[Cash Availability] Arturo, Who Owns a Vineyard in Northern California

Multiple Choice

[Cash Availability] Arturo, who owns a vineyard in Northern California, deposits two checks in his local bank on Monday. One check is from Simon, who lives in the area, and the other is from Zina, who lives in Atlanta. Arturo needs to write a check to a supplier from his local account.
-Arturo's bank tells him they have placed an eight-day hold on the funds. Arturo tells them they cannot do so. Is he correct?

A) Yes, because they must make the funds available on the fifth business day following the day of deposit of the non-local check.
B) Yes, because they must make the funds available on the third business day following the day of deposit of the non-local check.
C) No, if one of the checks was over $5,000.
D) No, if one of the checks was over $10,000.
E) Yes, because a depositary bank must release funds on the fifth business day after transfer to a Federal Reserve Bank.