Current through Register Vol. 46, No. 12, March 20, 2024
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;
(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, four 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
(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.
(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.
