Presentment and issuance of checks.

CFR · 2024-01-01 · US · Title 12

(a) (b) (i) At a location to which delivery is requested by the paying bank; (ii) At an address of the bank associated with the routing number on the check, whether contained in the MICR line or in fractional form; (iii) At a branch, head office, or other location consistent with the name and address of the bank on the check if the bank is identified on the check by name and address; or (iv) At any branch or head office, if the bank is identified on the check by name without address. (2) A bank may require that checks presented to it as a paying bank be separated from returned checks. (c) (d) (i) At a location designated by the paying bank for receipt of paper checks under this paragraph (d) at which the paying bank would be considered to have received the paper check under paragraph (b) of this section or, if no location is designated, at any location (ii) By 8 a.m. on a business day (local time of the location described in paragraph (d)(1)(i) of this section). (2) A paying bank may require that paper checks presented for settlement pursuant to paragraph (d)(1) of this section be separated from other forward-collection checks or returned checks. (3) If presentment of a paper check meets the requirements of paragraph (d)(1) of this section, the paying bank is accountable to the presenting bank for the amount of the check unless, by the close of Fedwire on the business day it receives the check, it either— (i) Settles with the presenting bank for the amount of the check by cre

official document · source cfr-2024 · id 12:§ 229.36