Reg CC Study Guide Exam Questions & Answers.

Reg CC Study Guide Exam Questions & Answers. Which Act is enforced by Reg CC. - CORRECT ANSWER The Expedited Funds Availability Prior to the enactment of the Expedited Funds Availability Act and the establishment of the Federal Reserve's Regulation CC, - CORRECT ANSWER Financial institutions placed varying lengths of holds on deposits into customers' accounts without disclosure to the customer for expected availability of the funds. Roles of the Reg CC - CORRECT ANSWER Regulation CC expedites the return of unpaid items, limits the amount of time institutions may hold deposits, and mandates the disclosure of an institution's funds availability policy to its customers. REG CC Disclosure - CORRECT ANSWER your financial institution must disclose its specific funds availability disclosure, in writing, before a new account is opened. What does Reg CC actually allow each financial institution? - CORRECT ANSWER To establish its own specific availability policies, as long as the delays in availability do not exceed the guidelines in Reg CC. Reg CC specifies the business day by which each type of deposited negotiable instrument must become available for withdrawal in cash or by writing checks. Institutions can choose not to delay any availability of deposited items, choose to delay some and not others or choose to delay availability of all deposited items in accordance with Reg CC's required availability schedule Can funds availability policies be given verbally? - CORRECT ANSWER No. Funds availability policies must be in writing and given to customers or potential customers before an account is opened to be in compliance with Reg CC. Savings associations are required to comply with Reg CC? - CORRECT ANSWER Yes,as well as, commercial banks, savings banks, credit unions and U.S. branches and agencies of foreign banks.