(a) Availability
of credit. A Reserve Bank shall give credit to the sender for
the proceeds of a noncash item when it receives payment in actually
and finally collected funds (or advice from another Reserve Bank of
such payment to it). The amount of the item is counted toward the
balance maintained to satisfy a reserve balance requirement for purposes
of part 204 of this chapter (Regulation D) and becomes available for
use by the sender when the Reserve Bank receives the payment or advice,
except as provided in paragraph (b) of this section.
9-798
(b) Time schedule. A Reserve Bank may give
credit for the proceeds of a noncash item subject to payment in actually
and finally collected funds in accordance with a published time schedule.
The time schedule shall indicate when the proceeds of the noncash
item will be counted toward the balance maintained to satisfy a reserve
balance requirement for purposes of part 204 of this chapter (Regulation
D) and become available for use by the sender. A Reserve Bank may,
however, refuse at any time to permit the use of credit given by it
for a noncash item for which the Reserve Bank has not yet received
payment in actually and finally collected funds.
