Expedited Funds Availability Act

Expedited Funds Availability Act - Requires the Board of Governors of the Federal Reserve System to begin to develop a system to provide that: (1) funds deposited by checks drawn on a local depository institution shall be available for withdrawal the next business day following the day of deposit; and (2) for all other checks, not more than three business days shall pass between the day of deposit and the day on which the funds become available. Requires such system to be implemented no later than five years after the date of enactment of this Act.

Requires the Board, not later than six months after the date of enactment of this Act and annually thereafter until such goal is achieved, to report to Congress concerning the actions it has taken.

Sets forth standards for expedited check clearing in any case in which funds are deposited by check in an account at a depository institution. Makes an exception to such standards in any case in which a check is drawn on a depository institution or an office of a depository institution located outside of the United States.

Requires a depository institution, before an account is opened, to provide a written disclosure to the potential customer of the institution's general policy with respect to when a customer may withdraw funds deposited by check into the customer's account. Specifies types of notice.

Permits the Board to publish model disclosure forms and clauses and to promulgate regulations to carry out the provisions of this Act.

Sets forth provisions concerning the administrative enforcement of the requirements imposed by this Act.

Makes any depository institution which fails to comply with any requirement imposed under this Act with respect to any person liable to such person for damages. Permits actions for damages to be brought in any U.S. district court or other court of competent jurisdiction.