[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR210.10]

[Page 319]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 210--COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J)--Table of Contents
 
Subpart A--Collection of Checks and Other Items By Federal Reserve Banks
 
Sec. 210.10  Time schedule and availability of credits for cash items and returned checks.

    (a) Each Reserve Bank shall include in its operating circulars a 
time schedule for each of its offices indicating when the amount of any 
cash item or returned check received by it is counted as reserves for 
purposes of part 204 of this chapter (Regulation D) and becomes 
available for use by the sender or paying or returning bank. The Reserve 
Bank that holds the settlement account shall give either immediate or 
deferred credit to a sender, a paying bank, or a returning bank (other 
than a foreign correspondent) in accordance with the time schedule of 
the receiving Reserve Bank. A Reserve Bank ordinarily gives credit to a 
foreign correspondent only when the Reserve Bank receives payment of the 
item in actually and finally collected funds, but, in its discretion, a 
Reserve Bank may give immediate or deferred credit in accordance with 
its time schedule.
    (b) Notwithstanding its time schedule, a Reserve Bank may refuse at 
any time to permit the use of credit given by it for any cash item or 
returned check, and may defer availability after credit is received by 
the Reserve Bank for a period of time that is reasonable under the 
circumstances.

[62 FR 48173, Sept. 15, 1997]