The Federal Reserve Board urged Congress Wednesday to let banks wait up to three days before crediting a local check to a customer's account.

Banking organizations have complained for years that the two-day check- clearing period called for in the 1987 Expedited Funds Availability Act contributes to more than $430 million a year in check-fraud losses.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.