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Faster Access to Your Money: Real-Time Fund Availability Bill

This bill aims to change how quickly you can access money you deposit in your bank account. It requires banks to make deposited funds available for withdrawal immediately, including on weekends and holidays. This could help you avoid overdraft fees and get your money when you need it.
Key points
Deposited money would be available instantly, any day of the week.
Could save families money by reducing overdraft fees caused by waiting for funds to clear.
Aims to modernize the US payment system for faster transactions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_4946
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2022-09-22
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Payments Modernization Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4946.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-09-22.

What are the main provisions?

Key points include:

  • Deposited money would be available instantly, any day of the week.
  • Could save families money by reducing overdraft fees caused by waiting for funds to clear.
  • Aims to modernize the US payment system for faster transactions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Van Hollen, Chris [D-MD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy