Now assume a taxpayer is a corporation that uses an out-of-state bank.
The corporation’s check may take one or two days to become available funds,
depending on what bank it uses and that bank’s relationship to the government’s
bank. For example, if the two banks have a correspondent relationship,
they will provide one-day credit on the funds. If the two banks do not
have a relationship, then the out-of-town check will have to clear through
the Federal Reserve System and be presented at the drawee’s bank to become
available funds.When this happens, the check may have one- or two-day
availability depending on the Federal Reserve district in which the banks are
located and on the government’s bank’s availability schedule.An availability
schedule is a listing of how soon a bank will give credit for checks drawn in
certain Federal Reserve districts.