SB2348: Payments Modernization Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Expedited Funds Availability Act to require that funds deposited be available for withdrawal in real-time, and for other purposes.
Plain-language summary
This bill would change federal banking rules to require that money deposited into bank accounts become available for withdrawal immediately, rather than after a delay. Currently, banks can hold deposited funds for several business days before making them available. The bill amends the Expedited Funds Availability Act, which already sets rules about how long banks can hold deposits. The bill is currently in the introduced stage, meaning it has been formally submitted to Congress but has not yet been assigned to a for review.
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SB2348: Payments Modernization Act of 2023