We are not aware of any law or regulation applicable to funds availability for mobile deposits. Therefore, we believe that the funds availability for your customers’ mobile deposits would be governed by your account agreements and possibly your electronic presentment agreements with other banks.

You are correct that Regulation CC’s funds availability provisions are not currently applicable to mobile deposits. We believe that a mobile deposit would be considered an “electronic check” under Regulation CC, since a mobile deposit involves “an electronic image of, and electronic information derived from, a paper check,” and Regulation CC’s funds availability provisions do not cover electronic checks.

For resources related to our guidance, please see:

• Regulation CC Final Rule, 82 Fed. Reg. 27552, 27554 (June 15, 2017) (“In its proposal, the Board proposed to retain, without substantive change, Regulation CC's current same-day settlement rule because the Board believed that the terms of electronic presentment should be determined by agreement between banks. Most commenters agreed with Board's proposal, stating that the terms of electronic presentment are already effectively governed by agreements between banks such that an electronic same-day-settlement rule would be unnecessary or even burdensome.”)

• Regulation CC, 12 CFR 229.10 (c)(1) (“Certain check deposits (1) General rule. A depositary bank shall make funds deposited in an account by check available for withdrawal not later than the business day after the banking day on which the funds are deposited, in the case of . . .”)

• Regulation CC, 12 CFR 229.2(k) (“Check means

(1) A negotiable demand draft drawn on or payable through or at an office of a bank;

(2) A negotiable demand draft drawn on a Federal Reserve Bank or a Federal Home Loan Bank;

(3) A negotiable demand draft drawn on the Treasury of the United States;

(4) A demand draft drawn on a state government or unit of general local government that is not payable through or at a bank;

(5) A United States Postal Service money order; or

(6) A traveler’s check drawn on or payable through or at a bank.

(7) The term check includes an original check and a substitute check.

Note: The term check does not include a noncash item or an item payable in a medium other than United States money. A draft may be a check even though it is described on its face by another term, such as money order. For purposes of subparts C and D, and in connection therewith, subpart A, of this part, the term check also includes a demand draft of the type described above that is nonnegotiable.”)

• Regulation CC, 12 CFR 229.10(b)(1) (“In general. A bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment.”)

• Regulation CC, 12 CFR 229.2(p) (“Electronic payment means a wire transfer or an ACH credit transfer.”)

• Regulation CC, 12 CFR 229.2(ggg) (“Electronic check and electronic returned check mean an electronic image of, and electronic information derived from, a paper check or paper returned check, respectively, that

(1) Is sent to a receiving bank pursuant to an agreement between the sender and the receiving bank; and

(2) Conforms with ANS X9.100-187, unless the Board by rule or order determines that a different standard applies or the parties otherwise agree.”)