12 U.S. Code § 4001 - Definitions
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For purposes of this chapter—
The term “account” means a demand deposit account or other similar transaction account at a depository institution.
(3) Business day
The term “business day” means any day other than a Saturday, Sunday, or legal holiday.
(5) Cashier’s check
The term “cashier’s check” means any check which—
(6) Certified check
The term “certified check” means any check with respect to which a depository institution certifies that—
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.
(8) Check clearinghouse association
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) Check processing region
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) Consumer account
The term “consumer account” means any account used primarily for personal, family, or household purposes.
(11) Depository check
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) Depository institution
(13) Local originating depository institution
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.
(14) Noncash item
The term “noncash item” means—
(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
(15) Nonlocal originating depository institution
The term “nonlocal originating depository institution” means any originating depository institution which is not a local depository institution.
(16) Proprietary ATM
The term “proprietary ATM” means an automated teller machine which is—
(17) Originating depository institution
The term “originating depository institution” means the branch of a depository institution on which a check is drawn.
(18) Nonproprietary ATM
The term “nonproprietary ATM” means an automated teller machine which is not a proprietary ATM.
The term “participant” means a depository institution which—
(20) Receiving depository institution
The term “receiving depository institution” means the branch of a depository institution or the proprietary ATM in which a check is first deposited.
The term “State” means any State, the District of Columbia, the Commonwealth of Puerto Rico, or the Virgin Islands.
(22) Teller’s check
The term “teller’s check” means any check issued by a depository institution and drawn on another depository institution.
(23) United States
The term “United States” means the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the Virgin Islands.
(24) Unit of general local government
The term “unit of general local government” means any city, county, town, township, parish, village, or other general purpose political subdivision of a State.
Source(Pub. L. 100–86, title VI, § 602,Aug. 10, 1987, 101 Stat. 635.)
References in Text
This chapter, referred to in text, was in the original “this title”, meaning title VI of Pub. L. 100–86, Aug. 10, 1987, 101 Stat. 635, known as the Expedited Funds Availability Act, which enacted this chapter, amended section 248a of this title, and enacted provisions set out as notes under sections 248a and 4001 of this title. For complete classification of this Act to the Code, see Short Title note below and Tables.
“(a) Date of Enactment.—Except as provided in subsection (b), this title [enacting this chapter, amending section 248a of this title, and enacting provisions set out as notes under this section and section 248a of this title] shall take effect on the date of the enactment of this title [Aug. 10, 1987].
“(b) 1 Year After Date of Enactment.—Sections 603, 604, 605, 606, 610, and 611 [enacting sections 4002 to 4005, 4009, and 4010 of this title] shall take effect on September 1, 1988.”
Pub. L. 100–86, title VI, § 601,Aug. 10, 1987, 101 Stat. 635, provided that: “This title [enacting this chapter, amending section 248a of this title, and enacting provisions set out as notes under this section and section 248a of this title] may be cited as the ‘Expedited Funds Availability Act’.”
If any provision of Pub. L. 100–86or the application thereof to any person or circumstances is held invalid, the remainder of Pub. L. 100–86and the application of the provision to other persons not similarly situated or to other circumstances not to be affected thereby, see section 1205 ofPub. L. 100–86, set out as a note under section 226 of this title.
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