§ 762.27. Processing of disbursement postal money orders by Federal Reserve Banks.
127 words·~1 min read·
/us/cfr/t39/s§ 762.27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In accordance with an agreement between the Postal Service and the Federal Reserve Banks as depositaries and fiscal agents of the United States, Federal Reserve Banks will handle Disbursement Postal Money Orders as follows:
(a)Federal Reserve Banks shall not be expected to cash Disbursement Postal Money Orders presented directly to them for payment; and
(b)Each Federal Reserve Bank shall:
(1)Receive Disbursement Postal Money Orders from its member banks, and its other depositors which guarantee all prior endorsements thereon;
(2)Give immediate credit therefor in accordance with its current Time Schedules and charge the amount thereof to the general account of the U.S. Treasury, subject to examination and payment by the Postal Service; and
(3)Forward the Disbursement Postal Money Orders to the Postal Service.