[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR210.30]

[Page 300-301]
 
                       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. 210.30  Payment orders.

    (a) Rejection. A sender shall not send a payment order to a Federal 
Reserve Bank unless authorized to do so by the Federal Reserve Bank. A 
Federal Reserve Bank may reject, or impose conditions that must be 
satisfied before it will accept, a payment order for any reason.
    (b) Selection of an intermediary bank. For an interdistrict 
transfer, a Federal Reserve Bank is authorized and directed to execute a 
payment order through another Federal Reserve Bank. A sender shall not 
send a payment order to a Federal Reserve Bank that requires the Federal 
Reserve Bank to issue a payment order to an intermediary bank (other 
than a Federal Reserve Bank) unless that intermediary bank is designated 
in the sender's payment order. A sender shall not send to a Federal 
Reserve Bank a payment order instructing use by a Federal Reserve Bank 
of a funds-transfer system or means of transmission other than Fedwire, 
unless the Federal Reserve Bank agrees with the sender in writing to 
follow such instructions.
    (c) Same-day execution. A sender shall not issue a payment order 
that instructs a Federal Reserve Bank to execute the payment order on a 
funds-transfer business day that is later than the funds-transfer 
business day on

[[Page 301]]

which the order is received by the Federal Reserve Bank, unless the 
Federal Reserve Bank agrees with the sender in writing to follow such 
instructions.