Before 1987, back when paper checks were still a thing, MTV still aired music videos, and big hair was a MUST, many banks were holding deposits basically for as long as they wanted, before crediting consumers' accounts. “Gimme my money!” Am I right? Due to obvious public concern, congress passed the Expedited Funds Availability Act, or EFAA. The act limits the fund holding periods for all U.S. banks, savings institutions, and credit unions. This act led to many banking changes, which we'll get to throughout this series, but in this first course, we'll talk about the basics of the EFAA.