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12 U.S.C. § 4001 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
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 prescrib
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Stable record: federal_law:legal_authorities:record_usc_dfb215064d8a98e400f3ec44
Source file: Laws/federal/codes/united-states-code/title-12/section-4001-definitions--0536adcf30.md
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Source location: Title 12, Chapter 41, § 4001; chapter-041-expedited-funds-availability.md
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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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim). 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, located in the United States, in which a check is first deposited.
(21) **State** — The term “State” means any State, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, 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, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Next business day availability for certain deposits**
(1) **Cash deposits; wire transfers** — Except as provided in subsection (e) and in [section 4003 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4003&num=0&edition=prelim), in any case in which—
(A) any cash is deposited in an account at a receiving depository institution staffed by individuals employed by such institution, or
(B) funds are received by a depository institution by wire transfer for deposit in an account at such institution,
such cash or funds shall be available for withdrawal not later than the business day after the business day on which such cash is deposited or such funds are received for deposit.
(2) **Government checks; certain other checks** — Funds deposited in an account at a depository institution by check shall be available for withdrawal not later than the business day after the business day on which such funds are deposited in the case of—
(A) a check which—
(i) is drawn on the Treasury of the United States; and
(ii) is endorsed only by the person to whom it was issued;
(B) a check which—
(i) is drawn by a State;
(ii) is deposited in a receiving depository institution which is located in such State and is staffed by individuals employed by such institution;
(iii) is deposited with a special deposit slip which indicates it is a check drawn by a State; and
(iv) is endorsed only by the person to whom it was issued;
(C) a check which—
(i) is drawn by a unit of general local government;
(ii) is deposited in a receiving depository institution which is located in the same State as such unit of general local government and is staffed by individuals employed by such institution;
(iii) i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4002
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Publication of pricing principles and proposed schedule of fees; effective date of schedule of fees** Not later than the first day of the sixth month after March 31, 1980, the Board shall publish for public comment a set of pricing principles in accordance with this section and a proposed schedule of fees based upon those principles for Federal Reserve bank services to depository institutions, and not later than the first day of the eighteenth month after March 31, 1980, the Board shall begin to put into effect a schedule of fees for such services which is based on those principles.
**(b) Covered services** The services which shall be covered by the schedule of fees under subsection (a) are—
(1) currency and coin services;
(2) check clearing and collection services;
(3) wire transfer services;
(4) automated clearinghouse services;
(5) settlement services;
(6) securities safekeeping services;
(7) Federal Reserve float; and
(8) any new services which the Federal Reserve System offers, including but not limited to payment services to effectuate the electronic transfer of funds.
**(c) Criteria applicable** The schedule of fees prescribed pursuant to this section shall be based on the following principles:
(1) All Federal Reserve bank services covered by the fee schedule shall be priced explicitly.
(2) All Federal Reserve bank services covered by the fee schedule shall be available to nonmember depository institutions and such services shall be priced at the same fee schedule applicable to member banks, except that nonmembers shall be subject to any other terms, including a requirement of balances sufficient for clearing purposes, that the Board may determine are applicable to member banks.
(3) Over the long run, fees shall be established on the basis of a
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 248a
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 226
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Federal law — U.S. Code and appendices · legal_authorities
**(a) New accounts** Notwithstanding [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim), in the case of any account established at a depository institution by a new depositor, the following provisions shall apply with respect to any deposit in such account during the 30-day period (or such shorter period as the Board, jointly with the Director of the Bureau of Consumer Financial Protection, may establish) beginning on the date such account is established—
(1) **Next business day availability of cash and certain items** — Except as provided in paragraph (3), in the case of—
(A) any cash deposited in such account;
(B) any funds received by such depository institution by wire transfer for deposit in such account;
(C) any funds deposited in such account by cashier’s check, certified check, teller’s check, depository check, or traveler’s check; and
(D) any funds deposited by a government check which is described in subparagraph (A), (B), or (C) of [section 4002(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002/a/2&num=0&edition=prelim),
such cash or funds shall be available for withdrawal on the business day after the business day on which such cash or funds are deposited or, in the case of a wire transfer, on the business day after the business day on which such funds are received for deposit.
(2) **Availability of other items** — In the case of any funds deposited in such account by a check (other than a check described in subparagraph (C) or (D) of paragraph (1)), the availability for withdrawal of such funds shall not be subject to the provisions of section 4002(b), 4002(c), or paragraphs 11 So in original. Probably should b
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4003
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notice for new accounts** Before an account is opened at a depository institution, the depository institution shall provide written notice to the potential customer of the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into the customer’s account.
**(b) Preprinted deposit slips** All preprinted deposit slips that a depository institution furnishes to its customers shall contain a summary notice, as prescribed by the Board, jointly with the Director of the Bureau of Consumer Financial Protection, in regulations, that deposited items may not be available for immediate withdrawal.
**(c) Mailing of notice**
(1) **First mailing after enactment** — In the first regularly scheduled mailing to customers occurring after September 1, 1988, but not more than 60 days after September 1, 1988, each depository institution shall send a written notice containing the specific policy of such depository institution with respect to when a customer may withdraw funds deposited into such customer’s account, unless the depository institution has provided a disclosure which meets the requirements of this section before September 1, 1988.
(2) **Subsequent changes** — A depository institution shall send a written notice to customers at least 30 days before implementing any change to the depository institution’s policy with respect to when customers may withdraw funds deposited into consumer accounts, except that any change which expedites the availability of such funds shall be disclosed not later than 30 days after implementation.
