N.Y. Comp. Codes R. & Regs. tit. 3 § 34.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 34.3 - Definitions

For purposes of the provisions of this Part, the following definitions apply:

(a) Account means a savings account or a time deposit account which has been opened by any person or entity with a bank or savings institution.

(b) Bank means a commercial bank, trust company or branch of a foreign banking corporation.

(c) Business day means any day excluding Saturdays, Sundays and legal holidays. For purposes of calculating the number of business days by which the depositary bank is obliged to make funds available for withdrawal by the customer, the term business day will exclude the day of deposit and the first business day after the day of deposit if the deposit is made on a Saturday, Sunday, legal holiday or after the close of business as determined by the office of the depositary bank. For electronic branches, opening and closing times shall be the hours of the closest manned office of the depositary bank.

(d) Depositary bank, depending on the context, means either the bank or the savings institution which maintains the account into which the item is first deposited.

(e) Item means a check, negotiable order of withdrawal or money order deposited into an account.

(f) Local bank or savings institution means an office of a bank or savings institution which is located in the same city, town or village, and which uses the same clearing facility, as the office of the depositary bank.

(g) Savings institution means a savings bank, a savings and loan association or a credit union.

(h) Transaction account means an account as defined in 12 CFR 229.3(a).

N.Y. Comp. Codes R. & Regs. Tit. 3 § 34.3