Cash and Check Deposits | TFX: Treasury Financial Experience

Requirements for Using Depositaries to Hold Public Money

Introduction: This Treasury Financial Manual (TFM) chapter consolidates existing guidance to federal agencies on the requirements for using depositaries to hold public money. Federal agency financial personnel should share this guidance with program and procurement personnel throughout their federal agency.

Section 4110—Scope and Applicability

This guidance is being issued to ensure federal agencies:

Comply with all statutes regarding public money,
Collateralize all public money, and
Report properly all public money held outside of the U.S. Treasury on all financial statements.

Section 4115—Authority: 31 United States Code (U.S.C.) 321, 3302-3304, 3327, 3336; 12 U.S.C. 90, 265-266, 332, 391, 1434, 1452(d), 1464(k), 1767, 1789a, 2013, 2122, and 3101-3102; and 31 Code of Federal Regulations (CFR) Parts 202 and 206 provide the authority for this chapter.

Section 4120—Terms and Definitions: For terms and definitions related to this chapter, please view the TFM Glossary.

Section 4125—Guidance

Federal agencies receiving public money from any source are statutorily required to deposit these funds into the U.S. Treasury, unless otherwise specifically authorized by law. Consequently, federal agencies may not hold public money outside of the U.S. Treasury without specific statutory authority to do so. Federal agencies without specific statutory authority to hold public money outside of the U.S. Treasury must deposit all public money into an account in the name of the U.S. Treasury using one of the various mechanisms established by the Department of the Treasury, including, but not limited to, the Treasury General Account Network (TGA Network), General Lockbox Network, and Pay.gov. Please refer to Volume I, Part 5, Chapter 2000, Depositing Domestic Checks and Cash Received in Over the Counter Collections, which provides instructions for federal agencies to deposit domestic checks and cash.

In rare cases, a federal agency may have statutory authority to hold money without depositing it to the U.S. Treasury or into an account at a depositary designated by the Department of the Treasury. However, the federal agency still must report these funds on its monthly Statement of Transactions (224) and in its audited financial statements. Please refer to Volume I, Part 2, Chapter 3400, Accounting for and Reporting on Cash and Investments Held Outside of the U.S. Treasury, which provides accounting and reporting policies and procedures on cash not deposited in a Treasury General Account and investments in non-federal securities.

Except as noted below, federal agencies holding public money outside of the U.S. Treasury pursuant to specific statutory authority are required to place such public funds at a financial institution that the Secretary of the Treasury has designated as a depositary and financial agent of the Federal Government. See 31 CFR Part 202. These federal agencies must hold such funds in an official account other than an account in the name of the U.S. Treasury. They must comply with all Federal regulations and TFM policies, procedures, and instructions governing public money held outside of the U.S. Treasury and the use of depositaries to hold public money. For example, federal agencies holding funds in an account at a depositary are responsible for the following:

Ensuring that acceptable collateral is pledged to secure the public money on deposit in excess of recognized insurance coverage (refer to Volume I, Part 5, Chapter 9000, Securing Government Deposits in Federal Agency Accounts, which describes federal agency requirements for securing public money on deposit at depositaries), and
Properly reporting funds held in accounts at designated depositaries on their monthly Statement of Transactions (224) or other designated accounting reports, and in their audited financial statements.

Section 4130—Overseas Depositaries: This chapter generally concerns funds held at U.S. domestic depositaries. Refer to Volume I, Part 2, Chapter 3200, Foreign Currency Accounting and Reporting, for guidance concerning funds held at depositaries located overseas.

Section 4135—Accounts of Agency Contractors: Unless an agency has specific statutory authorization, the general statutory requirement that federal entities must deposit all public money into the U.S. Treasury does not permit federal entities to deposit public money into a bank account of an agency contractor or vendor. This rule applies irrespective of whether the funds subsequently would be transferred into the U.S. Treasury. The rule applies equally to federal agency contractors providing payment assistance and similarly prohibits agencies from depositing funds into a contractor or vendor account for subsequent disbursement. For example, a federal agency must make payments directly to the USPS for postage and may not place public money in a postal vendor's account to be used for postage payment.

Section 4140—Assistance: The Bureau of the Fiscal Service (Fiscal Service) will assist federal agencies with the appropriate mechanism for managing the inflow and outflow of public money. This discussion should occur prior to a federal agency issuing a Request for Proposal for collecting or disbursing public money. Fiscal Service also establishes collateral accounts for federal agencies to use for securing public money held outside of the U.S. Treasury.

Section 4145—Additional Guidance

As stated above, federal agencies must have statutory authority to hold public money outside of the U.S. Treasury. If a federal agency experiences exceptional circumstances requiring a specific need to hold public money outside of the U.S. Treasury and, after consulting with agency counsel, is unsure whether it has the requisite statutory authority, the agency can request guidance from Fiscal Service in determining whether, and under what conditions, it may hold funds outside of the U.S. Treasury.

The agency's request for guidance should:

Be written,
Provide detailed information about the nature of the funds and where the funds will be held,
Provide the statutory basis that the agency believes may permit it to hold public money outside of the U.S. Treasury, and
Provide an analysis of other options and why they fail to meet the agency's needs.

Agencies should send requests for guidance to Fiscal Service's Bank Policy and Oversight Division (see Contacts). Fiscal Service will provide guidance on a case-by-case basis. Agencies must provide Fiscal Service with written notice of any subsequent changes to the statutory basis of any request for which Fiscal Service provided guidance.

Detailed Contacts

Direct inquiries concerning this chapter to:

Department of the Treasury
Bureau of the Fiscal Service
Revenue Collections Management
Bank Policy and Oversight Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-8471
BMT@fiscal.treasury.gov

Voucher Date, Deposit Date, And Funds Availability Date

Introduction: This Treasury Financial Manual (TFM) chapter sets out provisions regarding the voucher date, deposit date, and funds availability date, as these terms apply to the deposit of public monies.

Section 6510—Authority: 31 U.S.C. § 321

Section 6515—Definitions of Voucher Date, Deposit Date, and Funds Availability Date

As provided by law, the Bureau of the Fiscal Service (Fiscal Service) can designate commercial financial institutions and Federal Reserve Banks to serve as depositaries and agents of the Government and to provide collection services to federal entities. This chapter refers to “depositaries” and “agents” interchangeably. Financial institutions that have been designated as depositaries or agents of the Government deposit all revenue that the Fiscal Service collects. All revenue collected through a depositary or an agent has a voucher date, a deposit date, and a funds availability date.

6515.10—Voucher Date

The voucher date is the date that a federal entity's funds are credited to or to have been debited from a Department of the Treasury (Treasury) account. A federal entity uses this date for reconciliation with the Bureau of the Fiscal Service (Fiscal Service). Federal entities must treat this date as if it were the deposit date. Even in those situations where a federal entity is allowed to consider funds as deposited on the voucher date for accounting purposes, the actual deposit date is still used to determine the funds availability date.

6515.20—Deposit Date

The deposit date is the banking date that a depositary or an agent credits funds to a Treasury account. A depositary or an agent uses this date for reconciliation with the Fiscal Service.

6515.30—Funds Availability Date

The funds availability date is the banking date that deposited funds can be disbursed or otherwise withdrawn or transferred from a Department of the Treasury (Treasury) account at a depositary or an agent. The funds availability date can be early as the deposit date, but no earlier.

Section 6520—Definitions of Banking Date, Processing Date, and Bank Posting Date

The focus of this chapter is on voucher dates, deposit dates, and funds availability dates, but these dates are often expressed as banking dates and can be associated with processing dates and bank posting dates as well.

6520.10—Banking Date

The banking date is that part of any calendar day that an office of a bank is open to the public for carrying on substantially all of its banking functions. The banking date excludes:

Saturdays and Sundays;
January 1;
The third Monday in January;
The third Monday in February;
The last Monday in May;
July 4;
The first Monday in September;
The second Monday in October;
November 11;
The fourth Thursday in November; and
December 25.

If January 1, July 4, November 11, or December 25 fall on a Sunday, the banking date also excludes the following Monday.

6520.20—Processing Date

The processing date is the banking date that deposit processing occurs. For instance, if a bank processes a transaction on a given Monday after the banking date cutoff time, the processing date of the transaction is considered to be Tuesday.

6520.30—Bank Posting Date

The bank posting date is the banking date that a depositary or an agent credits funds to or debits funds from a Treasury account. A depositary or an agent uses this date for reconciliation with the Fiscal Service. The deposit date is a type of bank posting date.

Section 6525—Resolution When Transactions Are Not Processed in a Timely Manner: If the Fiscal Service or its depositaries and agents are unable to process transactions in a timely manner, the Fiscal Service works with the affected federal entity or entities to address the problem. Among other things, this may include changing the voucher date associated with the transaction.

Detailed Contacts

Direct questions regarding this chapter to:

Department of the Treasury
Bureau of the Fiscal Service

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6935

Treasury Lockbox Network

Introduction: This chapter prescribes the procedures of lockbox and remittance processing for federal entity receipts.

Section 4610 - Scope and Applicability: This chapter prescribes the procedures to be observed by all federal entities involved with the lockbox paper check and/or remittance processing (electronic or paper) of federal entity receipts.

Section 4615 - Authority: See, inter alia, 12 U.S.C. § 90 “Depositaries of public moneys and financial agents of Government,” 12 U.S.C. § 265 “Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws,” 12 U.S.C. § 266 “State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties,” 31 U.S.C § 321 “General authority of the Secretary,” 31 U.S.C § 3301 “General duties of the Secretary of the Treasury,” and 31 U.S.C § 3720 “Collection of payments."

Section 4625 - Background

Treasury Lockbox processing is accomplished by Treasury designated financial agents that provide lockbox and remittance services to the Treasury on behalf of federal entities. The financial agents are strategically located to minimize mail, processing, and collection float. Remittances are mailed directly to a P.O. Box (lockbox) established by the financial agent to collect federal entity mail for processing. The lockbox accelerates the deposit of funds into the Treasury's account and provides secure, accurate, and efficient data capture of financial and remittance data.

4625.10—Types of Lockbox Activity

There are three basic types of lockbox services available to federal entities:

Wholesale Lockbox. A wholesale lockbox involves the multi-stage processing of invoice documents and is best suited for high-dollar, low-volume remittances. Data of key financial information is captured, and deposits via Electronic Check Processing (ECP) are processed and credited to the proper Agency Location Code (ALC), upon receipt of the materials at the lockbox site.
Retail Lockbox. A retail lockbox uses machine readable documents for automated processing through optical character recognition (OCR) equipment. It is best suited for low to moderate dollar, high-volume remittances. High speed equipment captures specific remittance information upon receipt of payment documents at the lockbox site.
Specialty Lockbox. Specialty lockboxes provide a range of intricate services in addition to lockbox processing services. Designated specialty lockbox financial agents provide collection and processing services to Treasury on behalf of agencies that administer major national level programs, such as those involving passport applications, healthcare payments, or immigration benefit requests. The additional special services provided include handling and processing identification documents; applying complex business, processing, and sorting rules; and interacting with required federal entity internal systems.

4625.20—IRS Lockbox Network

The IRS Lockbox Network consists of a limited number of financial agents that serve as collection points for various IRS taxes. The IRS Lockbox Network handles business master file (BMF) and individual master file (IMF) tax transactions. The financial agents process the tax receipts and transmit information to IRS service centers. The financial agents also send to IRS the original tax forms that accompanied the transactions.

