§ 360. — Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC360]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 360. Receiving checks and drafts on deposit at par; charges
for collections, exchange, and clearances
Every Federal reserve bank shall receive on deposit at par from
depository institutions or from Federal reserve banks checks and other
items, including negotiable orders of withdrawal and share drafts and
drafts drawn upon any of its depositors, and when remitted by a Federal
reserve bank, checks and other items, including negotiable orders of
withdrawal and share drafts and drafts drawn by any depositor in any
other Federal reserve bank or depository institution upon funds to the
credit of said depositor in said reserve bank or depository institution.
Nothing herein contained shall be construed as prohibiting a depository
institution from charging its actual expense incurred in collecting and
remitting funds, or for exchange sold to its patrons. The Board of
Governors of the Federal Reserve System shall, by rule, fix the charges
to be collected by the depository institutions from its patrons whose
checks and other items, including negotiable orders of withdrawal and
share drafts are cleared through the Federal reserve bank and the charge
which may be imposed for the service of the clearing or collection
rendered by the Federal reserve bank.
(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 265; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221, title I,
Sec. 105(c), Mar. 31, 1980, 94 Stat. 140.)
Codification
Section is comprised of thirteenth par. of section 16 of act Dec.
23, 1913. For classification to this title of other paragraphs of
section 16, see Codification note set out under section 411 of this
title.
Amendments
1980--Pub. L. 96-221 substituted references to depository
institutions for references to member banks wherever appearing and
inserted references to applicability to other items, including
negotiable orders of withdrawal and share drafts.
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 348, 461 of this title.
