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Real-Time Access to Funds: Eliminating Delays for Deposits and Checks.

This Act mandates that banks must make deposited funds, including checks, available for withdrawal in real-time, 24/7, including weekends and holidays. The primary goal is to protect citizens from billions of dollars in overdraft fees caused by current payment system delays. This change aims to provide immediate financial relief, especially for families living paycheck to paycheck, ensuring a faster and fairer payment system.
Key points
All deposited funds (including checks) must be available for withdrawal in real-time, regardless of the day, weekend, or holiday.
Aims to reduce overdraft fees and the need for high-cost financial services for low-income families.
Financial institutions can only delay access to funds if fraudulent activity is reasonably suspected.
Requires studies on the impact of payment delays on disadvantaged communities.
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Expired
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Additional Information
Print number: 118_S_2348
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2023-07-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Payments Modernization Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2348.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-18.

What are the main provisions?

Key points include:

  • All deposited funds (including checks) must be available for withdrawal in real-time, regardless of the day, weekend, or holiday.
  • Aims to reduce overdraft fees and the need for high-cost financial services for low-income families.
  • Financial institutions can only delay access to funds if fraudulent activity is reasonably suspected.
  • Requires studies on the impact of payment delays on disadvantaged communities.
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 2025-12-26.

CATEGORIES

Economy