A bill to require depository institutions to disclose to their customers their practices relating to the availability of funds in connection with check deposits, to require the timely payment of interest on deposits to interest bearing accounts, and for other purposes.
Fair Deposit Availability Act of 1983 - Requires a depository institution, before opening a deposit account, to give a customer written disclosure of its general policy on withdrawal of funds deposited by check or similar instruments into such account.
Requires a depository institution to: (1) furnish its customers preprinted deposit slips, or envelopes for automatic teller machine deposits bearing a summary statement of such withdrawal policy; or (2) in the case of a particular deposit by check or similar instrument for which funds may not be immediately available for withdrawal, provide specific notice of the time the customer may withdraw such funds.
Requires a depository institution to begin to compute interest on funds so deposited on the date on which such institution receives provisional credit for check or similar instrument.
Requires depository institutions to comply with certain endorsement standards.
Provides for expedited notice of nonpayment of a check or similar instrument.
Requires the Board of Governors of the Federal Reserve System to publish model disclosure forms and regulations to carry out this Act.
Provides for administrative enforcement of compliance with this Act.
Sets forth civil penalties for any depository institutions which fails to comply with the requirements of this Act.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System, Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Comptroller of the Currency, National Credit Union Administration.
Committee on Banking received executive comment from National Credit Union Administration.
Committee on Banking received executive comment from Federal Home Loan Bank Board.
Committee on Banking received executive comment from Federal Deposit Insurance Corporation.
Subcommittee on Consumer Affairs. Hearings held. Hearings printed: S.Hrg. 98-405.
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