Expedited Funds Availability Act (EFAA)

Definition

Law enacted by Congress in 1987 to regulate holding periods for checking accounts. The Act stipulates the number of days that funds from a check deposit can be withheld from being transferred or withdrawn. The period varies depending on the check amount and the location of the originating bank. Also called Regulation CC.

Related Terms

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
expected value availability schedule