12 CFR § 210.2 - Definitions.
As used in this subpart, unless the context otherwise requires:
Actually and finally collected funds means cash or any other form of payment that is, or has become, final and irrevocable.
Administrative Reserve Bank with respect to an entity means the Reserve Bank in whose District the entity is located, as determined under the procedure described in § 204.3(g) of this chapter (Regulation D), even if the entity is not otherwise subject to that section.
Banking day means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions.
Cash item means -
Clock hour and clock half-hour.
(1) Clock hour means a time that is on the hour, such as 1:00, 2:00, etc.
(2) Clock half-hour means a time that is on the half-hour, such as 1:30, 2:30, etc.
Fedwire Funds Service and Fedwire have the same meaning as that set forth in § 210.26.
(1) Means -
(i) An instrument or a promise or order to pay money, whether negotiable or not, that is -
(A) Payable in a Federal Reserve District 1 (District);
1 For purposes of this subpart, the Virgin Islands and Puerto Rico are deemed to be in the Second District, and Guam, American Samoa, and the Northern Mariana Islands in the Twelfth District.
(C) Collectible in funds acceptable to the Reserve Bank of the District in which the instrument is payable; or
(ii) A check.
(2) Unless otherwise indicated, item includes both a cash and a noncash item, and includes a returned check sent by a paying or returning bank. Item does not include a check that cannot be collected at par, or a payment order as defined in § 210.26(i) and handled under subpart B of this part. The term also does not include an electronically-created item as defined in § 229.2 of this chapter (Regulation CC).
Noncash item means an item that a receiving Reserve Bank classifies in its operating circulars as requiring special handling. The term also means an item normally received as a cash item if a Reserve Bank decides that special conditions require that it handle the item as a noncash item.
Paying bank means -
(3) The bank whose routing number appears on a check in the MICR line or in fractional form (or in the MICR-line information that accompanies an electronic item) and to which the check is sent for payment or collection.
Returned check means a cash item returned by a paying bank, including an electronic returned check as defined in § 229.2 of this chapter (Regulation CC) and a notice of nonpayment in lieu of a returned check, whether or not a Reserve Bank handled the check for collection.
(3) A clearing institution, defined as -
(i) An institution that is not a depository institution but that maintains with a Reserve Bank the balance referred to in the first paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 342); or
(4) Another Reserve Bank;
(6) A foreign correspondent, defined as any of the following entities for which a Reserve Bank maintains an account: A foreign bank or banker, a foreign state as defined in section 25(b) of the Federal Reserve Act (12 U.S.C. 632), or a foreign correspondent or agency referred to in section 14(e) of that act (12 U.S.C. 358); or
Uniform Commercial Code and U.C.C. mean the Uniform Commercial Code as adopted in a state
Terms not defined in this section. Unless the context otherwise requires -
(1) The terms not defined herein have the meanings set forth in § 229.2 of this chapter applicable to subpart C or D of part 229 of this chapter (Regulation CC), as appropriate; and
(2) The terms not defined herein or in § 229.2 of this chapter have the meanings set forth in the Uniform Commercial Code.