N.Y. Comp. Codes R. & Regs. tit. 3 § 34.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 34.4 - Availability of funds for items deposited

With respect to items deposited in an account, all depositary banks shall make the funds for such items available for withdrawal from such account, in accordance with the periods of time as set forth in this section (except as otherwise provided under section 34.5 of this Part), the provisions of individual account agreements notwithstanding. Nothing contained in this section shall prevent a depositary bank from making funds available for withdrawal within a shorter period of time than that required by this section, pursuant to a depositary bank's policy. Nothing contained in this section or elsewhere in this Part shall affect a depositary bank's existing right to accept or reject an item for deposit or, if the item is accepted for deposit and the depositary bank has made provisional settlement with its customer, to revoke the settlement given by it, charge back the customer's account or claim a refund therefor in accordance with New York Uniform Commercial Code.

(a) Banks shall make funds available at the start of the business day subsequent to the periods detailed below:

(1) for items drawn on a local bank or savings institution (other than the depositary bank), and except as provided under paragraphs (4), (5), (6) and (7) of this subdivision, two business days;

(2) for items drawn on a nonlocal bank or savings institution (other than the depositary bank) which is located in this State, and except as provided under paragraphs (4), (5), (6) and (7) of this subdivision, three business days;

(3) for items drawn on any other bank or savings institution located in the United States, and except as provided under paragraphs (4), (5), (6) and (7) of this subdivision, six business days;

(4) for any item drawn in a face amount of $100 or less, one business day;

(5) for any item drawn on a New York branch of the depositary bank, one business day;

(6) for first-endorsed items drawn on the U.S. Treasury, one business day;

(7) for any first-endorsed items drawn by the State of New York or any counties, cities, towns or villages thereof, one business day, if such items are deposited at a manned teller station together with a separate deposit slip which indicates that the item being deposited is a government check; and

(8) with respect to any item which is deposited at a shared or nonproprietary electronic facility of the depositary institution, it may, at its option, add an additional business day to the relevant availability time stipulated herein.

(b) Savings institutions shall make funds available at the start of the business day subsequent to the periods detailed below:

(1) for items drawn on a local bank or savings institution (other than the depositary bank) and except as provided under paragraphs (4), (5), (6) and (7) of this subdivision, three business days;

(3) for items drawn on any other bank or savings institution located in the United States, and except as provided under paragraphs (4), (5), (6) and (7) of this subdivision, eight business days;

(4) for any item drawn in a face amount of $100 or less, one business day;

(5) for any item drawn on a New York branch of the depositary bank, one business day;

(6) for first-endorsed items drawn on the U.S. Treasury, one business day;

(7) for any first-endorsed items drawn on the State of New York or any counties, cities, towns or villages thereof, one business day, if such items are deposited at a manned teller station together with a separate deposit slip which indicates that the item being deposited is a government check; and

(c) The provisions of paragraphs (a)(2) and (b)(2) of this section shall also be applicable to all transaction accounts at banks and savings institutions respectively.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 34.4