1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 2 - NATIONAL BANKS
SUBCHAPTER IX_2 - SUBCHAPTER IX-POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 360 - Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
View Metadata| Publication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 2 - NATIONAL BANKS SUBCHAPTER IX_2 - SUBCHAPTER IX-POWERS AND DUTIES OF FEDERAL RESERVE BANKS Sec. 360 - Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances |
| Contains | section 360 |
| Date | 1994 |
| Laws in Effect as of Date | January 4, 1995 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Dec. 23, 1913, ch. 6, §16 (par.), 38 Stat. 265; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704; Mar. 31, 1980, Pub. L. 96-221, title I, §105(c), 94 Stat. 140. |
| Statutes at Large References | 38 Stat. 265 49 Stat. 704 94 Stat. 140 |
| Public Law References | Public Law 96-221 |
§360. Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
Every Federal reserve bank shall receive on deposit at par from depository institutions or from Federal reserve banks checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn upon any of its depositors, and when remitted by a Federal reserve bank, checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn by any depositor in any other Federal reserve bank or depository institution upon funds to the credit of said depositor in said reserve bank or depository institution. Nothing herein contained shall be construed as prohibiting a depository institution from charging its actual expense incurred in collecting and remitting funds, or for exchange sold to its patrons. The Board of Governors of the Federal Reserve System shall, by rule, fix the charges to be collected by the depository institutions from its patrons whose checks and other items, including negotiable orders of withdrawal and share drafts are cleared through the Federal reserve bank and the charge which may be imposed for the service of the clearing or collection rendered by the Federal reserve bank.
(Dec. 23, 1913, ch. 6, §16 (par.), 38 Stat. 265; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704; Mar. 31, 1980, Pub. L. 96–221, title I, §105(c), 94 Stat. 140.)
CodificationSection is comprised of thirteenth par. of section 16 of act Dec. 23, 1913. For classification to this title of other paragraphs of section 16, see Codification note set out under section 411 of this title.
Amendments1980—Pub. L. 96–221 substituted references to depository institutions for references to member banks wherever appearing and inserted references to applicability to other items, including negotiable orders of withdrawal and share drafts.
Change of NameSection 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Effective Date of 1980 AmendmentAmendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.
Section Referred to in Other SectionsThis section is referred to in sections 348, 461 of this title.
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