Regulation J
Subpart A--Collection of Checks and Other Items By Federal Reserve Banks
Sec. 210.3 General provisions.
(a) General. Each Reserve Bank shall receive and handle items in
accordance with this subpart, and shall issue operating circulars
governing the details of its handling of items and other matters deemed
appropriate by the Reserve Bank. The circulars may, among other things,
classify cash items and noncash items, require separate sorts and
letters, provide different closing times for the receipt of different
classes or types of items, set forth terms of services, and establish
procedures for adjustments on a Reserve Bank's books, including amounts,
waiver of expenses, and payment of interest by as-of adjustment.
(b) Binding effect. This subpart, together with subparts C and D of part
229 and the operating circulars of the Reserve Banks, are binding on all
parties interested in an item handled by any Reserve Bank.
(c) Government items. As depositaries and fiscal agents of the
United States, Reserve Banks handle certain items payable by the United
States or certain Federal agencies as cash or noncash items. To the
extent provided by regulations issued by, and arrangements made with,
the United States Treasury Department and other Government departments
and agencies, the handling of such items is governed by this subpart.
The Reserve Banks shall include in their operating circulars such
information regarding these regulations and arrangements as the Reserve
Banks deem appropriate.
(d) Government senders. Except as otherwise provided by statutes of
the United States, or regulations issued or arrangements made
thereunder, this subpart and the operating circulars of the Reserve
Banks apply to the following when acting as a sender: a department,
agency, instrumentality, independent establishment, or office of the
United States, or a wholly owned or controlled Government corporation,
that maintains or uses an account with a Reserve Bank.
(e) Foreign items. A Reserve Bank also may receive and handle
certain items payable outside a Federal Reserve District, as provided in
its operating circulars. The handling of such items in a state is
governed by this subpart, and the handling of such items outside a state
is governed by the local law.
(f) Relation to other law. The provisions of this subpart supersede
any inconsistent provisions of the Uniform Commercial Code, of any other
state law, or of part 229 of this title, but only to the extent of the
inconsistency.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
