Definition of availability schedule

table showing the number of days needed to clear a deposited check. Under the expedited funds availability act, financial institutions must give their customers access to deposited funds within a fixed number of days, depending on whether a check is drawn on a local or nonlocal bank. Local checks (checks deposited at a bank in the same Federal Reserve Regional Check Processing Center as the paying bank) must be available for use within two business days after the day of deposit.