§ 342. Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
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/usc/title-12/section-342A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills:
Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal Reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate: Provided further, That nothing in this or any other section of this chapter shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the Board of Governors of the Federal Reserve System, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchange or otherwise; but no such charges shall be made against the Federal reserve banks.
(Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 263; Sept. 7, 1916, ch. 461, 39 Stat. 752; June 21, 1917, ch. 32, § 4, 40 Stat. 235; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 96–221, title I, § 105(a), Mar. 31, 1980, 94 Stat. 139.)
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U.S. Code
- § 5465Operations of designated financial market utilities
- § 343Discount of obligations arising out of actual commercial transactions
- § 372Bankers’ acceptances
- § 347Advances to member banks on their notes
- § 344Discount or purchase of bills to finance agricultural shipments
- § 346Discount of acceptances
- § 345Rediscount of notes, drafts, and bills for member banks; limitation of amount
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- Public Law 111–5Making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
15 references not yet in our index
- Dec. 23, 1913, ch. 6, § 13
- 38 Stat. 263
- Sept. 7, 1916, ch. 461
- 39 Stat. 752
- June 21, 1917, ch. 32, § 4
- 40 Stat. 235
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- Pub. L. 96–221, title I, § 105(a)
- 94 Stat. 139
- act Dec. 23, 1913, ch. 6
- 38 Stat. 251
- 40 Stat. 512
- Pub. L. 96–221
- section 108 of Pub. L. 96–221
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cites case law
§ 342
Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
Fed. Reg.×44
Bills×19
U.S.C.×7
C.F.R.×5
Stat.×3
Stat. Comp.×2
ActDec. 23, 1913, ch. 6, § 13
Stat.38 Stat. 263
ActSept. 7, 1916, ch. 461
Stat.39 Stat. 752
ActJune 21, 1917, ch. 32, § 4
Cites 18 · showing 8Cited by 80 across 6 sources