[Code of Federal Regulations]

[Title 12, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR229.15]



[Page 551-552]

 

                       TITLE 12--BANKS AND BANKING

 

                   CHAPTER II--FEDERAL RESERVE SYSTEM

 

PART 229_AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)

--Table of Contents

 

  Subpart B_Availability of Funds and Disclosure of Funds Availability 

                                Policies

 

Sec. 229.15  General disclosure requirements.



    (a) Form of disclosures. A bank shall make the disclosures required 

by this subpart clearly and conspicuously in writing. Disclosures, other 

than those posted at locations where employees accept consumer deposits 

and ATMs and the notice on preprinted deposit slips, must be in a form 

that the customer may keep. The disclosures shall be grouped together 

and shall not contain any information not related to the disclosures 

required by this subpart. If contained in a document that sets forth 

other account terms, the disclosures shall be highlighted within the 

document by, for example, use of a separate heading.



[[Page 552]]



    (b) Uniform reference to day of availability. In its disclosure, a 

bank shall describe funds as being available for withdrawal on ``the --

-------- business day after'' the day of deposit. In this calculation, 

the first business day is the business day following the banking day the 

deposit was received, and the last business day is the day on which the 

funds are made available.

    (c) Multiple accounts and multiple account holders. A bank need not 

give multiple disclosures to a customer that holds multiple accounts if 

the accounts are subject to the same availability policies. Similarly, a 

bank need not give separate disclosures to each customer on a jointly 

held account.

    (d) Dormant or inactive accounts. A bank need not give availability 

disclosures to a customer that holds a dormant or inactive account.