What is the Expedited Funds Availability Act?

The Expedited Funds Availability Act (EFAA) is a federal banking law that sets limits on the time that banks can take to make funds available for customers. This law applies to all banks in the state of Virginia. Under the EFAA, banks are required to make most deposits available for withdrawal within one business day. Banks must provide customers with access to funds from deposits made via check, debit card, ATM, or similar means on the same business day. The EFAA also sets out rules for how banks must disclose information to customers about when funds will become available. Banks must provide customers with a written disclosure that outlines the conditions and availability of funds and any fees that may be charged. Customers must be provided with information on how they can contact their bank to dispute deposits or request additional information. Finally, the EFAA also prohibits banks from charging customers the fee for depositing a check or electronic transfer more than once. Banks must also provide customers with information on how to file a dispute if they believe they have been charged a fee incorrectly. The Expedited Funds Availability Act is an important law that helps protect customers who have deposited money into their bank accounts. By limiting how long banks can take to make funds available and providing information on fees, the EFAA helps ensure that customers have quick and convenient access to their funds.

Related FAQs

What is the Payment Card Industry Data Security Standard?
What is the Home Affordable Modification Program?
What is the Bank Holding Company Supervision Act?
What is the Credit Card Accountability Responsibility and Disclosure Act?
What is the Bank Holding Company Act?
What is the Bankruptcy Reform Act?
What is the Expedited Funds Availability Act?
What is the Payment Card Industry Data Security Standard?
What is the Home Owners’ Loan Act?
What is the difference between a bank and a mortgage lender?

What is the Expedited Funds Availability Act?

Related FAQs

Related Blog Posts