4625.30—Electronic Check Processing (ECP)

Since most mail transactions involve paper checks or money orders, Treasury lockboxes use the ECP system to automate deposits through the capture and conversion or truncation of checks. The Financial Agent (FA) opens the envelopes, and then digitally scans all associated checks to capture the electronic image of the checks. At this time, they would also scan any remittance data. The FAs then send all image and data files to ECP for processing. The FA must follow all minimum ECP processing guidelines concerning image quality. In cases where image quality in excess of the minimum ECP guidelines is required, such specifications shall be included in the Statement of Required Services (SRS) between the FA and Fiscal Service. After receiving information from the lockbox financial agents, ECP forwards the check information to Revenue Collections Management’s Debit Gateway application, which settles the transactions electronically.

4625.40—Credit Card Settlement

Remitters can submit credit card information through the mail for processing by the financial agent at the lockbox site. Credit card transactions received at the lockbox will be processed via Pay.gov®.

Section 4630—Lockbox Implementation

4630.10—Determining if a Paper Lockbox is Suitable

Fiscal Service is committed to maximizing electronic revenue collections, and federal entities should exhaust the possibility of electronic collection options prior to requesting lockbox services. Fiscal Service establishes and provides lockbox services at its sole discretion. Factors in determining whether lockbox services are appropriate include what electronic options are available, volume and dollar size of cash flows, and the legal need or requirement for paper remittances or original documents.

4630.20—Requesting Lockbox Services

To request lockbox services, federal entities must submit an official request for a new lockbox or new lockbox services in writing to the Revenue and Remittance Management Division. The request must include the potential number and dollar amount of items, an explanation why federal entities cannot manage the cash flow electronically including specific legal requirements, and a copy of any required coupon or form that would accompany a receipt. The Fiscal Service will perform an analysis, and in its sole discretion, determine if lockbox services are necessary. If denied, the Revenue and Remittance Management Division will recommend an alternative collection mechanism.

4630.30—Product Initiation

In many instances a lockbox application is identifiable by program entities’ requests for changes in depositary arrangements. In some cases, lockbox requests or needs arise due to audits by the federal entities' Inspectors General.

Federal entities desiring to use lockbox services should contact:

Department of the Treasury
Bureau of the Fiscal Service
Agency Relationship Engagement Division
arm@fiscal.treasury.gov

4630.40—Standard Lockbox Services

If a request for a lockbox is approved, Fiscal Service offers a standard suite of lockbox services at no charge to the federal entity. The process of setting up or converting to a paper lockbox begins with the federal entity review of the standard general specifications for all lockbox services, or the model SRS. Working in collaboration with Fiscal Service, the federal entity shall fill in detailed federal entity specifications where required. Fiscal Service and the federal entity shall sign the SRS. The SRS will serve as instructions to the FA. If volumes drop too low, Fiscal Service reserves the right to close a lockbox or move it to an electronic collection service.

4630.50—Reimbursable Services

If a request for a lockbox is approved, Fiscal Service will provide a range of standard lockbox services at no cost to the federal entity. In some cases, Fiscal Service may offer to other federal entities, on a reimbursable basis, specialized services that are related to but outside the basic collection process. For details on the criteria used for determining whether Fiscal Service will provide a financial service on a reimbursable or non- reimbursable basis, see TFM Volume I, Part 6, Chapter 3200, Section 3235 “Criteria for Determining Whether a Financial Service Will Be Provided on a Reimbursable or Non-reimbursable Basis”. If a federal entity receives reimbursable services, then Fiscal Service and its FA, in coordination with the federal entity, will add further lockbox processing requirements to the SRS that reflect these added reimbursable services. Fiscal Service requires the federal entity receiving these services to also enter into an Interagency Agreement (IAA) with them.

4630.60—Interagency Agreement (IAA)

In accordance with the Economy Act, if Fiscal Service conducts work for another federal entity that is outside the collection process, and hence Fiscal Service will be reimbursed for those services, then that federal entity must complete an Interagency Agreement (IAA) Form. (See FS Form 7600A and FS Form 7600B.)

Section 4635—Obtaining Lockbox Services: Fiscal Service has the exclusive authority to obtain lockbox services with the selected bank and the federal entity. A federal entity is prohibited from entering into contractual agreements, modifications of existing contracts, or renewal of existing contracts for federal entity collection systems without the prior approval of Fiscal Service.

Section 4640—Financial Agent Roles and Agreements

4640.10—Financial Agency Agreement (FAA)

All qualified financial institutions tasked by the Fiscal Service with providing lockbox services to federal entities enter into Financial Agency Agreements (FAA) with Fiscal Service, in advance of doing so. Under these FAAs, Fiscal Service designates the financial institutions as depositaries and financial agents of the United States. The FAA specifies the terms and conditions under which the FA will perform lockbox services.

4640.20—Service Level Agreement (SLA)

A Service Level Agreement (SLA) shall be part of every FAA and it, along with a Performance Scorecard, shall communicate expectations and goals for services to be provided by the FA, define measurements of performance by the FA in meeting these expectations and goals, set out specific metrics to be used in support of these measurements, and outline a process or methodology for how the FA’s overall performance in the delivery of lockbox services shall be measured. Fiscal Service monitors the FA performance through these tools and measurements.

Section 4645—Federal Entity Monitoring Requirements

4645.10—General Accountability of Funds and Performance

The federal entity is responsible for the accounting requirements of all transactions and funds transferred. Federal entities are required to monitor lockbox execution of the SRS on a daily basis to ensure quality service, reconciliation of detail remittance data, and the timely transferring of funds. Federal entities are to prepare the necessary financial statements and reports to Fiscal Service (I TFM Part 2).

4645.20—Changes to the SRS

The federal entity shall provide to Fiscal Service advance written request of any requested changes to the operating process or lockbox services. Fiscal Service will review this request, reach a decision and convey it within 30 days. A federal entity cannot negotiate or implement, without prior approval of Fiscal Service, changes in the processing specification (as detailed in the SRS) and pricing.

4645.30—Reconciliation Inquiries

The federal entity shall pursue inquiries concerning reconciliation of detail data/documents processed through the lockbox directly with the lockbox bank customer representative. Federal entities should report operational problems to Fiscal Service.

4645.40—Required Services

In accordance with the SRS if the lockbox bank fails to perform the required services, then the federal entity shall inform Fiscal Service in writing within 10 calendar days.

4645.50—Evaluation

The federal entity shall respond to periodic Treasury surveys for evaluation of services provided by both Fiscal Service and the FA bank.

4645.60—Escalation of Issues

Report to Fiscal Service immediately incidents that include fraud, waste, abuse, theft, compromise of sensitive data, identity theft, accidental or malicious destruction of documents, suspected or actual data breach, or lost mail. In addition, the federal entity shall inform Fiscal Service as soon as practical, if the FA fails to perform the required services in conformity with the SRS or experiences other operational problems.

Detailed Contacts

Direct inquiries concerning this chapter to:
Department of the Treasury
Bureau of the Fiscal Service
Revenue and Remittance Management Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6792

Depositing Domestic Checks and Cash Received in Over the Counter (OTC) Collections

Introduction: This chapter prescribes instructions for federal entities to deposit domestic checks and cash.

Section 2010—Scope and Applicability

This guidance is being issued to ensure federal entities:

Prepare OTCnet deposit tickets properly,
Request designated financial institutions for TGA deposits, and
Make deposits without delay.

Section 2015—Authority: 12 U.S.C 90, 265-266, 1767, 1789a, and 31 U.S.C 3301-3303, 3720.

Section 2025—No-Cash or No-Check Guidance

Federal entities may decide not to accept payments made in cash or by check. Before adopting a no-cash or a no-check policy, a federal entity should make a determination that the policy will be more beneficial than not to the operation of the program generating the payments. Factors that a federal entity must take into account when making its determination include:

Federal entity’s statutory and regulatory authorities,
Costs and benefits associated with implementing the policy,
Programmatic or economic reasons for adopting the policy,
Efficiencies to be gained by adopting the policy, and
Anticipated impact of the policy on the federal entity’s constituents.

If, after examining these factors, a federal entity determines that it is more beneficial than not to adopt a no-cash or no-check policy, Fiscal Service considers such a decision to be consistent with Treasury’s move to an all-electronic Treasury, as well as the purposes of federal cash-management statutes.

Section 2030—Inscription on Checks: Remitters must inscribe checks to the order of the specific organization maintaining the account to be credited and not to the Department of the Treasury (Treasury). The payee organization must be sufficiently identified to ensure prompt delivery. However, if a check is made payable to Treasury, the federal entity must accept and process it immediately. Under no circumstances should funds remitted to a federal entity be made payable to individual officers or employees of the federal government, whether by checks or through electronic means.

Section 2035—Funds Received for Another Federal Entity

If a federal entity receives funds that must be deposited under another ALC, it must:

Deposit the funds under its own ALC,
Classify the transaction to its budget clearing account F3875, and
Intra-Governmental Payment and Collection funds to the ALC for which the funds were deposited.

Section 2040—Record of Checks Received

Federal entity depositors must keep records of checks received, including the following information:

Amount,
Name of the drawer,
Name of the person from whom received (if other than the drawer),
Bank on which drawn,
Date drawn,
Check number (if cashier's check or similar item),
Checking account symbol and serial number (if drawn on Treasury), and
Serial number (if postal money order).

If a check is lost, mutilated, or destroyed, refer to the instructions in TFM Volume I, Part 5, Chapter 5000, Section 5035 (Uncollected, Lost, Destroyed, and Mutilated Checks).

Section 2045—Depositors' Endorsement on Checks Deposited at a Financial Institution

Depositors' endorsements on checks deposited at financial institutions for credit to the Treasury's account must, at a minimum, include:

The agency location code (ALC), and
The words “For credit to the U.S. Treasury".

Depositors must show the same ALC as shown on the OTCnet Deposit Ticket in the endorsement on checks deposited at a financial institution.

Section 2050—Making Deposits

2050.10—Deposit Reporting

The federal entity must prepare an OTCnet Deposit Ticket, and print and forward the same to the financial institution along with the check or cash deposit. The deposit must reach the financial institution by its designated cut-off time. When creating an OTCnet Deposit Ticket, the federal entity must enter the voucher date (which shows when the deposit is created), not the date the federal entity expects it to arrive at the financial institution. Federal entities must not post-date the voucher date, even if they are going to mail or send the deposit by courier. If the deposit arrives before the date entered on the OTCnet Deposit Ticket, the financial institution will not be able to confirm the federal entity’s deposit in a timely manner.

Federal entities should make copies or digital images of all checks. Copies/images should be safeguarded and retained based on the federal entity’s internal policies. Treasury recommends that federal entities retain these copies or images for up to 10 business days, which will enable federal entities to recreate deposits if checks are ever lost or stolen.

2050.20—Check Capture

Federal entities must process checks via OTCnet Check Capture. The following items cannot be processed through OTCnet’s Check Capture: Foreign items drawn on non-US financial institutions and Savings Bonds.

[Note: Since these items are not deposited at the federal entity’s financial institution, there is no need to endorse the back of the check.]

Daily deposits must be received by 9:30 PM ET for next-day settlement.

After being scanned, Treasury recommends retaining physical checks for up to 5 business days to ensure that there are no problems with file transmission, image quality, and processing of the checks. Checks should be safeguarded prior to destruction, and shredding is the method by which checks should be destroyed.

Section 2055—Counterfeit Currency: Financial institutions must surrender to the Secret Service any suspected counterfeit currency deposited to Treasury's General Account. In such cases, the federal entity will receive from the financial institution a photocopy of the Secret Service Form 1604: Counterfeit Note Report, and/or any other documentation that accompanied the surrendered currency. At that point, the federal entity must contact the Secret Service to find out if the surrendered currency was determined to be counterfeit. The federal entity must ensure that the financial institution processes an OTCnet Deposit Ticket for the amount of surrendered currency that the Secret Service determines is not counterfeit. See the Contacts section for more information.

