Number of days a bank can legally hold uncollected funds before crediting deposited funds to a customer's account. The Expedited Funds Availability Act of 1987 limits check holds to two business days for Local Checks and five days for nonlocal checks after September 1, 1990. The first $100 of any check must be available for use the next business day. See also Availability Schedule; Regulation Cc.
Check Hold
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Mentioned in
- govern
- compesce
- Availability (in banking)
- ileus
- Availability Schedule (in banking)
- Account Hold (in banking)
- cork
- rein
- inhibit
- Uncollected Funds (in banking)
