Check collection system

(h) Check collection system means an interbank system for collecting, presenting, returning, and settling for checks or intrabank system for settling for checks deposited in and drawn on the same bank. When referring to check collection systems, the terms in this regulation (such as paying bank, collecting bank, depositary bank, returning bank, and check) are defined as those terms are defined in 12 CFR 229.2. For purposes of this part, check also includes an electronic representation of a check that a bank agrees to handle as a check.

Source

12 CFR § 233.2

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Scoping language

The following definitions apply solely for purposes of this part:

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