The gist

Amends the Expedited Funds Availability Act so banks can delay access to deposited checks and wire transfers when fraud is suspected, protecting consumers and banks from scams.

Who wins, who loses

• Wins: banks, fraud victims, and the U.S. Treasury facing rising check and wire scam losses.
• Loses: depositors waiting longer to access legitimate funds; small businesses relying on quick deposits.

What it does

• Lets banks hold suspicious checks up to 10 days initially, extendable to 45 days total.
• Creates same hold rules for suspicious wire transfers, with mandatory customer notice.
• Bans overdraft fees if a delayed wire causes an overdraft and no notice was given.
• Requires the Federal Reserve and Consumer Financial Protection Bureau (CFPB) to write rules within one year.

Why should I care?

Supporters say check and wire fraud costs billions yearly, and current rules force banks to release money before verifying it. Critics argue longer holds hurt people living paycheck-to-paycheck who need funds immediately. An alternative debated: require faster bank verification tech instead of longer holds. Where do you land? Vote below and use "Tell Your Rep" to make sure your voice reaches Congress.