12 USC 4001 - Definitions

U.S Code last checked for updates: Apr 30, 2024

§ 4001.

Definitions

For purposes of this chapter—

(1)

Account

(2)

Board

(3)

Business day

(4)

Cash

(5)

Cashier’s check

The term “cashier’s check” means any check which—

(A)

is drawn on a depository institution;

(B)

is signed by an officer or employee of such depository institution; and

(C)

is a direct obligation of such depository institution.

(6)

Certified check

The term “certified check” means any check with respect to which a depository institution certifies that—

(A)

the signature on the check is genuine; and

(B)

such depository institution has set aside funds which—

(i)

are equal to the amount of the check; and

(ii)

will be used only to pay such check.

(7)

Check

(8)

Check clearinghouse association

(9)

Check processing region

(10)

Consumer account

(11)

Depository check

(12)

Depository institution

(13)

Local originating depository institution

(14)

Noncash item

The term “noncash item” means—

(A)

a check or other demand item to which a passbook, certificate, or other document is attached;

(B)

a check or other demand item which is accompanied by special instructions, such as a request for special advise of payment or dishonor; or

(C)

any similar item which is otherwise classified as a noncash item in regulations of the Board.

(15)

Nonlocal originating depository institution

(16)

Proprietary ATM

The term “proprietary ATM” means an automated teller machine which is—

(A)

located—

(i)

at or adjacent to a branch of the receiving depository institution; or

(ii)

in close proximity, as defined by the Board, to a branch of the receiving depository institution; or

(B)

owned by, operated exclusively for, or operated by the receiving depository institution.

(17)

Originating depository institution

(18)

Nonproprietary ATM

(19)

Participant

The term “participant” means a depository institution which—

(A)

is located in the same geographic area as that served by a check clearinghouse association; and

(B)

exchanges checks through the check clearinghouse association, either directly or through an intermediary.

(20)

Receiving depository institution

(21)

State

(22)

Teller’s check

(23)

United States

(24)

Unit of general local government

(25)

Wire transfer

(Pub. L. 100–86, title VI, § 602, Aug. 10, 1987, 101 Stat. 635; Pub. L. 115–174, title II, § 208(a)(1), May 24, 2018, 132 Stat. 1312.)

cite as: 12 USC 4001