For example, 21 identifies a thrift in the First District, and 32 denotes a thrift in the Twelfth District.Īppendix C to Part 229-Model Availability Policy Disclosures, Clauses, and Notices Model Substitute Check Policy Disclosure and Notices Adding 2 to the first digit denotes a thrift institution.
For example, 01 identifies the First Federal Reserve District (Boston), and 12 identifies the Twelfth District (San Francisco). or other law.ġ The first two digits identify the bank's Federal Reserve District. This section does not affect a paying bank's liability to its customer under the U.C.C. Subject to a bank's duty to exercise ordinary care or act in good faith in choosing the means of return or notice of nonpayment, the bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person, or for loss or destruction of a check or notice of nonpayment in transit or in the possession of others. A bank that fails to act in good faith under this subpart may be liable for other damages, if any, suffered by the party as a proximate consequence. The measure of damages for failure to exercise ordinary care is the amount of the loss incurred, up to the amount of the check, reduced by the amount of the loss that party would have incurred even if the bank had exercised ordinary care. A bank that fails to exercise ordinary care or act in good faith under this subpart may be liable to the depositary bank, the depositary bank's customer, the owner of a check, or another party to the check. A bank shall exercise ordinary care and act in good faith in complying with the requirements of this subpart. (a ) Standard of care liability measure of damages. Official Board Interpretations Preemption Determinations Model Availability Policy Disclosures, Clauses, and Notices Model Substitute Check Policy Disclosure and Notices
Routing Number Guide to Next-Day Availability Checks and Local Checks General provisions governing substitute checks. Returning bank's responsibility for return of checks.ĭepositary bank's responsibility for returned checks and notices of nonpayment. Paying bank's responsibility for return of checks and notices of nonpayment. Availability of Funds and Collection of Checks (Regulation CC)Īvailability of Funds and Disclosure of Funds Availability PoliciesĮlectronic checks and electronic information.
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