Definitions.

CFR · 2024-01-01 · US · Title 12

As used in this subpart, unless the context otherwise requires: (1) A check other than one classified as a noncash item under this section; or (2) Any other item payable on demand and collectible at par that the Reserve Bank that receives the item is willing to accept as a cash item. (2) Clock half-hour means a time that is on the half-hour, such as 1:30, 2:30, etc. (i) An instrument or a promise or order to pay money, whether negotiable or not, that is— (A) Payable in a Federal Reserve District (B) Sent by a sender to a Reserve Bank for handling under this subpart; and (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, (1) The bank by which an item is payable unless the item is payable or collectible at or through another bank and is sent to the other bank for payment or collection; (2) The bank at or through which an item is payable or collectible and to which it sent for payment or collection; or (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. (1) A depository institution, as defined in section 19(b) of the Federal Reserve Act (12 U.S.C. 461(b)); (2) A member bank, as defined in section 1 of the Federal Reserve Act (12 U.S.C. 221); (3) A clearing institution, defined as— (i) An institution that is no

official document · source cfr-2024 · id 12:§ 210.2