- Not enactedThe President has not signed this bill
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Committee on Financial ServicesIntroducedMarch 24th, 2010
- house Committees
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Faster Access and Shorter Transaction Time for Checks Act of 2010
To amend the Expedited Funds Availability Act, to adjust dollar limits on check hold policies, and for other purposes.
Faster Access and Shorter Transaction Time for Checks Act of 2010 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit. Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act; and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more. Requires inflation adjustments every five years to dollar amounts under the Act. Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.