1 payment systems funds availability. 2 basic concepts we have learned: a bank only has to pay a...

1 Payment Systems Funds Availability

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Payment Systems

Funds Availability

Basic conceptsWe have learned: A bank only has to pay a check if it is authorized by the customer and there is sufficient funds in the account to pay the check.

Page 3: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic conceptsWe have learned : A bank only has to pay a check if it is authorized by the customer and there is sufficient funds in the account to pay the check.

Bank may agree to extend credit (overdraft)

Bank may pay the check if there are insufficient funds but is not obligated

Page 4: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts• When are funds deposited available in

an account for purposes of calculating sufficient funds to pay an item?

• When does a bank check for funds?

Page 5: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts• When are funds deposited available in

an account for purposes of calculating sufficient funds to pay an item?

• Cash – when deposited

• State law says: Items – when the bank is sure it has received final payment for the item. §4-215.

Page 6: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts• When are funds deposited available in

an account for purposes of calculating sufficient funds to pay an item?

• Cash – when deposited

• State law says: Items – when the bank is sure it has received final payment for the item. §4-215.

• Federal law pre-empts state law with hard deadlines. EFAA.

Page 7: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts• When does a bank check for funds?

Page 8: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts• When does a bank check for funds?

–Whenever it decides to! §4-402(c)

Page 9: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAA• Establishes fixed deadlines for making

deposited items available.

Page 10: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAA• Establishes fixed deadlines for making

deposited items available.

• Creates several exceptions for risky situations: new accounts, large items, suspicion of fraud.

Page 11: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAA• Local Check: Check drawn on a bank

located in the same check processing region as the depository bank

• Non-Local Check: A check drawn on a bank located outside the check processing region of the depository bank.

• Cash withdrawal: Give me da money in small bills!

• Non-cash withdrawal: Writing a check.

Page 12: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAA• Federal Reserve has merged all check

processing regions into one making all checks local checks.

Page 13: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAALow Risk Items

1. Cash

2. “On Us” Items

3. U.S. Treasury Checks

4. U.S. Postal Service Money Orders

5. Federal Reserve (or Federal Home Loan) Bank Checks

6. In State Government Checks

7. Cashier’s checks (check where the drawee and drawer are the same bank)

Page 14: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAAOther Factors that Can Effect Availability

• Payee is not the Depositor

• Deposit of Item not made “to an employee of the bank” e.g. to an ATM.

Page 15: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Basic concepts - EFAA• Business Day: All days except

Saturday, Sunday and Federal Holidays

• Banking Day: A Business Day that a bank is open for general banking business.

• UCC just uses the term Banking Day.

Page 16: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

Page 17: 1 Payment Systems Funds Availability. 2 Basic concepts We have learned: A bank only has to pay a check if it is authorized by the customer and there is

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