C.F.R. » Title 12 » CHAPTER II—FEDERAL RESERVE SYSTEM › SUBCHAPTER A—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM › PART 210—COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH THE FEDWIRE FUNDS SERVICE AND THE FEDNOW SERVICE (REGULATION J) › Subpart A—Collection of Checks and Other Items By Federal Reserve Banks

12 C.F.R. § 210.11

Availability of proceeds of noncash items; time schedule

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(a) Availability of credit. A Reserve Bank shall give credit to the sender for the proceeds of a noncash item when it receives payment in actually and finally collected funds (or advice from another Reserve Bank of such payment to it). The amount of the item is counted toward the balance maintained to satisfy a reserve balance requirement for purposes of part 204 of this chapter (Regulation D) and becomes available for use by the sender when the Reserve Bank receives the payment or advice, except as provided in paragraph (b) of this section.

(b) Time schedule. A Reserve Bank may give credit for the proceeds of a noncash item subject to payment in actually and finally collected funds in accordance with a published time schedule. The time schedule shall indicate when the proceeds of the noncash item will be counted toward the balance maintained to satisfy a reserve balance requirement for purposes of part 204 of this chapter (Regulation D) and become available for use by the sender. A Reserve Bank may, however, refuse at any time to permit the use of credit given by it for a noncash item for which the Reserve Bank has not yet received payment in actually and finally collected funds.

[Reg. J, 77 FR 21858, Apr. 12, 2012, as amended at 83 FR 61521, Nov. 30, 2018]
Notes of Decisions
Cited in 1 case, 1975–1975 · leading case: First Nat'l Bank of Sikeston, Appellee-Cross v. Transamerica Ins. Co., Appellant-Cross, 514 F.2d 981 (1st Cir. 1975).
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First Nat'l Bank of Sikeston, Appellee-Cross v. Transamerica Ins. Co., Appellant-Cross, 514 F.2d 981 (1st Cir. 1975). “Regulation “J”, 12 C.F.R. § 210.11 (a) (1967). 3 . About a million dollars went through the accounts in February, two million in March, and about three and one-half million in April 1971, 4 .”
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