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Availability Date
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles
J Woelfel
(We recommend this as work of authority.)
The
date upon which the proceeds of checks or other items drawn on out-of-town
banks, and forwarded by the sending bank for collection through the Federal
Reserve check collection system, are received and credited by the Federal
Reserve bank to the reserve account of the sending bank.
Each Federal Reserve bank publishes a "Schedule Showing When the
Proceeds of Items Will Become Available," covering every point in the
U.S., so that member or clearing member banks sending checks for collection
through a Federal Reserve bank may know on what days such checks will
be credited to their reserve accounts.
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