Important Information Regarding Funds Availability

The Federal Reserve Board and the Consumer Financial Protection Bureau announced they have jointly issued final amendments to Regulation CC that implement a statutory requirement to adjust for inflation every five years the amount of funds depository institutions must make available to customers. The amendments apply in circumstances ranging from the next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn. The first set of adjustments have been finalized and will be effective July 1, 2020 to allow institutions adequate time for implementation:

• The $100 amount (changed in 2011 by the Dodd-Frank Act to $200) in section 229.10(c)(1)(vii) of deposits of non next-day checks to be available by the next business day will increase to $225.
• The $400 amount in section 229.12(d) (Time period adjustment for withdrawal by cash or similar means) will increase to $450.
• The $5,000 amounts in section 22.13(a) (new accounts), 229.13(b) (large deposits) and 229.13(d) (repeated overdrafts will increase to $5,525.

The $1,000 and $500,000 amounts in section 229.21(a) (civil liability) will increase to $1,100 and $552,500, respectively.

If you have any questions, please contact us at 585.586.8225.