12 CFR 210.29
§ 210.29 Agreement of receiving bank.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 210.29, § 210.29 Agreement of receiving bank, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/44227
- Permanent ID
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Full text
(a) Payment. A receiving bank (other than a Federal Reserve Bank) that receives a payment order from its Federal Reserve Bank authorizes that Federal Reserve Bank to pay for the payment order by crediting the amount of the payment order to the receiving bank's account.
(b) Off-line banks. An off-line bank that does not expressly notify its Federal Reserve Bank in writing that it maintains an account for another bank warrants to that Federal Reserve Bank that the off-line bank does not act as an intermediary bank or a beneficiary's bank with respect to payment orders received through the Fedwire Funds Service for a beneficiary that is a bank.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.