Misc NCP Flashcards
What is a Collecting Bank
any bank handling a check for forward collection, except the paying bank
what is a Depositary Bank
First Bank (depository FI) to which a check is transferred even though it may also be the paying bank - May be referred to as the BOFD
What is a Indemnifying Bank
Bank that provides an indemnity under 229.34 with respect to remote deposit capture (RCC) or an electronically created item (ECI) or bank that provides an indemnity under 229.53 with respect to a substitute check
What is a Paying Bank (Reg CC) or Drawee (UCC)
Bank by which a check is payable and to which it is sent for payment or collection ; FRB or Federal home loan bank by which check is payable ; Bank through which a check is payable, if check is not payable by a bank or state or unit of general local government on which a check is drawn and to which it is sent for payment or collection
What is a Returning Bank (Intermediary) (Reg CC) or Collecting Bank (UCC)
Bank (other than Paying or Depositary Bank) handling a returned check or notice in lieu of return - also a collecting bank for purposes of UCC-4-202(b)
What is a reconverting Bank
Bank that creates substitute check or for substitute check created by a non-bank - First bank that transfers, presents, or returns a substitute check
What is a truncating bank
Bank that removes the original check from the check collection process or If non-bank removes original check from the check collection process, then first bank that transfers, presents or returns a substitute check in lieu of original check or by agreement, information relating to the original check
What is a banking day according to Reg CC
Business day on which office of bank is open to public for substantially all banking functions
What is a business day according to Reg CC
Calendar day other than a Saturday or a Sunday or FRB legal holidays
What Standard is ANS X9.100-111
endorsements (paper checks other than substitute checks)
What do inward arrows on the physical Indorsements of the back of a paper check indicate
Depositary Bank (BOFD) - where check is being returned to - forward collection
On the front image of a forward substitute check what Institution is indicated by asterisk
The Creating Institution (reconverting bank) - on front and back of image
On the front image of a forward substitute check what institution is indicated by brackets
The truncating (truncating bank) - Only on front of image
What is Next day availability per Reg CC
for certain check deposits depositary bank makes, funds available next business day after the banking day on which funds are deposited - drawn on the treasury of the US ; Us Postal service money order ; check drawn on FRB or Federal home loan bank ; check drawn by a state or local government ; cashier’s certified or tellers check
