Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 360. Receiving checks and drafts on deposit at par; charges for collections, exchange, and clearances
Statutory text
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 clearing or collection rendered by the Federal reserve bank.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 16 · 38 Stat. 103
Enacted · 12 U.S.C. § 360
Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265Monetary Control Act of 1980
Pub. L. 96–221 title I § 105(c) · 94 Stat. 131
Substituted · 12 U.S.C. § 360
Pub. L. 96–221, which directed amendment of “[t]he thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360)” by substituting “depository institutions” for “member banks” wherever appearing and by inserting “and other items, including negotiable orders of withdrawal and share drafts” after “checks” wherever appearing, was executed to this section to reflect the probable intent of Congress
Substituted · 12 U.S.C. § 360
Pub. L. 96–221, which directed amendment of “[t]he thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360)” by substituting “depository institution” for “member bank” wherever appearing and by inserting “and other items, including negotiable orders of withdrawal and share drafts” after “checks” wherever appearing, was executed to this section to reflect the probable intent of Congress
Source evidence
Code amendment note
Pub. L. 96–221, which directed amendment of “[t]he thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360)” by substituting “depository institutions” for “member banks” wherever appearing and “depository institution” for “member bank” wherever appearing and by inserting “and other items, including negotiable orders of withdrawal and share drafts” after “checks” wherever appearing, was executed to this section to reflect the probable intent of Congress.Enacted provision · exact public law section
(c) The thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360) is amended— (1) by striking out “member banks” each place it appears therein and inserting in lieu thereof “depository institutions”; (2) by striking out “member bank” each place it appears therein and inserting in lieu thereof “depository institution”; and (3) by inserting after “checks” each place it appears therein, the following: “and other items, including negotiable orders of withdrawal and share drafts”.Effective date note
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.
2 of 3 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of the twelfth par. (formerly the thirteenth par.) of section 16 of act . For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title.
Amendments
1980—Pub. L. 96–221, which directed amendment of “[t]he thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360)” by substituting “depository institutions” for “member banks” wherever appearing and “depository institution” for “member bank” wherever appearing and by inserting “and other items, including negotiable orders of withdrawal and share drafts” after “checks” wherever appearing, was executed to this section to reflect the probable intent of Congress.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , 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 , see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.
Credits
1913–1980 · 3 acts
- 1913Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265
- 1935Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704
- 1980Pub. L. 96–221, title I, § 105(c), , 94 Stat. 140.
Show as published
(Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 96–221, title I, § 105(c), , 94 Stat. 140.)