Asked by Jaiye Otulana on Jul 22, 2024
Verified
Certified checks must be made available by:
A) the next day after the day of deposit.
B) within four days.
C) on the same day.
D) any business day.
Certified Checks
Checks guaranteed by a bank, verifying that the signature is genuine and that the check writer has sufficient funds in their account.
Day Of Deposit
The day on which funds are deposited into a bank account, which starts the process of the funds being cleared and made available for use.
- Acquire knowledge on the Expedited Funds Availability Act and understand its effects on check processing and availability timelines.
Verified Answer
FG
FireFly GamingJul 25, 2024
Final Answer :
A
Explanation :
Certain items must be made available by the next day after the day of deposit.These include: cash deposits where the deposit is made in person to an employee of the depositary bank;electronic payments;checks drawn on the U.S.Treasury;U.S.Postal Service money orders;checks drawn on a Federal Reserve Bank or Federal Home Loan Bank;checks drawn by a state or a unit of local government;cashier's,certified,or teller's checks;checks drawn on the depositary bank;the lesser of $100 or the aggregate deposit on any one banking day.
Learning Objectives
- Acquire knowledge on the Expedited Funds Availability Act and understand its effects on check processing and availability timelines.