[Code of Federal Regulations]

[Title 31, Volume 2]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR210.5]



[Page 53-54]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY

 

PART 210_FEDERAL GOVERNMENT PARTICIPATION IN THE AUTOMATED CLEARING HOUSE--Table of Contents

 

                            Subpart A_General

 

Sec.  210.5  Account requirements for Federal payments.



    (a) Notwithstanding ACH Rules 2.1.2, 4.1.3, and Appendix Two, 

section 2.2 (listing general ledger and loan accounts as permissible 

transaction codes), an ACH credit entry representing a Federal payment 

other than a vendor payment shall be deposited into a deposit account at 

a financial institution. For all payments other than vendor payments, 

the account at the financial institution shall be in the name of the 

recipient, except as provided in paragraph (b) of this section.

    (b)(1) Where an authorized payment agent has been selected, the 

Federal payment shall be deposited into an account titled in accordance 

with the regulations governing the authorized payment agent.

    (2) Where a Federal payment is to be deposited into an investment 

account established through a securities broker or dealer registered 

with the Securities and Exchange Commission under the Securities 

Exchange Act of 1934, or an investment account established



[[Page 54]]



through an investment company registered under the Investment Company 

Act of 1940 or its transfer agent, such payment may be deposited into an 

account designated by such broker or dealer, investment company, or 

transfer agent.

    (3) The Secretary of the Treasury may waive the requirements of 

paragraph (a) of this section in any case or class of cases.



[64 FR 17478, Apr. 9, 1999, as amended at 65 FR 18869, Apr. 7, 2000]