The Expedited Funds Availability Act -Also Referred to as "Regulation

question 3

Multiple Choice

The Expedited Funds Availability Act -also referred to as "Regulation CC", states that _____.

• A) it has nothing to do with the electronic transfers
• B) when a customer deposits a cashier's check, certified check, or a check written on an account in the same bank, the funds must be available by the next five business day
• C) funds drawn on institutions within the same Federal Reserve region must be available within five working days
• D) there is a maximum ten-day wait for funds from out-of-town checks
• E) the time limits are effective, even if the customer has not endorsed the check in a designated space on the back side

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