Good Funds in Arkansas
From WFG Wiki
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Funds must be available for immediate withdrawal as a matter of right, meaning for any item or draft, when the item or draft has been submitted for collection and payment received; and for any deposited item or draft, when final settlement has occurred. AR Code 18-12-702(1).
Requirements
No funds shall be disbursed until those funds have been received and are available for immediate withdrawal as a matter of right. AR Code 18-12-703(a)(1).
Exceptions to Requirements
May advance funds up to $500 on behalf of interested parties for the transaction to pay incidental fees and charges pertaining to the closing and settlement of the transaction. AR Code 18-12-703(a)(2).