Section 2060—Designated FIs for TGA Deposits

Federal entities must deposit funds at their designated financial institution. Federal entities must hand-deliver the deposits to their designated financial institution or hire a courier or armored car service to make scheduled deliveries. Except as provided in Section 2060.10, deposits must not be mailed to a financial institution, nor will ACH or Fedwire deposit activity be accepted. Federal entities cannot make deposits at a Federal Reserve Bank.

[Note: For ACH or Fedwire deposits, federal entities should refer to TFM Volume I, Part 5, Chapter 7500, “Fedwire and Automated Clearing House (ACH) Credit Deposits to the Account of the Bureau of the Fiscal Service”.]

Federal entities must request permission from the St. Louis Federal Reserve Bank (FRB St. Louis) to establish or change their financial institution. See the Contacts section for more information.

In order to establish or change a financial institution, the following information will need to be provided to FRB St. Louis:

Name of the federal entity,
OTCnet endpoint name,
Agency location code (ALC),
Name, mailing address, phone number, and address of the local federal entity contact,
Name and location of the federal entity’s current financial institution,
Time and manner in which the federal entity makes deposits with the current financial institution,
Name and location of the proposed financial institution,
Name and phone number of a contact person at the proposed financial institution,
Total dollar amount deposited monthly,
Total number of checks deposited monthly,
Dollar amounts and number of Treasury checks deposited monthly,
Amount of cash deposited monthly, and
A brief justification statement.

After the appropriate arrangements have been made, FRB St. Louis will notify the requesting federal entity that the setup is complete.

[Note: The requested financial institution has 10 business days from the date of receipt of the federal entity profile sheet to respond to the request. Federal entities requesting a financial institution need to provide FRB St. Louis with a 30 day notice prior to the federal entity’s first deposit.]

2060.10—Mail In Treasury General Account (MITGA)

The MITGA Program was developed to provide federal entities with an alternative to make TGA deposits when access to a local FI is unavailable. Federal entities that wish to use MITGA must contact FRB St. Louis to obtain an agency profile sheet, which must be filled out and returned to FRB St. Louis. The agency profile sheet is sent to the commercial bank administrator of the MITGA program. The MITGA commercial bank will send the federal entity instructions for sending deposits through the U.S. Postal Service. The federal entity will update its profile in OTCnet with the MITGA commercial bank’s routing and transit number and the account number. The federal entity will process a deposit in OTCnet and send the deposit to the MITGA commercial bank for confirmation.

Postage, registration, and other expenses incurred in mailing deposits may not be deducted from the amount of the deposit.

Section 2065—Frequency of Deposits

Federal entity depositors must limit deposits to one per day. Federal entities must make deposits for credit to the U.S. Treasury's account without delay following the procedures below:

Coordinate processing schedules that allow deposits to reach the financial institution before that financial institution's designated cut-off time,
Federal entities must deposit receipts totaling $5,000 or more on the same day received prior to depositary cutoff time. Deposits will be made as late as possible prior to the specified cutoff time to maximize daily deposit amounts. Collections totaling less than $5,000 may be accumulated and deposited when the total reaches $5,000. However, deposits must be made by Thursday of each week, regardless of the amount accumulated, and
If using OTCnet Check Capture, the federal entity must scan checks daily even if the checks total less than $5,000.

Section 2070—Reporting Large Deposits: Federal entities must report daily aggregate deposits (excluding Treasury checks) of $50 million or more to the Bureau of the Fiscal Service’s Cash Reporting Branch. See "Cash Forecasting Requirements" chapter at TFM Volume I, Part 6, Chapter 8500, section 8530, for instructions. However, federal entities must not accept any check written for more than $99,999,999.99, as the Federal Reserve banks will not process checks over that amount. See Federal Reserve Banks Operating Circular 3, “Collection of Cash Items and Returned Checks,” section 3.3.

Section 2075—Emergency Procedures

The CMITGA program was developed to provide federal entities a contingency solution to their standard OTCnet deposit reporting process. This contingency is used in the event the federal entity’s designated financial institution is unable to accept deposits for any reason, including (but not limited to) the following reasons:

Will not open for business,
Will be delayed in opening,
Will have limited hours of operation, and
Is affected by an environmental limitation that prevents the physical delivery of the federal deposits.

Contact the OTCnet Customer Service Team at 866-945-7920 and notify the customer service representative that your federal entity intends to use the CMITGA program. This notification will ensure that the federal entity is set up properly in the OTCnet application prior to mailing deposits to the CMITGA commercial bank for contingency purposes. Once the CMITGA commercial bank receives a mailed deposit from the federal entity, the CMITGA commercial bank will confirm it in OTCnet.

Additionally, when temporarily switching to the CMITGA process, the affected federal entity should email their federal entity location name, address and ALC to govlbxcustsvc@usbank.com.

Detailed Contacts

Direct inquiries concerning this chapter to:
Over the Counter Revenue Collection Division
Director: 202-874-5202

Federal Reserve Bank of St. Louis
OTC Support Team:

866-771-1842

stls.tga.support@stls.frb.org

Direct inquiries concerning counterfeit currency to:
Secret Service
U.S. Currency

Unpaid Checks

Introduction: This chapter prescribes instructions for federal agencies to follow to recover funds from unpaid checks, including uncollected and lost checks, as well as returned items.

Section 5010—Scope and Applicability: This guidance is being issued to ensure that checks unpaid for any reason by the bank on which they are drawn, except as specified by the Department of the Treasury (Treasury), will be processed for fund recovery according to the procedures in this chapter and the Over-the-Counter Channel Application Network (OTCnet) Adjustment, Correction, or Rescission procedures as appropriate. Checks that have been lost, destroyed, or mutilated after receipt by the government will be managed in accordance with Section 5035.

Section 5015—Authority: The Secretary of the Treasury’s authority to make and deliver Agreements of Indemnity is found at section 17306 of the Government Losses in Shipment Act, 40 U.S.C. § 721.

Section 5025—Return Items or Dishonored Checks

5025.10—Federal Agency Depositors

Upon receipt of an unpaid check from the depositary, agency depositors will:

Log into OTCnet to get the corresponding debit voucher data,
Follow any internal agency guidelines and procedures to collect the amount as though no check had been received, and
Log into CIR to view the debit to the appropriate Agency Location Code (ALC).

5025.20—Depositaries

When a check is returned unpaid (i.e., checks returned for insufficient funds, stop payment, or closed accounts) to the depositary with which the check was originally deposited, the depositary will create a return item adjustment in OTCnet.

Section 5030—Charges to Wrong ALC

If the amount of an unpaid check to Treasury's General Account is charged to the wrong ALC, the depositary should request from the Fiscal Service OTC Customer Support the appropriate ACR Request Form to initiate the correction or adjustment.

The federal agency whose ALC has been charged in error should contact the depositary to request from Fiscal Service OTC Customer Support the appropriate ACR Request Form by email to correct the debit (see Contacts).

For any corrections that cannot be made in OTCnet, the ACR Request Form should be used.

Section 5035—Uncollected, Lost, Destroyed, and Mutilated Checks

5035.10—Replacement without an Agreement of Indemnity

The federal agency must attempt to obtain a replacement without an Agreement of Indemnity, immediately upon discovering loss, destruction, or mutilation of checks. If a check is lost, whether before or after deposit, federal agency depositors will notify the drawer to stop payment on the check and reissue a replacement check, and follow any internal guidelines and procedures. New checks received will be processed for deposit as new business.

5035.20—Agreement of Indemnity for Replacement

When a replacement cannot be obtained without an Agreement of Indemnity, the federal agency should request an Agreement of Indemnity from Fiscal Service.

The following information must be included in the federal agency’s request for an Agreement of Indemnity:

Copy of the check or money order, if available,
Complete description of the check including the type of check, issue date, amount, and payee,
Amount requested for reimbursement,
Name and address of the bank that will receive the Agreement of Indemnity, (i.e., the bank that will issue the replacement check),
Memo from the issuing bank, stating the check or money order has not been cashed, and
Complete address of the federal agency to which the replacement check is to be delivered.

Upon approval of the federal agency's request, the Fiscal Service will execute and deliver the Agreement of Indemnity to the bank issuing the replacement check.

Fiscal Service will send a copy of the Agreement of Indemnity and the transmittal letter to the federal agency that requested the Agreement of Indemnity, and to the federal agency that will receive the replacement check (if different from the requesting agency).

Detailed Contacts

Direct general inquiries concerning the ACR Request Form to:

OTC Customer Support Team
Toll Free Phone: 510-428-6824
301-220-4588
FiscalService.OTCChannel@citi.com

Direct inquiries concerning Agreements of Indemnity in connection with the replacement of checks to:

Department of the Treasury
Bureau of the Fiscal Service
Financial Management Division
Warehouse and Operations Center, Dock 1

257 Bosley Industrial Park Drive
Parkersburg, WV 26101

FS-Budget@fiscal.treasury.gov

Direct general inquiries concerning this TFM Chapter to:

Federal Reserve Bank of St. Louis
OTC Support Team
1-866-771-1842
stls.tga.support@stls.frb.org

Foreign Checks and Currency Drawn on Foreign Banks

Introduction: This Treasury Financial Manual (TFM) chapter provides instructions for Federal agencies to deposit foreign checks and currency drawn on foreign banks.

Section 6010—Scope and Applicability

This chapter provides information on the process to:

Deposit foreign checks payable in foreign currency,
Deposit foreign checks payable in US dollars, and
Deposit foreign currency under and over 5K US dollars.

Section 6015—Authority: 31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265

Section 6025—General Information

Federal agencies should require payment in U.S. dollars whenever possible, especially with checks or money orders.

All foreign collection services for TGA deposits will be processed by one or more financial agents. The financial agent for foreign check processing will initially accept and process all foreign checks (see List of Currencies, subsection 6070.10) from Federal agencies, regardless of USD equivalent value.

The financial agent for foreign currency processing will purchase foreign banknotes (including coins) of various countries from Federal agencies. The financial agent will publish the exchange rates for all traded foreign currencies (see List of Currencies, subsection 6070.30).

Section 6030—Determine Whether the Check is a Foreign or Domestic Item

The Federal agency depositor must determine whether the deposit item is a foreign check or a domestic check prior to creating a deposit in OTCnet.

6030.10—Foreign Check

All of the following attributes appear on a foreign check:

A foreign bank drawee name,
The address of a foreign bank drawee located outside the U.S., and
A non-consecutive nine digit routing transit number.

6030.20—Domestic Check

The following attribute(s) appear on a domestic check:

A U.S. bank drawee name, and/or
A consecutive nine digit routing transit number.

6030.30—Ineligible Check Items

The following items are ineligible for processing as a domestic or foreign check:

Checks with dates missing and/or incomplete information,
Checks previously dishonored and so marked on the face of the item,
Checks post-dated or stale-dated (i.e., six months or greater),
Traveler checks,
Stop payment on checks,
Checks written on closed accounts, and
Fraudulent/counterfeit checks.

Section 6035—Record of Checks

The agency depositor must keep a description of each check to permit duplication in the event a check becomes lost, destroyed, or mutilated. If such records are adequate and support duplication of the original check data (e.g., photocopy or digital images), additional record maintenance is unnecessary.

At minimum, the maintenance record must include the following information:

Currency amount,
Currency type,
Bank drawee name,
Bank drawee address,
Drawer/Check writer name,
Date on check, and
Check number, if applicable.

Section 6040—Check Endorsement

Checks drawn on foreign banks and branches of U.S. banks, whether payable in U.S. dollars or foreign currency, must be endorsed by the Federal agency.

The endorsement must include, at minimum, the following information for checks deposited to a Treasury’s General Account:

ALC, and
The words “For Credit to the U.S. Treasury”.

