CHECK CLEARING AND COLLECTION
2—FEach Federal Reserve Bank will receive at par from other Federal Reserve
Banks, and from all member and nonmember clearing banks in other Federal
Reserve districts which are authorized to route direct for the credit of their
respective Federal Reserve Banks, checks drawn on all member and non-
member clearing banks of its district, and checks drawn on all other non-
member banks of its district which are collectable at par in funds acceptable
to the collecting Federal Reserve Bank.
3—No Federal Reserve Bank shall receive on deposit or for collection any check
drawn on any nonmember bank which can not be collected at par in funds
acceptable to the Federal Reserve Bank of the district in which such non-
member bank ‘is located.
Section IV. Time Schedule and Availability of Credits
|—Each Federal Reserve Bank will publish a time schedule showing the time
at which any item sent to it will be counted as reserve and become available
for withdrawal or other use by the sending bank. For all checks received,
the sending bank will be given immediate credit, or deferred credit, in ac-
cordance with such time schedule, and as provided below.
2—For all such checks as are received for immediate credit in accordance with
such time schedule, immediate credit, subject to final payment, will be given
upon the books of the Federal Reserve Bank at full face value in the reserve
account or clearing account upon day of receipt, and the proceeds will at
once be counted as reserve and become available for withdrawal or other use
by the sending bank.
3—For all such checks as are received for deferred credit in accordance with
such time schedule, deferred credit, subject to final payment, will be entered
upon the books of the Federal Reserve Bank at full face value, but the pro-
ceeds will not be counted as reserve nor become available for withdrawal or
other use by the sending bank until such time as may be specified in such
time schedule, at which time credit will be transferred from the deferred
account to the reserve account or clearing account subject to final payment
and will then be counted as reserve and become available for withdrawal or
other use by the sending bank.
The Federal Reserve Board hereby authorizes the Federal Reserve
Banks to handle such checks subject to the following terms and con-
ditions; and each member and non-member clearing bank which
Sends checks to any Federal Reserve Bank for deposit or collection
—~—
A check j a draft or order upon a bank or banking house, purporting to be
Jrawn Upon Toy i the payment at De of a certain sum of money to the order
°f a certain person therein named, or to Yim or his order, or to bearer, and payable on demand,
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