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DailyClout

Your Bank Must Make Your Deposited Funds Available to You — Federal Reserve Confirms

March 2, 2017 • by Naomi Wolf

Hi DailyClout Community,

Four alarm posting! Please share!

We spoke on the Naomi Wolf Facebook page yesterday about how US banks are hiding the notices they are legally forced to post, of the limits on them around holding back the availability of funds from your deposited checks. As I noted yesterday, millions and millions of extra days of interest on the ‘float’ means millions in interest that belongs to the people, going to their banks illegally.

You have legal rights to have access to your money within specific short time limits after you make a deposit. Carry this regulation with you if your bank claims it needs to hold your deposit or charges you overdraft fees outside of these time limits!!

Here is the Federal Reserve regulation that confirms:

  • Local checks’ deposited funds must be available to you on the next business day.
  • Government checks, must be available on the next business day.
  • Nonlocal checks, must be available no more than four business days.
  • Cash deposits must be available on next business day.
  • Your bank may not charge you overdraft fees if other withdrawals are made after your money has been deposited on the schedule. In other words, they can’t hold a local check deposit more than a day, and then tell you that another check came in against it so you owe an overdraft fee.

This is DailyClout, empowering you with real transparency around laws and regulations designed to keep you in the dark.

You are welcome!

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A Rhodes Scholar, former advisor to Clinton and Gore campaigns, and author of eight NYT nonfiction bestsellers, Dr. Naomi Wolf has been creating globally influential opinion for 28 years. She is CEO of DailyClout.

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