National banking under the Federal Reserve System

Bibliographic data

Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Check clearing and collection

Collection:: Economics Books

CHECK CLEARING AND COLLECTION Lye following is a transcript of the Federal Reserve Board’s Regulation J, Series of 1924. Section 16 of the Federal Reserve Act authorizes the Federal Re- serve Board to require each Federal Reserve Bank to exercise the function of a clearing house for its member banks, and section 18 of the Federal Reserve Act, as amended by the act approved June 21, 1917, authorizes each Federal Reserve Bank to receive from any non- member bank or trust company, solely for the purposes of exchange or of collection, deposits of current funds in lawful money, national bank notes, Federal Reserve notes, checks and drafts payable upon presentation, or maturing notes and bills, provided such non-menber bank or trust company maintains with its Federal Reserve Bank a balance sufficient to offset the items in transit held for its account by the Federal Reserve Bank. In pursuance of the authority vested in it under these provisions of law, the Federal Reserve Board, desiring to afford both to the public and to the various banks of the country a direct, expeditious, and economical system of check collection and settlement of balances, has arranged to have each Federal Reserve Bank exercise the functions of a clearing house and collect checks for such of its member banks as desire to avail themselves of its privileges and for such non-member State banks and trust companies as may maintain with the Federal Reserve Bank balances sufficient to qualify them under the provisions of section 13 to send items to Federal Reserve Banks for purposes of exchange or of collection. Such non-member State banks and trust companies will hereinafter be referred to as non-member clearing banks. Each Federal Reserve Bank shall exercise the functions of a clearing house and collect checks under the general terms and conditions here- inafter set forth. Section 111. Checks Received for Collection |—Each Federal Reserve Bank will receive at par from its member banks and from nonmenber clearing banks in its district, checks!? drawn on all member and nonmember clearing banks, and checks drawn on all other nonmember banks which are collectable at par in funds acceptable to the Federal Reserve Bank of the district in which such nonmember banks are located. [781 Bn ee 3 A ge

Access restriction

Copyright

fullscreen: National banking under the Federal Reserve System

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation