Definition of immediate credit

check given same day funds availability when presented to a Federal Reserve Bank for collection. Only banks in a city where the Fed has a Reserve Bank or branch, called a reserve city bank, are given immediate availability on checks cleared by the Fed, as opposed to the normal two-day deferred availability on most checks. Also, banks usually give same-day credit to on most checks. Also, banks usually give same-day credit to on-us checks, or checks drawn against accounts in the same bank where they are deposited.