Guide to Banking Labor Laws

by Andrea

The Expedited Funds Availability Act limits the time that a depository bank can delay before making the amount of a deposited check available for withdrawal. The act is elaborated by Subpart B of regulation CC. Checks are negotiable instruments. As such, sections of Article 3 of the Uniform Commercial Code govern the relationship between parties who receive and transfer checks. See also Negotiable instruments. Also bearing on banking activities are Articles 4A, 5, and 8 of the Uniform Commercial Code (which deal with funds transfers, letters of credit, and securities). The banking crisis of the 1930’s led to the development of federal insurance for deposits administered by the Federal Deposit Insurance Corporation. Funding for the program comes from premiums paid by member institutions.