Regulatory AlertsCA 11-7: Funds Availability and Payment of Interest
The Board of Governors of the Federal Reserve System issued this letter to inform supervised institutions of two Dodd-Frank Act provisions effective July 21, 2011. The Act amended the Expedited Funds Availability Act to require depository institutions to make the first $200 of check deposits available on the next business day, up from the previous $100 limit. Additionally, the repeal of Regulation Q allows member banks to pay interest on demand deposit accounts, provided they notify customers that such accounts lose full deposit insurance coverage.
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