(3) **Upon request** — Upon the request of any person, a depository institution shall provide or send such person a written notice containing the specific policy of such depository institution with
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4004
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b) or (c) and notwithstanding any other provision of law, interest shall accrue on funds deposited in an interest-bearing account at a depository institution beginning not later than the business day on which the depository institution receives provisional credit for such funds.
**(b) Special rule for credit unions** Subsection (a) shall not apply to an account at a depository institution described in [section 461(b)(1)(A)(iv) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A/iv&num=0&edition=prelim) if the depository institution—
(1) begins the accrual of interest or dividends at a later date than the date described in subsection (a) with respect to all funds, including cash, deposited in such account; and
(2) provides notice of the interest payment policy in the manner required under [section 4004(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4004/e&num=0&edition=prelim).
**(c) Exception for checks returned unpaid** No provision of this chapter shall be construed as requiring the payment of interest or dividends on funds deposited by a check which is returned unpaid.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4005
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Federal law — U.S. Code and appendices · legal_authorities
**(a) After-hours deposits** For purposes of this chapter, any deposit which is made on a Saturday, Sunday, legal holiday, or after the close of business on any business day shall be deemed to have been made on the next business day.
**(b) Availability at start of business day** Except as provided in subsections (b)(3) and (c)(1)(B) of [section 4002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4002&num=0&edition=prelim), if any provision of this chapter requires that funds be available for withdrawal on any business day, such funds shall be available for withdrawal at the start of such business day.
**(c) Effect on policies of depository institutions** No provision of this chapter shall be construed as—
(1) prohibiting a depository institution from making funds available for withdrawal in a shorter period of time than the period of time required by this chapter; or
(2) affecting a depository institution’s right—
(A) to accept or reject a check for deposit;
(B) to revoke any provisional settlement made by the depository institution with respect to a check accepted by such institution for deposit;
(C) to charge back the depositor’s account for the amount of such check; or
(D) to claim a refund of such provisional credit.
**(d) Prohibition on freezing certain funds in an account** In any case in which a check is deposited in an account at a depository institution and the funds represented by such check are not yet available for withdrawal pursuant to this chapter, the depository institution may not freeze any other funds in such account (which are otherwise available for withdrawal pursuant to this chapter) solely because the funds so deposited are not yet available for withdrawal.
**(e) Employee training on a
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4006
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** After notice and opportunity to submit comment in accordance with [section 553(c) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553/c&num=0&edition=prelim), the Board, jointly with the Director of the Bureau of Consumer Financial Protection, shall prescribe regulations—
(1) to carry out the provisions of this chapter;
(2) to prevent the circumvention or evasion of such provisions; and
(3) to facilitate compliance with such provisions.
**(b) Regulations relating to improvement of check processing system** In order to improve the check processing system, the Board shall consider (among other proposals) requiring, by regulation, that—
(1) depository institutions be charged based upon notification that a check or similar instrument will be presented for payment;
(2) the Federal Reserve banks and depository institutions provide for check truncation;
(3) depository institutions be provided incentives to return items promptly to the depository institution of first deposit;
(4) the Federal Reserve banks and depository institutions take such actions as are necessary to automate the process of returning unpaid checks;
(5) each depository institution and Federal Reserve bank—
(A) place its endorsement, and other notations specified in regulations of the Board, on checks in the positions specified in such regulations; and
(B) take such actions as are necessary to—
(i) automate the process of reading endorsements; and
(ii) eliminate unnecessary endorsements;
(6) within one business day after an originating depository institution is presented a check (for more than such minimum amount as the Board may prescribe)—
(A) such originating depository institution determines whether it will pay such chec
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4008
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Administrative enforcement** Compliance with the requirements imposed under this chapter, including regulations prescribed by and orders issued by the Board of Governors of the Federal Reserve System under this chapter, shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)] in the case of—
(A) national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;
(B) member banks of the Federal Reserve System (other than national banks), and offices, branches, and agencies of foreign banks located in the United States (other than Federal branches, Federal agencies, and insured State branches of foreign banks), by the Board of Governors of the Federal Reserve System; and
(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System) and insured State branches of foreign banks, by the Board of Directors of the Federal Deposit Insurance Corporation;
(2) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], by the Director of the Office of Thrift Supervision in the case of savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation; and
(3) the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.], by the National Credit Union Administration Board with respect to any Federal credit union or insured credit union.
The terms used in paragraph (1) that are not def
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4009
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Civil liability** Except as otherwise provided in this section, any depository institution which fails to comply with any requirement imposed under this chapter or any regulation prescribed under this chapter with respect to any person other than another depository institution is liable to such person in an amount equal to the sum of—
(1) any actual damage sustained by such person as a result of the failure;
(2)
(A) in the case of an individual action, such additional amount as the court may allow, except that the liability under this subparagraph shall not be less than $100 nor greater than $1,000; or
(B) in the case of a class action, such amount as the court may allow, except that—
(i) as to each member of the class, no minimum recovery shall be applicable; and
(ii) the total recovery under this subparagraph in any class action or series of class actions arising out of the same failure to comply by the same depository institution shall not be more than the lesser of $500,000 or 1 percent of the net worth of the depository institution involved; and
(3) in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney’s fee as determined by the court.
**(b) Class action awards** In determining the amount of any award in any class action, the court shall consider, among other relevant factors—
(1) the amount of any actual damages awarded;
(2) the frequency and persistence of failures of compliance;
(3) the resources of the depository institution;
(4) the number of persons adversely affected; and
(5) the extent to which the failure of compliance was intentional.
**(c) Bona fide errors**
(1) **General rule** — A depository institution may not be held liable in any action b
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4010
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