The Federal Reserve has recently restructured the check-processing operations
within the Federal Reserve System. Effective February 27, 2010, there
will only be a single check-processing region, which will result in checks
no longer being considered non-local for purposes of Regulation CC. A
single check-processing region will subject some checks to faster funds
availability schedules.
What This Means For You
As a result of these changes, all references to non-local checks as well as time periods related to non-local check deposits in your funds availability disclosures are not longer effective. Instead, checks that were once considered non-local and subject to longer hold times will now be considered local and subject to faster availability. Based on the current policy, the first $100 from a deposit of local checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.
If you have any questions, contact our Call Center at 410-965-8908 or
1-866-4SECPLUS.
