§ 4001. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4001]
TITLE 12--BANKS AND BANKING
CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
Sec. 4001. Definitions
For purposes of this chapter--
(1) Account
The term ``account'' means a demand deposit account or other
similar transaction account at a depository institution.
(2) Board
The term ``Board'' means the Board of Governors of the Federal
Reserve System.
(3) Business day
The term ``business day'' means any day other than a Saturday,
Sunday, or legal holiday.
(4) Cash
The term ``cash'' means United States coins and currency,
including Federal Reserve notes.
(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
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
The term ``depository institution'' has the meaning given such
term in clauses (i) through (vi) of section 461(b)(1)(A) of this
title. Such term also includes an office, branch, or agency of a
foreign bank located in the United States.
(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--
(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
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--
(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
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.
(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
The term ``receiving depository institution'' means the branch
of a depository institution or the proprietary ATM in which a check
is first deposited.
(21) State
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.
(25) Wire transfer
The term ``wire transfer'' has such meaning as the Board shall
prescribe by regulations.
(Pub. L. 100-86, title VI, Sec. 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.
Effective Date
Section 613 of title VI of Pub. L. 100-86 provided that:
``(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 sections 248a and 4001 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.''
Short Title
Section 601 of title VI of Pub. L. 100-86 provided that: ``This
title [enacting this chapter, amending section 248a of this title, and
enacting provisions set out as notes under sections 248a and 4001 of
this title] may be cited as the `Expedited Funds Availability Act'.''
Separability
If any provision of Pub. L. 100-86 or the application thereof to any
person or circumstances is held invalid, the remainder of Pub. L. 100-86
and the application of the provision to other persons not similarly
situated or to other circumstances not to be affected thereby, see
section 1205 of Pub. L. 100-86, set out as a note under section 226 of
this title.