(1) The term “account”
means a demand deposit account or other similar transaction account
at a depository institution.
(2)
The term “Board” means the Board of Governors of the Federal
Reserve System.
(3) The term “business
day” means any day other than a Saturday, Sunday, or legal holiday.
(4) The term “cash” means
United States coins and currency, including Federal Reserve notes.
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(5) 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) 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) The term “check” means any negotiable demand draft
drawn on or payable through an office of a depository institution
located in the United States. Such term does not include noncash items.
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(8) The term “check clearinghouse
association” means any arrangement by which participant depository
institutions exchange deposited checks on a local basis, including
an entire metropolitan area, without using the check processing facilities
of the Federal Reserve System.
(9)
The term “check processing region” means the geographical
area served by a Federal Reserve bank check processing center or such
larger area as the Board may prescribe by regulations.
(10) The term “consumer account”
means any account used primarily for personal, family, or household
purposes.
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(11) The term “depository check”
means any cashier’s check, certified check, teller’s check,
and any other functionally equivalent instrument as determined by
the Board.
(12) The term “depository
institution” has the meaning given such term in clauses (i)
through (vi) of section 19(b)(1)(A) of the Federal Reserve Act. Such
term also includes an office, branch, or agency of a foreign bank located
in the United States.
(13) The term “local originating depository institution”
means any originating depository institution which is located in the
same check processing region as the receiving depository institution.
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(14) 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) The term “nonlocal originating
depository institution” means any originating depository institution
which is not a local depository institution.
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(16) 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) The term “originating depository
institution” means the branch of a depository institution on
which a check is drawn.
(18) The
term “nonproprietary ATM” means an automated teller machine
which is not a proprietary ATM.
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(19) 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) The term “receiving depository
institution” means the branch of a depository institution or
the proprietary ATM, located in the United States, in which a check
is first deposited.
(21) The term
“State” means any State, the District of Columbia, the
Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the
Northern Mariana Islands, Guam, or the Virgin Islands.
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(22) The term “teller’s check”
means any check issued by a depository institution and drawn on another
depository institution.
(23) The
term “United States” means the several States, the District
of Columbia, the Commonwealth of Puerto Rico, American Samoa, the
Commonwealth of the Northern Mariana Islands, Guam, and the Virgin
Islands.
(24) The term “unit
of general local government” means any city, county, town, township,
parish, village, or other general purpose political subdivision of
a State.
(25) The term “wire
transfer” has such meaning as the Board shall prescribe by regulations.
[12 USC 4001. As amended by act of May 24, 2018 (132 Stat.
1312).]