[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: 12CFR210.29]

[Page 325]
 
                       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 B--Funds Transfers Through Fedwire
 
Sec. 210.29  Agreement of receiving bank.

    (a) Payment. A receiving bank (other than a Federal Reserve Bank) 
that receives a payment order from its Federal Reserve Bank authorizes 
that Federal Reserve Bank to pay for the payment order by crediting the 
amount of the payment order to the receiving bank's account.
    (b) Off-line banks. An off-line bank that does not expressly notify 
its Federal Reserve Bank in writing that it maintains an account for 
another bank warrants to that Federal Reserve Bank that the off-line 
bank does not act as an intermediary bank or a beneficiary's bank with 
respect to payment orders received through Fedwire for a beneficiary 
that is a bank.

[55 FR 40801, Oct. 5, 1990; 55 FR 47428, Nov. 13, 1990]