Disclosure to account holders of policy relative to time period between deposit being made and its availability for withdrawal or use
For the purposes of this section, the following terms shall have the following meanings:
“Account”, any demand deposit, negotiable withdrawal order account, savings deposit, share account or other asset account.
“Banking institution”, every state-chartered bank and credit union, every federally chartered bank as defined in section one, and foreign banks authorized to do business in the commonwealth; and
“Local originating depository institution”, any originating depository institution located in the commonwealth.
Each banking institution shall disclose to account holders its policy relative to the time period between the deposit of funds by means of a check, negotiable order of withdrawal or money order and the availability of such deposit for withdrawal or use as of right.
Except as provided herein, such disclosure and relevant availability requirements shall be in accordance with the provisions of the Expedited Funds Availability Act, 12 USC 4001 et seq. and regulations promulgated thereunder.