12 U.S.C. § 342

Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges

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Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United 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.

Notes of Decisions

Cited in 18 cases (5 in the last 5 years), 1935–2026 · leading case: Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017).

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Fourth Corner Credit Union v. Fed. Reserve Bank of Kansas City, 861 F.3d 1052 (10th Cir. 2017). · cites it 3× “Though Fourth Corner relies on § 248a(c)(2), the Federal Reserve Bank of Kansas City contends that it obtained discretion under 12 U.S.C. § 342 . According to Federal Reserve Bank of Kansas City, § 342 creates discretion on whether to issue a master account.”

Amsouth Bank (03-5517) First Tennessee Bank (03-5521) v. George Dale, 386 F.3d 763 (1st Cir. 2004). “C § 248® and ©); § 13 ( 12 U.S.C. § 342 ); paragraph fourteen of § 16 ( 12 U.”

United States v. Wells Fargo, 943 F.3d 588 (2d Cir. 2019). “, 12 U.S.C. § 342 (authorizing FRBs to maintain accounts for member banks, other depository institutions, and the U.”

Hopkins Fed. Sav. & Loan Ass'n v. Cleary, 296 U.S. 315 (1935). “12 U. S. C. § 342 ; Ex parte Worcester National Bank, 279 U.”

Bill Childs v. Fed. Reserve Bank, 719 F.2d 812 (5th Cir. 1983). “” Regulation J is a lawful exercise of that authority, as it enables the federal reserve system to perform its check collection and clearinghouse functions prescribed in 12 U.S.C. §§ 342 (Supp.1981) and 12 U.S.C.”

Donmar Enter., Inc. v. S. Nat'l Bank, 828 F. Supp. 1230 (W.D.N.C. 1993). “from any of its member banks or other depository institutions----” 12 U.S.C. § 342 . Specifically, the regulation was issued by the authority vested in the Board of Governors of the Federal Reserve System to “make and promulgate .”

Ball v. Bd. of Governors of the Fed. Reserve Sys., 87 F. Supp. 3d 33 (D.D.C. 2015). “See 12 U.S.C. §§ 342 , 347d, 347, 347c, 350, 355(1).”

Otero Sav. & Loan Ass'n v. Fed. Reserve Bank, 665 F.2d 275 (10th Cir. 1981). “” Reply Brief, p. 16. This is just another means of asserting the broad power to enforce regulatory provisions, which is essentially part and parcel of the Reserve Bank’s argument that it possesses such “implied and incidental powers as are necessary for them to carry out the…”

Otero Sav. & Loan Ass'n v. Bd. of Governors, 497 F. Supp. 370 (D. Colo. 1980). “12 U.S.C. § 342 , § 347, and § 360 further regulate these activities as to member and nonmember banks.”

Cmty. Bank v. Fed. Reserve Bank of San Francisco, & Bd. of Governors of the Federalreserve Sys., 500 F.2d 282 (9th Cir. 1974). · cites it 4× “Since Reserve Banks are prohibited by statute from paying an exchange fee, 12 U.S.C. § 342 , checks drawn on nonpar banks cannot be collected through the Federal Reserve system.”

Hutchins v. Modern Woodmen Fraternal Fin., 978 F. Supp. 2d 637 (S.D. Miss. 2013). “C § 248® and (j)); § 13 ( 12 U.S.C. § 342 ); paragraph fourteen of § 16 ( 12 U.”

Custodia Bank v. Fed. Reserve Bd. of Governors (10th Cir. 2025). · cites it 7× “” 12 U.S.C. § 342 . Second, § 248a of the Depository Institutions Deregulation and Monetary Control Act (“MCA”), enacted in 1980, directs the Board to (1) establish a fee schedule to charge for the services the Fed provides to banks, which the Fed had previously provided for…”

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