governors of the Federal Reserve System to prescribe implementing regulations.

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