§ 342. — Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC342]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 342. Deposits; exchange and collection; member and
nonmember banks or other depository institutions; charges
Any Federal Reserve bank may receive from any of its member banks,
or other depository institutions, and from the Unites 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, Sec. 13 (par.), 38 Stat. 263; Sept. 7, 1916, ch.
461, 39 Stat. 752; June 21, 1917, ch. 32, Sec. 4, 40 Stat. 235; Aug. 23,
1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221,
title I, Sec. 105(a), Mar. 31, 1980, 94 Stat. 139.)
Codification
Section is comprised of the first par. of section 13 of act Dec. 23,
1913, as amended in 1916 (39 Stat. 752). The second to eighth and tenth
to fourteenth pars. of section 13 (as now constituted) are classified to
sections 92, 343 to 347, 347c, 347d, 361, 372, and 373 of this title.
For decision by U.S. Supreme Court that, despite faulty placement of
quotation marks, act Sept. 7, 1916, placed within section 13 of act Dec.
23, 1913, each of the ten pars. located between the phrases that
introduced the amendments to sections 13 and 14 of said act, that only
the seventh par. (rather than seventh to tenth pars.) comprised the
amended R.S. Sec. 5202, and that section 20 of act Apr. 5, 1918 (40
Stat. 512) (which amended R.S. Sec. 5202 comprised of a single par.),
did not amend section 13 of said act so as to repeal the eighth to tenth
pars., see United States National Bank of Oregon v. Independent
Insurance Agents of America, Inc., et al., 508 U.S. 439, 113 S.Ct. 2173,
124 L.Ed. 2d 402 (1993). As the result of subsequent amendments, such
seventh to tenth pars. of section 13 now constitute the ninth to twelfth
pars. The ninth par. amended former section 82 of this title, and the
tenth to twelfth pars. are classified to sections 361, 92, and 373,
respectively, of this title.
Amendments
1980--Pub. L. 96-221 inserted references to other depository
institutions and provisions respecting applicability to other items
presented for payment, and substituted provisions setting forth items to
constitute required balance to include items in transit, Federal Reserve
bank services, and other appropriate factors, for provisions requiring
the balance to be sufficient to offset items in transit held for the
account of the bank.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96-221 effective on first day of sixth month
which begins after Mar. 31, 1980, see section 108 of Pub. L. 96-221, set
out as a note under section 248 of this title.
Section Referred to in Other Sections
This section is referred to in sections 84, 412, 461 of this title.
