Regulation J
Subpart B--Funds Transfers Through Fedwire
Sec. 210.26 Definitions.
As used in this subpart, the following definitions apply:
(a) Article 4A means article 4A of the Uniform Commercial Code as
set forth in appendix B of this subpart.
(b) As of adjustment means a debit or credit, for reserve or
clearing balance maintenance purposes only, applied to the reserve or
clearing balance of a bank that either sends a payment order to a
Federal Reserve Bank, or that receives a payment order from a Federal
Reserve Bank, in lieu of an interest charge or payment.
(c) Automated clearing house transfer means any transfer designated
as an automated clearing house transfer in a Federal Reserve Bank
Operating Circular.
(d) Beneficiary's bank has the same meaning as in Article 4A, except
that:
(1) A Federal Reserve Bank need not be identified in the payment
order in order to be the beneficiary's bank; and
(2) The term includes a Federal Reserve Bank when that Federal
Reserve Bank is the beneficiary of a payment order.
(e) Fedwire is the funds-transfer system owned and operated by the
Federal Reserve Banks that is used primarily for the transmission and
settlement of payment orders governed by this subpart. Fedwire does not
include the system for making automated clearing house transfers.
(f) Interdistrict transfer means a funds transfer involving entries
to accounts maintained at two Federal Reserve Banks.
(g) Intradistrict transfer means a funds transfer involving entries
to accounts maintained at one Federal Reserve Bank.
(h) Off-line bank means a bank that transmits payment orders to and
receives payment orders from a Federal Reserve Bank by telephone orally
or by other means other than electronic data transmission.
(i) Payment order has the same meaning as in Article 4A, except that
the term does not include automated clearing house transfers or any
communication designated in a Federal Reserve Bank Operating Circular
issued under this Subpart as not being a payment order.
(j) Sender's account, receiving bank's account, and beneficiary's
account mean the reserve, clearing, or other funds deposit account at a
Federal Reserve Bank maintained or used by the sender, receiving bank,
or beneficiary, respectively.
(k) Sender's Federal Reserve Bank and receiving bank's Federal
Reserve Bank mean the Federal Reserve Bank at which the sender or
receiving bank, respectively, maintains or uses an account.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
