[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR321.14]

[Page 209]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 321--PAYMENTS BY BANKS AND OTHER FINANCIAL INSTITUTIONS OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES)--Table of Contents
 
            Subpart D--Payment and Transmittal of Securities
 
Sec. 321.14  Transmittal to and settlement by Federal Reserve Bank.

    In accordance with Federal Reserve Bank instructions, a paying agent 
shall transmit with an EZ CLEAR cash letter securities redeemed for cash 
and on redemption-exchange, either directly or through a correspondent 
institution, to the Check Department of the appropriate Bank or Branch, 
or to a Regional Check Processing Center (RCPC). Upon receipt of the 
securities, the Bank, Branch, or RCPC will arrange for immediate 
settlement with the presenting institution. Such settlement shall be 
made by a credit to the presenting institution's Reserve or other 
clearing account in the total amount paid, as reflected on the cash 
letter, and shall be subject to adjustment via a charge or credit to 
that account if any discrepancy is subsequently discovered.

[59 FR 10537, Mar. 4, 1994]