Holder for value of a disposited check

I discussed a "check disposit" in a previous post (see below or here). In this post we'll see how De Leon mixes up his letters again.

Here's from the same page 96 of the book The Law on Negotiable Instruments, 2013 Edition:

Bank W is the holder for value as it has in fact given value for the instrument when P withdrew all his "disposits" which included the amount of the check. Bank W will now have to clear the check with Bank E in order to get back the value it has given for the instrument.

Bank E, as the final destination of the check, will not be a holder for value as it will simply debit the account of the maker of the check. Unless the maker has also cleaned out his "disposit".