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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.
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Status:
Expired
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Additional Information
Print number: 117_S_4946
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2022-09-22
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
AI work logs for this document launch

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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy