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12 U.S.C. § 360 — Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall receive on deposit at par from depository institutions or from Federal reserve banks checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn upon any of its depositors, and when remitted by a Federal reserve bank, checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn by any depositor in any other Federal reserve bank or depository institution upon funds to the credit of said depositor in said reserve bank or depository institution. Nothing herein contained shall be construed as prohibiting a depository institution from charging its actual expense incurred in collecting and remitting funds, or for exchange sold to its patrons. The Board of Governors of the Federal Reserve System shall, by rule, fix the charges to be collected by the depository institutions from its patrons whose checks and other items, including negotiable orders of withdrawal and share drafts are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank.
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Stable record: federal_law:legal_authorities:record_usc_d51d7e6a1ce66a1a068f9037
Source file: Laws/federal/codes/united-states-code/title-12/section-360-receiving-checks-and-drafts-on-deposit-at-par-charges-for-collections-ex--6663110709.md
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Source location: Title 12, Chapter 3, § 360; chapter-003-federal-reserve-system.md
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Every Federal reserve bank shall receive on deposit at par from depository institutions or from Federal reserve banks checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn upon any of its depositors, and when remitted by a Federal reserve bank, checks and other items, including negotiable orders of withdrawal and share drafts and drafts drawn by any depositor in any other Federal reserve bank or depository institution upon funds to the credit of said depositor in said reserve bank or depository institution. Nothing herein contained shall be construed as prohibiting a depository institution from charging its actual expense incurred in collecting and remitting funds, or for exchange sold to its patrons. The Board of Governors of the Federal Reserve System shall, by rule, fix the charges to be collected by the depository institutions from its patrons whose checks and other items, including negotiable orders of withdrawal and share drafts are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
The Board of Governors of the Federal Reserve System shall be authorized and empowered:
**(a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions**
(1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks.
(2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 248
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 411
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Federal law — U.S. Code and appendices · legal_authorities
Page 135
TITLE 12—BANKS AND BANKING
§§ 362 to 364
NATIONAL AGRICULTURAL CREDIT CORPORATION
Title II of the Agricultural Credits Act, act Mar. 4,
1923, title II, §§ 201–217, 42 Stat. 1461, authorized creation
of national agricultural credit corporations, prior to re-
peal by Pub. L. 86–230, Sept. 8, 1959, § 24, 73 Stat. 466.
Prior to such repeal, act June 16, 1933, § 77, 48 Stat. 292,
had prohibited the creation, after June 16, 1933, of na-
tional agricultural credit corporations authorized to be
formed under the Agricultural Credits Act.
§ 359a. Omitted
Editorial Notes
CODIFICATION
Section, act Dec. 23, 1913, ch. 6, § 14(h), as added June
8, 1979, Pub. L. 96–18, § 2, 93 Stat. 35, which authorized
the Secretary of the Treasury to borrow and sell in
open market, and required the repurchase and return of
obligations to Federal Reserve Banks, was effective
only during the two-year period that began June 8, 1979,
as provided by section 3(a) of Pub. L. 96–18.
§ 360. Receiving checks and drafts on deposit at
par; charges for collections, exchange, and
clearances
Every Federal reserve bank shall receive on
deposit at par from depository institutions or
from Federal reserve banks checks and other
items, including negotiable orders of withdrawal
and share drafts and drafts drawn upon any of
its depositors, and when remitted by a Federal
reserve bank, checks and other items, including
negotiable orders of withdrawal and share drafts
and drafts drawn by any depositor in any other
Federal reserve bank or depository institution
upon funds to the credit of said depositor in said
reserve bank or depository institution. Nothing
herein contained shall be construed as prohib-
iting a depository institution from charging its
actual expense incurred in collec
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 360
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