Expedited Funds Availability Act (Reg CC) introduces the key components of the Act. This course explores the availability schedules used on transaction account deposits and the general conditions when Regulation CC allows holds to be extended. The course has been updated to reflect the July 21, 2011 anticipated changes due to the Dodd-Frank Act.  This course also explains some of the basic requirements created by the Federal Reserve Board as part of EFAA for paying and returning checks. Changes to check processing as a result of Check 21 are covered including a description of substitute checks. Timing for disclosures required for new accounts, extended holds, and other key disclosures are discussed.

Audience

Tellers, new account representatives, branch managers, and any staff members who work with checks and new accounts (NOTE: Reg CC training is mandatory for all affected bank personnel.)

Learning Objectives

After completing this course, students will be able to:

• Differentiate between next day, 2nd day, and extended hold availability schedules
• Explain and share the primary benefits of Check 21 
• Describe general disclosure information required for all financial institutions
• Describe the key rules for returning checks

 

*Reviewed to meet current regulations, but no changes were made.