(a) Rejection. A sender shall not send a payment order to a Federal Reserve Bank
unless authorized to do so by the Federal Reserve Bank. A Federal
Reserve Bank may reject, or impose conditions that must be satisfied
before it will accept, a payment order for any reason.
(b) Selection of an intermediary bank. For
an interdistrict transfer through the Fedwire Funds Service, a Federal
Reserve Bank is authorized and directed to execute a payment order
through another Federal Reserve Bank. A sender shall not send a payment
order to a Federal Reserve Bank that requires the Federal Reserve
Bank to send a payment order to an intermediary bank (other than a
Federal Reserve Bank) unless that intermediary bank is designated
in the sender’s payment order. A sender shall not send to a Federal
Reserve Bank a payment order through the Fedwire Funds Service that
instructs use by a Federal Reserve Bank of a funds-transfer system
or means of transmission other than the Fedwire Funds Service unless
the Federal Reserve Bank agrees with the sender in writing to follow
such instructions.
9-824
(c) Execution date and
payment date. A sender shall not send a payment order through
the Fedwire Funds Service that instructs a Federal Reserve Bank to
execute the payment order or to pay the beneficiary on a funds-transfer
business day that is later than the Fedwire Funds Service funds-transfer
business day on which the order is received by the Federal Reserve
Bank, unless the Federal Reserve Bank agrees with the sender in writing
to follow such instructions.
