Part 229 Clause Samples
Part 229 refers to the section of federal regulations, specifically Regulation CC, that governs the availability of funds and the collection of checks in the United States. This clause outlines the rules banks must follow regarding how quickly deposited funds must be made available to customers, the timing for returning unpaid checks, and the disclosure requirements for financial institutions. For example, it sets specific timeframes for when funds from different types of deposits (such as local checks, non-local checks, or electronic payments) must be accessible. The core practical function of Part 229 is to ensure transparency and fairness in the banking system by standardizing the timing of funds availability and reducing the risk of loss or confusion for both banks and customers.
Part 229. You agree that you will not scan and attempt to deposit any of the following:
Part 229. You will not attempt to deposit: (1) any check that has been altered; (2) checks that have previously been presented for payment or deposit at another financial institution or with us; (3) checks not payable in U.S. currency; (4) checks from financial institutions located outside the United States; (5) substitute checks, as defined in 12 CFR Part 229 (see Article VIII of this Agreement;) or (6) travelers’ checks, money orders, savings bonds, postal money orders and other non-negotiable instruments.