[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR240.3]

[Page 84]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 240_INDORSEMENT AND PAYMENT OF CHECKS DRAWN ON THE UNITED STATES 
 
Sec.  240.3  Electronic checks and substitute checks.

    (a) Legal equivalence of electronic checks. An electronic check for 
which a presenting bank has provided the guarantees described in Sec.  
240.4 is the legal equivalent of an original or substitute check for 
purposes of this part if the electronic check accurately represents all 
of the information on the front and back of the check that the 
presenting bank truncated. If a financial institution presents an 
electronic check for payment and the check is subject to return, 
Treasury may effect the return using an electronic check, but this part 
does not create any right for the presenting bank to return the check to 
the payee or any other person using an electronic check.
    (b) Safekeeping of original checks. Any financial institution that 
creates a substitute check or electronic check shall prevent 
unauthorized access to the original or substitute check that was 
truncated by storing the check, until it is destroyed, in a manner 
consistent with federal banking agency guidelines for safeguarding 
customer information.