31 C.F.R. § 210.5 Account requirements for Federal payments.
Title 31 - Money and Finance: Treasury
(a) Notwithstanding ACH Rules 2.1.2, 4.1.3, and Appendix Two, section 2.2 (listing general ledger and loan accounts as permissible transaction codes), an ACH credit entry representing a Federal payment other than a vendor payment shall be deposited into a deposit account at a financial institution. For all payments other than vendor payments, the account at the financial institution shall be in the name of the recipient, except as provided in paragraph (b) of this section. (b)(1) Where an authorized payment agent has been selected, the Federal payment shall be deposited into an account titled in accordance with the regulations governing the authorized payment agent. (2) Where a Federal payment is to be deposited into an investment account established through a securities broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or an investment account established through an investment company registered under the Investment Company Act of 1940 or its transfer agent, such payment may be deposited into an account designated by such broker or dealer, investment company, or transfer agent. (3) The Secretary of the Treasury may waive the requirements of paragraph (a) of this section in any case or class of cases. [64 FR 17478, Apr. 9, 1999, as amended at 65 FR 18869, Apr. 7, 2000]
Title 31: Money and Finance: Treasury
PART 210—FEDERAL GOVERNMENT PARTICIPATION IN THE AUTOMATED CLEARING HOUSE
Subpart A—General
§ 210.5 Account requirements for Federal payments.
