C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 240—INDORSEMENT AND PAYMENT OF CHECKS DRAWN ON THE UNITED STATES TREASURY

31 C.F.R. § 240.3

Electronic checks and substitute checks

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(a) Legal equivalence of electronic checks. An electronic check for which a presenting bank has provided the guarantees described in § 240.4 is the legal equivalent of an original or substitute check for purposes of this part if the electronic check accurately represents all of the information on the front and back of the check that the presenting bank truncated. If a financial institution presents an electronic check for payment and the check is subject to return, Treasury may effect the return using an electronic check, but this part does not create any right for the presenting bank to return the check to the payee or any other person using an electronic check.

(b) Safekeeping of original checks. Any financial institution that creates a substitute check or electronic check shall prevent unauthorized access to the original or substitute check that was truncated by storing the check, until it is destroyed, in a manner consistent with federal banking agency guidelines for safeguarding customer information.

Notes of Decisions
Cited in 6 cases, 1995–2002 · leading case: Casa De Cambio Comdiv S.A., De C v. V. United States, 291 F.3d 1356 (Fed. Cir. 2002).
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Casa De Cambio Comdiv S.A., De C v. V. United States, 291 F.3d 1356 (Fed. Cir. 2002). · cites it 8× “” 31 C.F.R. § 240.3 (c) (2001). The Federal Reserve Bank did so on that same day and debited Norwest’s account with the Federal Reserve Bank for the full amount of the check.”
Casa De Cambio Comdiv S.A. de C.V. v. United States, 48 Fed. Cl. 137 (Fed. Cl. 2000). · cites it 3× “The parties agree that the regulations permit the Treasury to decline payment of a forged check, 31 C.F.R. §§ 240.3 (c), 240.3(d) and 240.”
Motorola, Inc. v. Perry, 917 F. Supp. 43 (D.D.C. 1996). “§ 3328 ; 31 C.F.R. § 240.3 (a)(2) *46 (“The Commissioner shall not be required to pay a Treasury check issued before October 1, 1989 unless it is negotiated to a financial institution no later than October 1, 1990.”
ABN Amro Bank N.V. v. United States, 34 Fed. Cl. 126 (Fed. Cl. 1995). “6 (a); (2) Treasury’s delay of seven months before classifying the check as a forgery exceeds the “reasonable time” allowed under Treasury regulations for examining checks presented for payment, 31 C.F.R. § 240.3 (c); (3) Treasury’s reversal of the credit did not comply with the…”
United States v. Commonwealth Energy Sys. & Subsidiary Companies, 235 F.3d 11 (1st Cir. 2001). “”); 31 C.F.R. § 240.3 (d) (“Checks shall be deemed to be paid by the United States Treasury only after first examination has been fully completed.”
United States v. Commonwealth Energy Sys., 994 F. Supp. 80 (D. Mass. 1998). “l997); 31 C.F.R. § 240.3 (b)(1997). Adopting a “date the check is received in the mail” interpretation might, therefore, lead to a situation where a cause of action for recovery of funds accrues, but the Treasury never becomes obligated to pay on the check.”
— 31 C.F.R. § 240.3(c) — 1 case
Casa De Cambio Comdiv S.A., De C v. V. United States, 291 F.3d 1356 (Fed. Cir. 2002). “” 31 C.F.R. § 240.3 (c) (2001). The Federal Reserve Bank did so on that same day and debited Norwest’s account with the Federal Reserve Bank for the full amount of the check.”
— 31 C.F.R. § 240.3(d) — 1 case
Casa De Cambio Comdiv S.A., De C v. V. United States, 291 F.3d 1356 (Fed. Cir. 2002). “” 31 C.F.R. § 240.3 (c) (2001). The Federal Reserve Bank did so on that same day and debited Norwest’s account with the Federal Reserve Bank for the full amount of the check.”
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