Section 6045—Deposit Foreign Checks Payable in Foreign Currency

6045.10—Foreign Checks Listed

Checks that are drawn on foreign banks, payable in foreign currency, and listed on the tradable currency list (Section 6070), or listed in OTCnet’s currency code drop down box, will be processed in OTCnet as foreign check items. These items will be treated as cash letter items. Cash letter items are immediately cleared and are granted provisional credit within two business days following the day the financial agent receives the check.

A separate deposit must be created for each type of foreign currency.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for a foreign check item,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Transit Items
GA 4-004-02-02
6000 Feldwood Road
College Park, GA 30349

The financial agent will:

Determine the exchange rate and USD conversion amount and enter the amount into OTCnet,
Confirm the deposit in OTCnet, and
Populate field #4 on the OTCnet deposit ticket.

6045.20—Foreign Checks Not Listed

Foreign checks not listed on the foreign check tradable currency list (Section 6070) will be treated as collection items. Collection items are forwarded to the foreign banks that the checks are drawn on for clearance, prior to credit being granted. This collection process takes approximately six to eight weeks to complete.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for a foreign check item,
Select 'Other' in drop-down box (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information),
Select Financial Institution from drop-down box,
Select an Agency Accounting Code from the drop-down menu and add 'enter foreign amount',
Save for Approval, and
Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Clean Collections
TX1-160-06-18
1950 N. Stemmons Fwy
Dallas, TX 75207

Once the check item clears, the financial agent will:

Notify the agency,
Enter the USD equivalent amount and confirm the deposit in OTCnet.

Cash letter items and collection items can both be mailed in the same envelope to the same address. However, cash letter and collection items must have separately created OTCnet deposit tickets (i.e., vouchers). They cannot be listed on the same voucher.

Section 6050—Deposit Foreign Checks Payable in U.S. Dollars

Foreign checks drawn on Canadian and specific United Kingdom (UK) clearing banks (subsections 6070.10 and 6070.20), payable in U.S. dollars, will be processed as foreign check items (subsection 6045.10) in OTCnet. The agency depositor must:

Select the currency code for "Other" in OTCnet dropdown box, and
Add information in Block 6 that the check is written in US Dollars.

Foreign checks drawn on foreign banks outside of Canada and the UK, payable in U.S. dollars, will be processed as collection items (subsection 6040.20) in OTCnet.

Checks drawn on foreign banks made payable through a bank in the U.S. or reflecting a consecutive 9-digit routing number will be processed in the same manner as checks in U.S. currency.

Section 6055—Return Items and Collection Charges

The depositary will reprocess all items over $200 not successfully cleared on initial presentation, unless the item is ineligible (subsection 6030.30).

Eligible return items are reprocessed as collection items and will be subject to a six to eight week processing period. In such cases, the Federal agency will receive a notice and the check.

If a foreign check is returned for any reason, the financial agent will use the Returned Item Adjustment in OTCnet. The amount of the debit will equal the credit that was given to the agency because the exchange rate applied when the item is returned will be the same exchange rate applied when provisional credit was given. The Federal agency will receive a copy of the debit advice along with the foreign check.

Federal agencies may incur foreign collection charges or bank fees that are deducted from the proceeds by the foreign bank, prior to the settlement of the credit. Foreign collection fees (usual and customary fees) assessed after credit has been given in OTCnet may be charged back to the Federal agency upon notification from the Fiscal Service. Federal agencies may wish to consider setting higher minimum check limitations because of these substantial charges associated with foreign checks.

Section 6060—Deposit Foreign Currency

6060.10—Foreign Currency Listed

Separate deposits must be created in OTCnet for each type of foreign currency.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for foreign currency,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign currency, if under $5000.00 (5K) USD value, by registered mail, to:

Bank of America GBN-LA
Mail Code: CA9-924-01-11
2706 Media Center Drive
Los Angeles, CA 90065-1733

6060.20—Foreign Currency Not Listed

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for foreign currency,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign currency, if under 5K USD value, by registered mail to:

Bank of America GBN-LA
Mail Code: CA9-924-01-11
2706 Media Center Drive
Los Angeles, CA 90065-1733

Once the currency clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.

6060.30—Foreign Currency Over 5K USD Value

If the foreign currency deposit is over 5K USD value, OTCnet will prompt the agency depositor to call the financial agent’s Banknote Trading Desk for an armored courier pick up. The foreign currency deposits will be delivered to a specific location of the financial agent (see Contacts).

The agency depositor must confirm the legitimacy of the armored courier prior to releasing the foreign currency deposit. Once the deposit has been picked up and signed for by the financial agent’s armored courier, responsibility and liability of the deposit transfers to the TGA bank. The armored courier acts as the agent of the financial institution, not the Federal agency.

6060.40—Place Orders to Sell Foreign Currency Banknotes

Federal agencies may place orders to sell banknotes and selected coins in OTCnet to the financial agent. The agency depositor will communicate the appropriate instructions to the financial agent, who will receive the information in OTCnet and act upon it.

Federal agencies will send the shipment of foreign currency banknotes to the financial agent in the same manner as foreign currency deposits for under and over 5K USD (subsections 6060.10 and 6060.30).

Section 6065—Deposit Corrections: If a Federal agency discovers an error after the deposit was submitted for confirmation in OTCnet, the agency depositor should call the Foreign Currency Customer Service desk (see Contacts) and/or request from the Fiscal Service OTC Customer Support the appropriate ACR Form to initiate the correction or adjustment.

Section 6070—List of Currencies

6070.10—Foreign Check Tradable Currencies

Country	Currency	Currency Code
Australia	Australian Dollar	AUD
Austria	Euro	EUR
Belgium	Euro	EUR
Canada	Canadian Dollar	CAD
Denmark	Danish Kroner	DKK
European Community	Euro	EUR
Finland	Euro	EUR
France	Euro	EUR
Germany	Euro	EUR
Greece	Euro	EUR
Hong Kong	Hong Kong Dollar	HKD
Ireland	Euro	EUR
Japan	Yen	JPY
Mexico	Pesos	MXN
New Zealand	New Zealand Dollar	NZD
Norway	Norwegian Kroner	NOK
Portugal	Euro	EUR
Saudi Arabia	Saudi Arabian Riyal	SAR
Scotland	Pound Sterling	GBP
Singapore*	Singapore Dollar	SGD
Spain	Euro	EUR
Sweden	Swedish Kronor	SEK
Switzerland	Swiss Franc	CHF
Tahiti/French Polynesia	CFP Franc	XPF
United Arab Emirates	Dirham	AED
United Kingdom	Pound Sterling	GBP
United States*	US Dollar	USD

LIMITATIONS and EXCEPTIONS:
** Singapore: Non-transferable items must be processed on a collection basis.
* United States: Only USD items drawn on a Canadian Bank or specific UK Clearing Bank can be processed as a cash letter item.
All other USD items drawn on foreign banks in other countries are to be processed as collection items (subsection 6045.20).

6070.20—United Kingdom Clearing Banks

Items must be drawn on the eligible banks listed below:

ABC International Bank plc	Fibi Bank (UK) LTD
Adam And Company plc	Fortis Bank NV (Formerly Mees Pierson & Generale Bank)
Allied Irish Bank	Ghana International Bank plc
Alpha Bank London LTD	Girobank plc
Anz Banking Group Ltd (But Not Anz Grindlays)	Hamburgische Landesbank Girozentrale
Banco Do Brasil S.A.	Hanil Bank
Bangkok Bank Public Company LTD	Hoare (C) & Co
Bank Leumi (UK) plc	HSBC Bank plc
Bank Of America NT & SA	Ing Bank N.V.
Bank Of Ireland	Lloyds TSB Bank plc
Bank Of Montreal	Mellon Bank NA
Bank Of Montreal Europe LTD	Mizuho Corporate Bank
Bank Of New York	Morgan Grenfell & Co LTD
Bank Of Scotland	National Bank Of Egypt International LTD
Banque Nationale de Paris plc	National Bank Of Greece SA
Barclays Bank plc	NatWest Bank plc
Barclays Private Bank LTD	Nedcor Bank LTD
Bayerische Hypo Und Vereinsbank AG	Northern Trust Company
BFG Bank AG	Rabobank
British Arab Commercial Bank LTD	Riggs Bank Europe LTD
Brown, Shipley & Co LTD	Riyad Bank
Bsi-Banca Della Svizzera Italiana	Royal Bank Of Canada
Butterfield Bank (UK) LTD	Royal Bank Of Canada Europe LTD
Charterhouse Bank Limited	Silicon Valley Bank London
Chase Manhattan Bank N.A.	Societe Generale
Citibank N.A.	Standard Chartered Bank
Clydesdale Bank plc	Svenska Handelsbanken
Co-Operative Bank plc	Swiss Bank Corporation
Coutts And Co	T.C. Ziraat Bankasi
Credit Lyonnais	The Royal Bank Of Scotland plc
Den Danske Bank Aktieselskab	Union Bank Of Nigeria LTD
Deutsche Bank AG	United Overseas Bank LTD
EFG Eurobank Ergasias	Wachovia Bank NA
Erste Bank Der Oesterreichischen Sparkassen AG

