[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: 31CFR208.6]



[Page 48]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY

 

PART 208_MANAGEMENT OF FEDERAL AGENCY DISBURSEMENTS--Table of Contents

 

Sec.  208.6  General account requirements.



    (a) All Federal payments made by electronic funds transfer, 

including those made through an ETA \SM\, shall be deposited into an 

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 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.