Account Hold

1. Check Hold or the number of days that a bank can legally hold uncollected balances before giving customers use of those funds. Beginning in 1990, the Expedited Funds Availability Act accelerated the Availability Schedule by requiring banks to make the first $100 available for withdrawal at the opening of business the day after funds are deposited, with remaining funds available on the second day after deposit if drawn on local banks and within five days if drawn on nonlocal banks. See also Local Check; Regulation Cc.

2. Notation limiting an account owner's access to his or her funds, as when a savings account is used as collateral for a loan.