6070.30—Foreign Currency

Country	Currency	Currency Code
Argentina	Argentina Peso	ARS
Aruba	Aruba Florin	AWG
Australia	Australian Dollar	AUD
Austria	Euro/Austr Schilling	EUR/ATS
Bahamas	Bahamas Dollar	BSD
Bahrain	Bahrain Dinar	BHD
Barbados	Barbados Dollar	BBD
Belgium	Euro/Belgian Franc	EUR/BEF
Belize	Belize Dollar	BZD
Bermuda	Bermuda Dollar	BMD
Bolivia	Bolivian Boliviano	BOB
Brazil	Brazilian Real	BRL
Brunei	Brunei Dollar	BND
Canada	Canadian Dollar- Coin	CAC
Canada	Canadian Dollar	CAD
Cayman Islands	Cayman Islands Dollar	KYD
Chile	Chilean Peso	CLP
China	China Renminbi/Yuan	CNY
Colombia	Colombian Peso	COP
Communaute Financiere Africaine (BCEAO)	CFA Franc- Western African	XOF
Communaute Financiere Africaine (BEAC)	CFA Franc- Central African	XAF
Comptoirs Francais du Pacifique	CFP Franc	XPF
Costa Rica	Costa Rican Colon	CRC
Croatia	Croatian Kuna	HRK
Cyprus	Euro/Pound	EUR/CYP
Czech Republic	Czech Korunas	CZK
Denmark	Danish Krone	DKK
Dominica Republic	Dominican Peso	DOP
East Caribbean	East Caribbean Dollar	XCD
Egypt	Egyptian Pound	EGP
Estonia	Estonian Kroon	EEK
Euro Member Countries	Euro-Coin	EUC
Euro Member Countries	Euro	EUR
Fiji	Fiji Dollar	FJD
Finland	Euro/Pound	EUR/CYP
France	Euro/Franc	EUR/FRF
Germany	Euro/Deutsche Mark	EUR/DEM
Gibraltar	Gibraltar Pound	GIP
Greece	Euro/Drachma	EUR/GRD
Guatemala	Guatemalan Quetzal	GTQ
Guernsey	Guernsey Pound	GUP
Honduras	Honduras Lempira	HNL
Hong Kong	Hong Kong Dollar	HKD
Hungary	Hungary Forints	HUF
Iceland	Icelandic Krona	ISK
India	Indian Rupee	INR
Indonesia	Indonesian Rupiah	IDR
Ireland	Euro/Pound	EUR/IEP
Isle of Man Pound	Isle of Man Pound	IMP
Israel	Israeli Shequel New	ILS
Italy	Euro/Lira	EUR/Lira
Jamaica	Jamaica Dollar	JMD
Japan	Japanese Yen	JPY
Jersey	Jersey Pound	JEP
Jordan	Jordan Dinar	JOD
Kenya	Kenyan Shilling	KES
Korea-South	Korean Won	KRW
Kuwait	Kuwaiti Dinar	KWD
Latvia	Euro/Latvian Lats	EUR/LVL
Lebanon	Lebanese Pound	LBP
Lithuania	Lithuanian Litas	LTL
Luxemburg	Euro/Luxemburg Franc	EUR/LUF
Malaysia	Malaysia Ringgit	MYR
Malta	Euro/Maltese Lira	EUR/MTL
Mauritius	Mauritius Rupee	MUR
Mexico	Mexican Peso- Coin	MXC
Mexico	Mexican Peso	MXN
Morocco	Moroccan Dirham	MAD
Nepal	Nepal Rupee	NPR
Netherlands	Antilles Guilder	ANG
Netherlands	Euro/Florin	EUR/NLG
New Zealand	New Zealand Dollar	NZD
Nicaragua	Nicaragua Cordo	NIO
Norway	Norwegian Krone	NOK
Oman	Oman Rials	OMR
Pakistan	Pakistan Rupee	PKR
Papua New Guinea	Papua New Guinean Kina	PGK
Paraguay	Paraguay Guarani	PYG
Peru	Peru Nuevo Sol	PEN
Philippines	Philippine Peso	PHP
Poland	Poland Zloty	PLN
Portugal	Euro/Portuguese Escudo	EUR/PTE
Qatar	Qtar Riyal	QAR
Romania	New Romania Leu	RON
Russia	Russian Ruble	RUB
Saudi Arabia	Saudi Riyal	SAR
Scotland	Scottish Pound	SCO
Singapore	Singapore Dollar	SGD
Slovakia	Euro/Slovak Krona	EUR/SKK
Slovenia	Euro/Slovenia Tolars	EUR/SIT
South Africa	South African Rand	ZAR
Spain	Euro/Spanish Peseta	EUR/ESP
Sri Lanka	Sri Lanka Rupee	LKR
Sweden	Swedish Krona	SEK
Switzerland	Swiss Franc	CHF
Taiwan	Taiwan Dollar New	TWD
Tanzania	Tanzania Shilling	TZS
Thailand	Thailand Baht	THB
Tonga	Tonga Pa'anga	TOP
Trinidad and Tobago	Trinidad and Tobago Dollar	TTD
Tunisia	Tunisian Dinar	TND
Turkey	Turkish Lira-Old	TRL
Turkey	Turkish Lira-New	TRY
Ukraine	Ukraine Hryvnia	UAH
United Arab Emirates	UAE Dirham	AED
United Kingdom	British Pound Sterling- Coin	GBC
United Kingdom	British Pound Sterling	GBP
Uruguay	Uruguay N Peso	UYU
US	US Dollar-Coin	USC
US	US Dollar	USD
Vanuatu	Vanuatu Vatu	VUV
Vietnam	Vietnam Dong	VND
Western Samoa	Western Samoa Tala	WST

Detailed Contacts

Send foreign check items to:

Bank of America
Foreign Transit Items
GA 4-004-02-02

6000 Feldwood Road
College Park, GA 30349

Send foreign currency under $5K USD value, by registered mail, to:

Bank of America GBN-LA
Mail Code: CA 9-924-01-11

2706 Media Center Drive
Los Angeles, CA 90065-1733

Call the financial agent’s Banknote Trading Desk for foreign currency over $5K USD value:

1-800-387-1012

The foreign currency deposits over 5K USD value will be delivered by armored courier to:

Bank of America GBN-LA
Mail Code: CA 9-924-01-11

2706 Media Center Drive
Los Angeles, CA 90065-1733

Direct inquiries concerning foreign currency issues or concerns with specific transactions to:

Foreign Currency Customer Service
1-800-268-8144
dg.bn_desk@bankofamerica.com

Direct inquiries concerning foreign check deposit setup to:

Karen Dolores
888-715-1000, ext. 21600
DedicatedService101@bankofamerica.com

Direct inquiries concerning foreign check concerns with specific transactions to:

Bank of America
Foreign Transit Items
GA 4-004-02-02

6000 Feldwood Road
College Park, GA 30349

Direct inquiries concerning the ACR Form to:

OTC Customer Support
1-866-945-7920
fms.otcchannel@citi.com

Direct inquiries concerning the placing of orders to sell banknotes to:

Bank of America Global Foreign Exchange
1-800-523-7860
https://www.bankofamerica.com/foreign-exchange/foreign-currency-exchange.go

Direct general inquiries concerning this chapter to:

Over The Counter Division
TGA Program
202-874-7132
tamara.whitaker@fiscal.treasury.gov

or

Federal Reserve Bank of St. Louis
OTC Support Team
1-866-771-1842

Deposits For Credit to Treasury's General Account

Introduction: This chapter establishes procedures to be followed by the Depositaries located within the 50 United States and the District of Columbia (domestic Depositaries) when making deposits for credit to Treasury's General Account (TGA).

Section 1010—Scope and Applicability: This chapter applies to Treasury's General Account Depositaries located within the 50 United States and the District of Columbia (domestic Depositaries) and others to whom specifically extended.

Section 1015—Authority: These procedures are authorized by the Code of Federal Regulations at 31 CFR 202.

Section 1020—Terms and Definitions

For terms and definitions related to this chapter, please view the TFM Glossary.

Section 1025—Background

1025.10—Use of Domestic Depositaries

A TGA is maintained with an authorized Depositary to accelerate the collection and availability of funds to Treasury. Government officers who wish to deposit receipts with a domestic Depositary must make the necessary arrangements with the Banking Operations Branch (BOB). The Depositary may only accept deposits from Government agencies for credit to a TGA when specifically authorized to do so by BOB (see contacts page). In the event a Depositary is requested to accept a deposit from an unauthorized Government agency, the Depositary will notify BOB, and will advise the agency to refer to I TFM 5-4000 for the proper disposition of the deposit.

1025.20—General Description of CA$H-LINK

CA$H-LINK is a cash concentration system designed to concentrate funds and accounting details for deposits made by Federal agencies to TGAs maintained at designated Depositaries. The system consolidates agency accounting records at the Depositary level, performs data entry via a Financial Agent, and transfers the funds to the FRB through electronic funds transfer technology. Funds are transferred from the Depositaries directly to the Treasury's account at the FRB via the ACH system or wire transfers.

The Financial Agent collects accounting information from the Depositaries on a scheduled basis, prepares information to initiate funds transfers, and provides accounting details to the Fiscal Service. The accounting details of deposits reported by banks are reconciled by Fiscal Service with those reported by Federal agencies.

Compensation for services provided by a domestic Depositary in operating a TGA will be in the form of an ACH credit to the Depositary's specified account, in the form of the imputed value of a noninterest bearing Treasury Time Balance (TTB) placed at the Depositary, and/or the imputed value of collected overnight balances maintained in the TGA (immediately available funds). The method of compensation will be at the discretion of Fiscal Service.

1025.30—How to Become a Depositary

A financial institution interested in obtaining TGA deposits may market its services to Federal agencies in its area. Treasury establishes a Depositary based upon the request of a Federal agency and evaluation of the efficiencies offered by such a relationship.

To be designated as a Depositary, the financial institution must meet the eligibility requirements of 31 CFR Part 202, be able to accept ACH debits (subsection 1030.50), agree to a written MOU with Fiscal Service, and be specifically authorized by Treasury to accept deposits.

Section 1030—Operational Requirements

1030.10—Deposit Proof Requirements

The Depositary will proof each deposit received by balancing the dollar amount printed on the face of the SF 215 with the sum of accompanying remittance items. The Depositary will correct any out-of-balance occurrence caused by the Federal agency in preparing the deposit by either preparing an additional SF 215 or SF 5515 to balance with the sum of the accompanying remittance items. Depositaries will not adjust the amount by changing the amount on the face of the SF 215 submitted by the Federal agency. See Supplement #2 to V TFM, the CA$H-LINK User Guide, for specific details on processing adjustments.

1030.20—Crediting the Deposit

Each deposit received by a Depositary from Government agencies for credit to Treasury will be credited in the TGA on the day of receipt if received prior to the cutoff time.

1030.30—Depositary Reporting Requirements

Depositaries will report deposit information according to instructions provided in Supplement #2 to V TFM, the CA$H-LINK User Guide. Deposits will be reported by either personal computer with modem interface, or by touch-tone telephone response to the Financial Agent. Treasury may determine the method of reporting for a Depositary.

1030.40—Backup Processing Requirement

In some instances, the Financial Agent may be incapable of accepting deposits due to power failures or other unforeseen difficulties. Under these circumstances, Depositaries will transfer funds and accounting information according to Supplement #1 to V TFM: CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks, Section 11, Exception Processing. Depositaries affected by this requirement will be specifically designated and formally advised by Treasury. Liabilities in Section 1055 will apply for all Depositaries.

1030.50—Funds Transfers

TGA Depositaries are required to transfer the full amount of the deposit less debits in the TGA to the Treasury on the business day following the Federal agency deposit. Depositaries failing to so transfer will be liable for the imputed value of these funds in accordance with Section 1055. Depositaries will monitor the TGA on a daily basis for the correctness of the funds transfers. A Depositary is compensated for the imputed value of Uncollected Funds transferred to Treasury as described in subsection 1055.10. Funds will be transferred from the Depositary to Treasury via ACH debits or wire transfers.

ACH Debits - For Depositaries that complete their deposit reports prior to 8:00 p.m., eastern time, on the day of deposit, the Financial Agent will prepare, in ACH format, requests to debit the Depositaries' accounts or their correspondents' accounts, and credit the Treasury's account at the Richmond FRB. The Depositaries' accounts will be debited and Treasury's account credited on the next business day by the Richmond FRB.
All Depositaries, except those specifically exempted, will report through the CA$H-LINK system prior to the ACH cutoff on the day of Federal agency deposit. Any Depositary that can show a legitimate need to be authorized to report after the ACH cutoff will request and receive a written Late Call-in Authorization from BOB (see Contacts page). The request will include appropriate justification and documentation so that an evaluation can be completed in an efficient manner. BOB will notify Depositaries in writing of the disposition of their requests for Late Call-in Authorization.
In all cases, the deposit report to the Financial Agent must occur no later than 1:00 p.m., eastern time, on the business day following the day of deposit. All Depositaries that have been granted written Late Call-in Authorizations will wire transfer TGA funds to the New York FRB immediately upon receipt of the 1031 Wire Request. The funds transfer message will reference the acceptance number given by the CA$H-LINK system.
Wire Transfers - For Depositaries that complete their deposit reports after the 8:00 p.m., eastern time ACH cutoff, but before the wire cutoff time, the Financial Agent will collect the information necessary to prepare a 1031 Wire Request. The cutoff for completing a deposit report for which funds will be transferred by wire is 1:00 p.m., eastern time, on the business day following the day of deposit.
To improve Treasury's cash management position, if operationally feasible, Depositaries will make their deposit report to the Financial Agent by 9:30 a.m., eastern time, on the business day following the day of deposit. The Financial Agent will send the 1031 Wire Request directing the Depositary to transfer the funds by wire to the New York FRB. Depositaries will act on the 1031 Wire Request by preparing and sending a responding wire transfer no later than 1 hour after receipt of the request for funds. All wire transfers will be formatted as specified by the FRB and received at Treasury's account with the New York FRB, by 2:00 p.m., eastern time, on the business day following the day of deposit.
Multiple Accounts Per CA$HLINK Account Key - Although a Depositary may utilize more than one account to facilitate the processing and reconciliation of TGA deposits into a single CA$H-LINK Account Key, the CA$H-LINK Deposit Report consolidating those deposits will result in Treasury debiting only one account. Depositaries requiring Treasury debit more than one account will request written authorization from BOB. BOB will notify Depositaries in writing of the disposition of their requests.
Returned ACH Debits - If Treasury receives a dishonored ACH debit request, BOB will contact the Depositary to determine the reason the request was dishonored and instruct the Depositary to wire transfer the funds to Treasury's account at the New York FRB. Treasury reserves the right to charge the Depositary for the cost of the wire transfer when an ACH debit has been refused.

