Payments Modernization Act of 2023

The Payments Modernization Act of 2023 requires banks to make deposited funds available for withdrawal immediately ("in real-time"), including weekends and holidays, instead of waiting for the next business day. This change directly affects bank customers - especially those relying on checks or paychecks - who currently face delays and overdraft fees when deposits clear slowly. The bill amends existing law to remove previous waiting periods, defines "real-time" to include all days, and mandates reports on FedNow infrastructure progress and payment delays' impact on underbanked communities.