H.R.1660 - Faster Access and Shorter Transaction Time for Checks Act of 2011112th Congress (2011-2012)
Summary: H.R.1660 — 112th Congress (2011-2012)
Introduced in House (04/15/2011)
Faster Access and Shorter Transaction Time for Checks Act of 2011 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit.
Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act, and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more.
Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.