1030.60—Deferred Account Requirements

Deferred Accounts - In specific cases, at Treasury's sole discretion, Treasury will give written authorization to Depositaries to defer the transfer of Uncollected Funds. Supplement #1 to V TFM, CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks and Supplement #2, the CA$H-LINK User Guide, specify the procedures to be followed when processing a deferred account.
Description of the Automated Deferred Accounting Process - Each deferred Depositary will record the deposit report deferred information and report it to CA$HLINK via the deposit reporting system screen. Each deferred report will be processed through an edit routine to ensure that the report is accurate. The CA$H-LINK system will track any funds not transferred.

1030.70—Returned Item Requirements

The Depositary may debit the current day's deposit for the amount of checks dishonored and returned unpaid. The procedures specified in Supplement #1 to V TFM, CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks, provide the details for processing such an adjustment.

Section 1035—Compensation

1035.10—Eligibility for Compensation

During negotiations between Treasury and a financial institution regarding the establishment of a TGA, the subject of compensation will be addressed. If a financial institution requires compensation, it will formally advise Treasury during the negotiations. Alterations in the amount of compensation subsequent to the establishment of a TGA will be based on the results of an analysis of the information provided in accordance with subsection 1035.50.

1035.20—Product Categories and Standard Item Rates

BOB will provide a schedule of income and recognized expense categories (to be recognized for purposes of compensation). For each category, a per-category item rate will be provided and made a part of the MOU between Treasury and the Depositary, in accordance with Supplement #1 to V TFM.

Such categories and per-category item rates will remain in effect until superseded. Treasury will revise these rates periodically.

1035.30—Sources of Income

Depositaries may be compensated for services provided to the Treasury by means of ACH credits, the imputed value of TTBs, and/or the imputed value of collected overnight balances maintained in the TGA (Immediately Available Funds). The method of compensation is at the sole discretion of Treasury.

ACH Credits - Treasury may compensate the Depositary by means of an ACH credit for the recognized services provided. The amount of the credit is determined by the volume of recognized expenses, based on the applicable per category item rates, less the imputed value of any Immediately Available Funds of the delayed transfer of funds. Treasury will compensate the Depositary on a monthly basis.
Imputed Value of a Treasury Time Balance - Treasury may compensate the Depositary by maintaining a balance in a time deposit entitled ''U.S. Treasury Time Deposit - Open Account'' at the Depositary. The amount to be maintained in the time account will be determined by Treasury by the projected volumes of recognized expenses, which are based on the applicable per-category item rates, less the projected imputed value of any Immediately Available Funds or the delayed transfer of funds. The balance will be adjusted or removed at the sole discretion of Treasury. At all times, TTBs are subject to withdrawal by the Treasury. When feasible and when in the Government's best interest, Treasury will provide the Depositary with written notice of its intent to withdraw the TTB and will not ordinarily withdraw the TTB until the expiration of 14 calendar days after the date of the written notice. However, nothing will preclude Treasury from withdrawing TTBs without notice to the Depositary. Treasury will not be liable for any costs realized by the Depositary in the event of a TTB withdrawal.
As provided in subsection 1035.60, Depositaries will pledge collateral security for the entire TTB in advance of any TTB being placed at those Depositaries.
Imputed Value of Collected Overnight Balances (Immediately Available Funds) maintained in the TGA - As partial or complete compensation for the services provided by the Depositary in operating the TGA, Treasury will calculate the imputed value of the Immediately Available Funds in the TGA.

1035.40—Analysis Earnings Rate (AER)

The imputed value of TTBs and Treasury's General Accounts are calculated using the AER, which is the 3-month Treasury Bill Auction average (investment) rate. Such computations occur on a monthly basis by using the following calculations:

Treasury Time Balances (TTBs)

Treasury Time Balance
(multiplied by)

(equals)

AER Factor
AER Factor = [AER ÷ 365 (days) x #
calendar days in month]
Imputed Value of TTB

TGA Average Daily Collected Balance (Immediately Available Funds)

Average Daily Immediately Available Funds
(multiplied by)
(multiplied by)
(equals)

AER Factor
1 - reserve ratio
Imputed Value of TGA Average
Daily Collected Balance

TGA Average Daily Uncollected Balance (Uncollected Funds)

Average Daily Uncollected Balance
(multiplied by)
(equals)

AER Factor
Imputed Value of
TGA Average
Daily Uncollected
Balance

Average Daily Immediately Available Funds is calculated as follows:

Total dollar amount ÷
of all items available
(including cash &
checks drawn on
the Depositary)
on the Date
of Deposit
for the month

Total number x
of business
days in the
month

(1 - Reserve
Ratio)

Average Daily Uncollected Funds is calculated as follows:

Step 1

Total dollar amount of ÷
all items collected on
the second business day
after the Date of
Deposit for the month

Total number =
of business
days in the
month

subtotal
for Step 1

Step 2

Total dollar amount of ÷
all items collected
after the second business
day after the Date of
Deposit

Total number x 2 =
of business
days in the month

subtotal
for Step 2

Step 3:

Subtotal +
for Step 1

Subtotal =
for Step 2

Total

1035.50—Income and Expense Reporting

Depositaries will report recognized income and expenses on a monthly basis to Treasury in order to receive compensation using the procedures in V TFM, supplements and bulletins thereto, and any amendments to any of the foregoing.

1035.60—Collateral Requirement

Depositaries will pledge collateral security in accordance with Title 31 of the Code of Federal Regulations, Part 202, to secure all public funds maintained with the Depositary, including Immediately Available Funds in excess of recognized insurance coverage, as determined by the Treasury. In addition, Depositaries will pledge collateral security in the amount of any Treasury Time Balance placed with the Depositary, in advance of such placement.

1035.70—Excess Earnings/Deficient Earnings

Excess earnings occur when a Depositary's income earnings as defined in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing, are greater than its recognized expenses. Deficient earnings occur when a Depositary's income earnings are less than its recognized expenses.

The Depositary will be liable to Treasury for all excess earnings, and will return such to Treasury when requested. Treasury will determine in its sole discretion the method by which the Depositary will make Treasury whole. Treasury's methods include, but are not limited to:

A direct payment to the Treasury's General Account at the New York FRB, and
Offsetting past or future cumulative losses in the form of deficient earnings and/or the imputed value of funds.

Similarly, Treasury will be liable to the Depositary for deficient earnings, and will in its sole discretion determine the method by which it will make the Depositary whole. Treasury's methods include, but are not limited to:

Adjustments to the TTB,
ACH credits, and
Offsetting past or future cumulative gains in the form of excess earnings and/or the imputed value of funds delayed.

Section 1040—Forms

1040.10—Standard Form 215: Deposit Ticket (SF 215)

Deposits made with Depositaries for credit to a TGA will be submitted with the prescribed SF 215.

Preparation - The SF 215 will be prepared by the depositor who will enter the date the deposit is presented to the Depositary. Instructions for completing the SF 215 are printed on the reverse side of the form. The date of credit (confirmed date) that the Depositary has inserted on the SF 215 and the Date of Deposit provided to the Financial Agent by the receiving TGA Depositary should always be the same. Depositaries may also be required to prepare the SF 215 in complying with the Deposit Proof Requirements (subsection 1030.10).
Acknowledgement of Receipt - The Depositary will date and sign the original and all copies of the SF 215, certifying that the deposit has been received for credit to the TGA. This signature will be in one of the following forms: (1) a handwritten signature of an authorized officer or employee, followed by the title of the officer or employee, followed by the title of the officer or employee; or (2) a rubber-stamp impression showing the name of the Depositary, supported by the handwritten initials of the receiving authorized officer or employee, followed by the title; or (3) a facsimile or rubber stamp impression of the signature of an authorized officer or employee placed over the officer or employee's official title, supported by the handwritten initials of the officer or employee. All initials or signatures will be in ink.
Disposition of Original and Copies - The Depositary will retain the original of each SF 215. Copies of the SF 215 will be distributed according to the instructions printed on each copy. The Depositary will not forward any copies of the SF 215 to the FRB or Treasury.
Copies of SF 215 - The Depositary will furnish copies of a processed SF 215, upon request, to a Government agency or Treasury even after the TGA is closed. When a copy is provided, the Depositary will plainly stamp "COPY" across the face of the SF 215.

1040.20—Standard Form 5515: Debit Voucher (SF 5515) and Counterfeit Currency Procedures

The Depositary will prepare an SF 5515 to reduce the balance in the TGA as a result of a correction to a deposit (subsection 1030.10) or to process a returned check. The Depositary will handle any check that is not paid for any reason by the bank on which it is drawn according to the procedures described in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing.

Preparation and Use of an SF 5515 - When an unpaid check is returned to the Depositary or when a check is lost by the Depositary prior to microfilming and/or forwarding for collection, the Depositary shall immediately (1) prepare and execute an SF 5515 and (2) charge the amount of the unpaid item to the TGA (subsection 1030.70).
Depositaries will not add or charge depositing agencies or the Treasury for any service charges, returned check charges, non-sufficient funds charges, or any other non-recognized charges or expenses, on the SF 5515 or otherwise. Endorsements on the reverse of checks deposited will include the depositor's Agency Location Code (ALC) in the top 1 1/2 inches on the check. Depositaries will then prepare an SF 5515 from the information furnished on uncollectible checks without referring to the related SF 215. If the depositor's ALC or address is unreadable, or if the check has been lost, the Depositary will refer to the related SF 215 to obtain this information. As finding an SF 215 may be time consuming, Depositaries are permitted to compile a list of regular depositing agencies showing their respective ALCs and addresses.
Depositaries will retain a record of the drawer, drawee bank, and the amount of each unpaid check. The original of the SF 5515 shall support the charge to the TGA and shall be retained by the Depositary. All unpaid checks will be delivered or forwarded to by Depositaries to the depositing agency, together with the memorandum and confirmed copies of the SF 5515. If an unpaid check is not recovered by a Depositary, a notification to the depositing agency citing the reason the check was not returned will accompany the copies of the SF 5515.
Charging Returned Items to the Treasury's General Account - The TGA will be charged with the total amount of the unpaid items recorded on the SF 5515. No service charges, returned check charges, non-sufficient funds charges, or any other non-recognized charges or expenses will be added or charged to the depositing agency on the SF 5515. At the close of business of the same day, the Depositary will distribute all copies of the SF 5515 according to the instructions printed on each copy.
Handling of Excess Returned Items - If a Depositary has an SF 5515 that cannot be fully offset by the deposits in the TGA without causing an overdraft in that account, the Depositary will not charge the total amount on the SF 5515 to the TGA on the Depositary's books, unless the procedure stated in subsection 1040.30 is followed. The Depositary will contact BOB for authorization to send the SF 5515 directly to the local FRB with instructions to charge the TGA at that FRB and credit the Depositary's reserve account or the reserve account of the Depositary's correspondent for the total amount on the SF 5515. If BOB authorizes the above procedure, Treasury will notify the FRB to accept and process the transaction submitted by the Depositary as an exception item.
Charging Returned Items After the TGA Has Been Closed - If a Depositary receives a returned item after its TGA has been officially closed by Treasury, the Depositary will contact BOB for written authorization to send the SF 5515 directly to the local FRB. The SF 5515 will be accompanied by instructions to charge the TGA at that FRB and credit the Depositary's reserve account or the reserve account of the Depositary's correspondent for the total amount on the SF 5515. After the Depositary has received BOB's written authorization, the Depositary will prepare the SF 5515 as instructed above. The original of the SF 5515 will be forwarded to the FRB with notification that Treasury has approved the transaction, and the returned item (unpaid check) will be forwarded to the depositing agency, together with the memorandum and confirmed copies of the SF 5515. If BOB authorizes the above transaction in writing, Treasury will notify the FRB to accept and process the transaction submitted by the Depositary as an exception item. If Treasury does not authorize the above procedure in writing, no charge to the TGA at the FRB will be permitted.
Counterfeit Currency - A debit voucher (SF 5515) will be processed for the amount of suspected counterfeit currency deposited to TGA. Depositaries will surrender the suspected counterfeit currency to the Secret Service. On the debit voucher, Depositaries will reference the SF 215 used to deposit the surrendered currency to the TGA. Depositaries will also provide the depositor with a photocopy of the Secret Service Form 1604: Counterfeit Note Report, that accompanied the surrendered currency to the Secret Service. An SF 215 accomplishing the reversal action will be processed for the amount of surrendered currency that the Secret Service subsequently determines is not counterfeit.

