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 funds deposited by check in an account of a depository institution shall be available for withdrawal: (1) immediately if the check is drawn on the Treasury or a State or local government and is endorsed only by the person to whom it is issued; (2) the next business day if the check is for not over $100, is a cashier's or certified check, or is drawn on a branch of the institution located in the same Federal Reserve district; and (3) following three business days after such deposit for all other checks. Requires such system to be implemented no later than three years after enactment of this Act. Requires the Board, not later than six months after enactment of this Act and annually thereafter until such system is implemented, to report to the Congress on its actions under this Act.

Sets forth time standards for expedited check clearing to take effect 90 days after enactment of this Act. Requires funds deposited by check to be available: (1) on the second business day after deposit if the check is for not over $100, is drawn on a branch in the same State as the receiving institution, is drawn on the Treasury or a State or local government and is endorsed only by the person to whom it is issued, or is a cashier's or certified check; and (2) on the fifth business day after deposit for all other checks. Authorizes the Board to shorten such time periods. Requires cash deposits to be available on the day of deposit. Makes exceptions to such standards with respect to: (1) checks drawn on a depository institution or an office of a depository institution located outside of the United States; (2) deposits of checks aggregating more than $5,000 in any account on any business day, excluding cashier's and certified checks; (3) deposits made by new depositors within the first 30 days after opening an account, excluding cashier's and certified checks; (4) any account that is overdrawn three times in six months; and (5) emergencies beyond the control of the depository institution.

Permits a State to require a depository institution to provide for shorter time periods for deposit availability.

Requires interest to accrue on funds deposited in interest-bearing accounts beginning on the business day of deposit.

Requires a depository institution to meet specified disclosure requirements concerning its general policy on the availability for withdrawal of funds deposited by check. Authorizes the Board to publish model disclosure forms and clauses for common transactions.

Sets forth provisions governing: (1) the administrative enforcement of this Act; and (2) the civil liability of institutions that fail to comply with this Act.