1040.30—Special Arrangement Between Depositary and Depositing Agency

Upon written approval from depositing agencies, Depositaries may defer charging the TGA for returned items by having uncollectible checks automatically reprocessed for collection, returned to the depositing agency to be presented again, or replaced by new checks. Under this arrangement, SF 5515s will not be prepared to charge the account unless the checks are not collected or replaced within an agreed period of time. A Depositary will not use such an arrangement prior to obtaining written approval from a depositing agency. If such written approval is granted, it is limited to deposits from the approving agency only.

1040.40—Forms Requisition

See "Contacts" page for forms ordering instructions.

Section 1045—Document Retention

TGA Depositaries will retain original copies of each of the following documents for 6 years and 6 months from the date of origin of the completed document, regardless of whether the TGA is subsequently closed. At the end of the 6-year and 6-month retention period, the Depositary may destroy the documents. The documents will be maintained in either paper or microfilm or microfiche form. Depositaries will not add or charge either the Treasury or any depositing agency for any service charges, copying charges, researching charges, or any other charges for requesting photocopies, or any information regarding retained documents either before or after the TGA is closed. Depositaries will retain the following documents for the above period of time:

SF 215, SF 215A, and SF 215B,
SF 5515,
Trace Numbers from CA$HLINK Deposit Reports, and
Statements of Account Activity (SAAs).

TGA Depositaries which cannot produce copies of any of the above documents upon a request by Treasury or a depositing agency within 30 days will be liable for any amount(s) owed to the Government, as calculated by Treasury.

Section 1050—Resolving Differences: The receiving Depositary will provide for accounting detail movement to Treasury via a telecommunications network and truncate the flow of all paper documents in the system. The Depositary will retain the original copies of source documents. When there is a difference between agency and Depositary reporting of deposits, the agency will contact the Depositary. Depositaries will cooperate with agencies in resolving differences in reporting deposits for credit to the TGA at the earliest practical date. Failure to cooperate in resolving differences may result in termination of the TGA.

Section 1055—Value of Funds

The party holding TGA funds longer than permitted will be responsible for the value of those funds. If a Depositary holds funds that were required to be transferred to the Treasury, the Depositary will be liable to Treasury for the imputed value of the funds erroneously held. Conversely, if the Depositary transfers funds in excess of the proper amount, Treasury will be liable to the Depositary for the imputed value of funds erroneously transferred. These liabilities automatically apply without regard to fault.

Treasury will in its sole discretion determine the appropriate manner in which to adjust the party-who-lost value under these circumstances. Value will generally be computed as stated in this section.

Treasury may collect the imputed value of any delayed funds by methods including, but not limited to, increasing the Depositary's income on the periodic income and expense analysis by the imputed value of the amount delayed, or by direct billing to the Depositary for such value, or by liquidating any collateral pledged by the Depositary. Direct billing may take the form of an ACH debit against the Depositary. By accepting deposits from Government agencies, the Depositary is deemed to authorize Treasury to collect the imputed value of delayed funds by charging through the FRB either the reserve account of the Depositary or its correspondent. Imputed value of funds delayed is computed on the average of the daily Federal Funds Rates for the period for which the funds were delayed.

1055.10—Uncollected Funds Transferred to Treasury

Treasury will reimburse eligible Depositaries for the imputed value of Uncollected Funds transferred to Treasury, based upon periodic review of the deposit activity and analysis of the TGA's income (as defined in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing) and recognized expenses. The imputed value of Uncollected Funds is computed as provided in V TFM, any supplements or bulletins, and any amendments to any of the foregoing.

1055.20—Depositary Transfer Delays

If a Depositary does not comply with reporting requirements or delays the transfer of funds from the Depositary to Treasury for any reason, the Depositary will be liable for the imputed value of funds delayed. The imputed value of such funds is calculated utilizing the Federal Funds Rate.

Section 1060—Processing Treasury Checks: Depositaries will clear all checks received in deposit from Federal agencies via its normal banking arrangements. The Depositary will not reduce the amount of the net transfer to the FRB by the amount of Treasury checks received in the TGA deposit.

Detailed Contacts

Forms prescribed in this chapter can be obtained from:

Supply and Property Management Branch
Division of Facilities Management
Bureau of the Fiscal Service

3361-L 75th Avenue
Ardmore East Business Center
Landover, MD 20785

301-344-8577
301-344-8583

Direct inquiries regarding this chapter to:

Department of the Treasury
Bureau of the Fiscal Service
Over the Counter Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6893

Requirements for Using Depositaries to Hold Public Money

Introduction: This Treasury Financial Manual (TFM) chapter consolidates existing guidance to federal agencies on the requirements for using depositaries to hold public money. Federal agency financial personnel should share this guidance with program and procurement personnel throughout their federal agency.

Section 4110—Scope and Applicability

This guidance is being issued to ensure federal agencies:

Comply with all statutes regarding public money,
Collateralize all public money, and
Report properly all public money held outside of the U.S. Treasury on all financial statements.

Section 4115—Authority: 31 United States Code (U.S.C.) 321, 3302-3304, 3327, 3336; 12 U.S.C. 90, 265-266, 332, 391, 1434, 1452(d), 1464(k), 1767, 1789a, 2013, 2122, and 3101-3102; and 31 Code of Federal Regulations (CFR) Parts 202 and 206 provide the authority for this chapter.

Section 4120—Terms and Definitions: For terms and definitions related to this chapter, please view the TFM Glossary.

Section 4125—Guidance

Federal agencies receiving public money from any source are statutorily required to deposit these funds into the U.S. Treasury, unless otherwise specifically authorized by law. Consequently, federal agencies may not hold public money outside of the U.S. Treasury without specific statutory authority to do so. Federal agencies without specific statutory authority to hold public money outside of the U.S. Treasury must deposit all public money into an account in the name of the U.S. Treasury using one of the various mechanisms established by the Department of the Treasury, including, but not limited to, the Treasury General Account Network (TGA Network), General Lockbox Network, and Pay.gov. Please refer to Volume I, Part 5, Chapter 2000, Depositing Domestic Checks and Cash Received in Over the Counter Collections, which provides instructions for federal agencies to deposit domestic checks and cash.

In rare cases, a federal agency may have statutory authority to hold money without depositing it to the U.S. Treasury or into an account at a depositary designated by the Department of the Treasury. However, the federal agency still must report these funds on its monthly Statement of Transactions (224) and in its audited financial statements. Please refer to Volume I, Part 2, Chapter 3400, Accounting for and Reporting on Cash and Investments Held Outside of the U.S. Treasury, which provides accounting and reporting policies and procedures on cash not deposited in a Treasury General Account and investments in non-federal securities.

Except as noted below, federal agencies holding public money outside of the U.S. Treasury pursuant to specific statutory authority are required to place such public funds at a financial institution that the Secretary of the Treasury has designated as a depositary and financial agent of the Federal Government. See 31 CFR Part 202. These federal agencies must hold such funds in an official account other than an account in the name of the U.S. Treasury. They must comply with all Federal regulations and TFM policies, procedures, and instructions governing public money held outside of the U.S. Treasury and the use of depositaries to hold public money. For example, federal agencies holding funds in an account at a depositary are responsible for the following:

Ensuring that acceptable collateral is pledged to secure the public money on deposit in excess of recognized insurance coverage (refer to Volume I, Part 5, Chapter 9000, Securing Government Deposits in Federal Agency Accounts, which describes federal agency requirements for securing public money on deposit at depositaries), and
Properly reporting funds held in accounts at designated depositaries on their monthly Statement of Transactions (224) or other designated accounting reports, and in their audited financial statements.

Section 4130—Overseas Depositaries: This chapter generally concerns funds held at U.S. domestic depositaries. Refer to Volume I, Part 2, Chapter 3200, Foreign Currency Accounting and Reporting, for guidance concerning funds held at depositaries located overseas.

Section 4135—Accounts of Agency Contractors: Unless an agency has specific statutory authorization, the general statutory requirement that federal entities must deposit all public money into the U.S. Treasury does not permit federal entities to deposit public money into a bank account of an agency contractor or vendor. This rule applies irrespective of whether the funds subsequently would be transferred into the U.S. Treasury. The rule applies equally to federal agency contractors providing payment assistance and similarly prohibits agencies from depositing funds into a contractor or vendor account for subsequent disbursement. For example, a federal agency must make payments directly to the USPS for postage and may not place public money in a postal vendor's account to be used for postage payment.

Section 4140—Assistance: The Bureau of the Fiscal Service (Fiscal Service) will assist federal agencies with the appropriate mechanism for managing the inflow and outflow of public money. This discussion should occur prior to a federal agency issuing a Request for Proposal for collecting or disbursing public money. Fiscal Service also establishes collateral accounts for federal agencies to use for securing public money held outside of the U.S. Treasury.

Section 4145—Additional Guidance

As stated above, federal agencies must have statutory authority to hold public money outside of the U.S. Treasury. If a federal agency experiences exceptional circumstances requiring a specific need to hold public money outside of the U.S. Treasury and, after consulting with agency counsel, is unsure whether it has the requisite statutory authority, the agency can request guidance from Fiscal Service in determining whether, and under what conditions, it may hold funds outside of the U.S. Treasury.

The agency's request for guidance should:

Be written,
Provide detailed information about the nature of the funds and where the funds will be held,
Provide the statutory basis that the agency believes may permit it to hold public money outside of the U.S. Treasury, and
Provide an analysis of other options and why they fail to meet the agency's needs.

Agencies should send requests for guidance to Fiscal Service's Bank Policy and Oversight Division (see Contacts). Fiscal Service will provide guidance on a case-by-case basis. Agencies must provide Fiscal Service with written notice of any subsequent changes to the statutory basis of any request for which Fiscal Service provided guidance.

Detailed Contacts

Direct inquiries concerning this chapter to:

Department of the Treasury
Bureau of the Fiscal Service
Revenue Collections Management
Bank Policy and Oversight Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-8471
BMT@fiscal.treasury.gov

Voucher Date, Deposit Date, And Funds Availability Date

Introduction: This Treasury Financial Manual (TFM) chapter sets out provisions regarding the voucher date, deposit date, and funds availability date, as these terms apply to the deposit of public monies.

Section 6510—Authority: 31 U.S.C. § 321

Section 6515—Definitions of Voucher Date, Deposit Date, and Funds Availability Date

As provided by law, the Bureau of the Fiscal Service (Fiscal Service) can designate commercial financial institutions and Federal Reserve Banks to serve as depositaries and agents of the Government and to provide collection services to federal entities. This chapter refers to “depositaries” and “agents” interchangeably. Financial institutions that have been designated as depositaries or agents of the Government deposit all revenue that the Fiscal Service collects. All revenue collected through a depositary or an agent has a voucher date, a deposit date, and a funds availability date.

6515.10—Voucher Date

The voucher date is the date that a federal entity's funds are credited to or to have been debited from a Department of the Treasury (Treasury) account. A federal entity uses this date for reconciliation with the Bureau of the Fiscal Service (Fiscal Service). Federal entities must treat this date as if it were the deposit date. Even in those situations where a federal entity is allowed to consider funds as deposited on the voucher date for accounting purposes, the actual deposit date is still used to determine the funds availability date.

6515.20—Deposit Date

The deposit date is the banking date that a depositary or an agent credits funds to a Treasury account. A depositary or an agent uses this date for reconciliation with the Fiscal Service.

6515.30—Funds Availability Date

The funds availability date is the banking date that deposited funds can be disbursed or otherwise withdrawn or transferred from a Department of the Treasury (Treasury) account at a depositary or an agent. The funds availability date can be early as the deposit date, but no earlier.

Section 6520—Definitions of Banking Date, Processing Date, and Bank Posting Date

The focus of this chapter is on voucher dates, deposit dates, and funds availability dates, but these dates are often expressed as banking dates and can be associated with processing dates and bank posting dates as well.

6520.10—Banking Date

The banking date is that part of any calendar day that an office of a bank is open to the public for carrying on substantially all of its banking functions. The banking date excludes:

Saturdays and Sundays;
January 1;
The third Monday in January;
The third Monday in February;
The last Monday in May;
July 4;
The first Monday in September;
The second Monday in October;
November 11;
The fourth Thursday in November; and
December 25.

If January 1, July 4, November 11, or December 25 fall on a Sunday, the banking date also excludes the following Monday.

6520.20—Processing Date

The processing date is the banking date that deposit processing occurs. For instance, if a bank processes a transaction on a given Monday after the banking date cutoff time, the processing date of the transaction is considered to be Tuesday.

6520.30—Bank Posting Date

The bank posting date is the banking date that a depositary or an agent credits funds to or debits funds from a Treasury account. A depositary or an agent uses this date for reconciliation with the Fiscal Service. The deposit date is a type of bank posting date.

Section 6525—Resolution When Transactions Are Not Processed in a Timely Manner: If the Fiscal Service or its depositaries and agents are unable to process transactions in a timely manner, the Fiscal Service works with the affected federal entity or entities to address the problem. Among other things, this may include changing the voucher date associated with the transaction.

Detailed Contacts

Direct questions regarding this chapter to:

Department of the Treasury
Bureau of the Fiscal Service

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6935

Treasury Lockbox Network

Introduction: This chapter prescribes the procedures of lockbox and remittance processing for federal entity receipts.

Section 4610 - Scope and Applicability: This chapter prescribes the procedures to be observed by all federal entities involved with the lockbox paper check and/or remittance processing (electronic or paper) of federal entity receipts.

Section 4615 - Authority: See, inter alia, 12 U.S.C. § 90 “Depositaries of public moneys and financial agents of Government,” 12 U.S.C. § 265 “Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws,” 12 U.S.C. § 266 “State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties,” 31 U.S.C § 321 “General authority of the Secretary,” 31 U.S.C § 3301 “General duties of the Secretary of the Treasury,” and 31 U.S.C § 3720 “Collection of payments."

Section 4625 - Background

Treasury Lockbox processing is accomplished by Treasury designated financial agents that provide lockbox and remittance services to the Treasury on behalf of federal entities. The financial agents are strategically located to minimize mail, processing, and collection float. Remittances are mailed directly to a P.O. Box (lockbox) established by the financial agent to collect federal entity mail for processing. The lockbox accelerates the deposit of funds into the Treasury's account and provides secure, accurate, and efficient data capture of financial and remittance data.

4625.10—Types of Lockbox Activity

There are three basic types of lockbox services available to federal entities:

Wholesale Lockbox. A wholesale lockbox involves the multi-stage processing of invoice documents and is best suited for high-dollar, low-volume remittances. Data of key financial information is captured, and deposits via Electronic Check Processing (ECP) are processed and credited to the proper Agency Location Code (ALC), upon receipt of the materials at the lockbox site.
Retail Lockbox. A retail lockbox uses machine readable documents for automated processing through optical character recognition (OCR) equipment. It is best suited for low to moderate dollar, high-volume remittances. High speed equipment captures specific remittance information upon receipt of payment documents at the lockbox site.
Specialty Lockbox. Specialty lockboxes provide a range of intricate services in addition to lockbox processing services. Designated specialty lockbox financial agents provide collection and processing services to Treasury on behalf of agencies that administer major national level programs, such as those involving passport applications, healthcare payments, or immigration benefit requests. The additional special services provided include handling and processing identification documents; applying complex business, processing, and sorting rules; and interacting with required federal entity internal systems.

4625.20—IRS Lockbox Network

The IRS Lockbox Network consists of a limited number of financial agents that serve as collection points for various IRS taxes. The IRS Lockbox Network handles business master file (BMF) and individual master file (IMF) tax transactions. The financial agents process the tax receipts and transmit information to IRS service centers. The financial agents also send to IRS the original tax forms that accompanied the transactions.

4625.30—Electronic Check Processing (ECP)

Since most mail transactions involve paper checks or money orders, Treasury lockboxes use the ECP system to automate deposits through the capture and conversion or truncation of checks. The Financial Agent (FA) opens the envelopes, and then digitally scans all associated checks to capture the electronic image of the checks. At this time, they would also scan any remittance data. The FAs then send all image and data files to ECP for processing. The FA must follow all minimum ECP processing guidelines concerning image quality. In cases where image quality in excess of the minimum ECP guidelines is required, such specifications shall be included in the Statement of Required Services (SRS) between the FA and Fiscal Service. After receiving information from the lockbox financial agents, ECP forwards the check information to Revenue Collections Management’s Debit Gateway application, which settles the transactions electronically.

4625.40—Credit Card Settlement

Remitters can submit credit card information through the mail for processing by the financial agent at the lockbox site. Credit card transactions received at the lockbox will be processed via Pay.gov®.

Section 4630—Lockbox Implementation

4630.10—Determining if a Paper Lockbox is Suitable

Fiscal Service is committed to maximizing electronic revenue collections, and federal entities should exhaust the possibility of electronic collection options prior to requesting lockbox services. Fiscal Service establishes and provides lockbox services at its sole discretion. Factors in determining whether lockbox services are appropriate include what electronic options are available, volume and dollar size of cash flows, and the legal need or requirement for paper remittances or original documents.

4630.20—Requesting Lockbox Services

To request lockbox services, federal entities must submit an official request for a new lockbox or new lockbox services in writing to the Revenue and Remittance Management Division. The request must include the potential number and dollar amount of items, an explanation why federal entities cannot manage the cash flow electronically including specific legal requirements, and a copy of any required coupon or form that would accompany a receipt. The Fiscal Service will perform an analysis, and in its sole discretion, determine if lockbox services are necessary. If denied, the Revenue and Remittance Management Division will recommend an alternative collection mechanism.

4630.30—Product Initiation

In many instances a lockbox application is identifiable by program entities’ requests for changes in depositary arrangements. In some cases, lockbox requests or needs arise due to audits by the federal entities' Inspectors General.

Federal entities desiring to use lockbox services should contact:

Department of the Treasury
Bureau of the Fiscal Service
Agency Relationship Engagement Division
arm@fiscal.treasury.gov

4630.40—Standard Lockbox Services

If a request for a lockbox is approved, Fiscal Service offers a standard suite of lockbox services at no charge to the federal entity. The process of setting up or converting to a paper lockbox begins with the federal entity review of the standard general specifications for all lockbox services, or the model SRS. Working in collaboration with Fiscal Service, the federal entity shall fill in detailed federal entity specifications where required. Fiscal Service and the federal entity shall sign the SRS. The SRS will serve as instructions to the FA. If volumes drop too low, Fiscal Service reserves the right to close a lockbox or move it to an electronic collection service.

4630.50—Reimbursable Services

If a request for a lockbox is approved, Fiscal Service will provide a range of standard lockbox services at no cost to the federal entity. In some cases, Fiscal Service may offer to other federal entities, on a reimbursable basis, specialized services that are related to but outside the basic collection process. For details on the criteria used for determining whether Fiscal Service will provide a financial service on a reimbursable or non- reimbursable basis, see TFM Volume I, Part 6, Chapter 3200, Section 3235 “Criteria for Determining Whether a Financial Service Will Be Provided on a Reimbursable or Non-reimbursable Basis”. If a federal entity receives reimbursable services, then Fiscal Service and its FA, in coordination with the federal entity, will add further lockbox processing requirements to the SRS that reflect these added reimbursable services. Fiscal Service requires the federal entity receiving these services to also enter into an Interagency Agreement (IAA) with them.

4630.60—Interagency Agreement (IAA)

In accordance with the Economy Act, if Fiscal Service conducts work for another federal entity that is outside the collection process, and hence Fiscal Service will be reimbursed for those services, then that federal entity must complete an Interagency Agreement (IAA) Form. (See FS Form 7600A and FS Form 7600B.)

Section 4635—Obtaining Lockbox Services: Fiscal Service has the exclusive authority to obtain lockbox services with the selected bank and the federal entity. A federal entity is prohibited from entering into contractual agreements, modifications of existing contracts, or renewal of existing contracts for federal entity collection systems without the prior approval of Fiscal Service.

Section 4640—Financial Agent Roles and Agreements

4640.10—Financial Agency Agreement (FAA)

All qualified financial institutions tasked by the Fiscal Service with providing lockbox services to federal entities enter into Financial Agency Agreements (FAA) with Fiscal Service, in advance of doing so. Under these FAAs, Fiscal Service designates the financial institutions as depositaries and financial agents of the United States. The FAA specifies the terms and conditions under which the FA will perform lockbox services.

4640.20—Service Level Agreement (SLA)

A Service Level Agreement (SLA) shall be part of every FAA and it, along with a Performance Scorecard, shall communicate expectations and goals for services to be provided by the FA, define measurements of performance by the FA in meeting these expectations and goals, set out specific metrics to be used in support of these measurements, and outline a process or methodology for how the FA’s overall performance in the delivery of lockbox services shall be measured. Fiscal Service monitors the FA performance through these tools and measurements.

Section 4645—Federal Entity Monitoring Requirements

4645.10—General Accountability of Funds and Performance

The federal entity is responsible for the accounting requirements of all transactions and funds transferred. Federal entities are required to monitor lockbox execution of the SRS on a daily basis to ensure quality service, reconciliation of detail remittance data, and the timely transferring of funds. Federal entities are to prepare the necessary financial statements and reports to Fiscal Service (I TFM Part 2).

4645.20—Changes to the SRS

The federal entity shall provide to Fiscal Service advance written request of any requested changes to the operating process or lockbox services. Fiscal Service will review this request, reach a decision and convey it within 30 days. A federal entity cannot negotiate or implement, without prior approval of Fiscal Service, changes in the processing specification (as detailed in the SRS) and pricing.

4645.30—Reconciliation Inquiries

The federal entity shall pursue inquiries concerning reconciliation of detail data/documents processed through the lockbox directly with the lockbox bank customer representative. Federal entities should report operational problems to Fiscal Service.

4645.40—Required Services

In accordance with the SRS if the lockbox bank fails to perform the required services, then the federal entity shall inform Fiscal Service in writing within 10 calendar days.

4645.50—Evaluation

The federal entity shall respond to periodic Treasury surveys for evaluation of services provided by both Fiscal Service and the FA bank.

4645.60—Escalation of Issues

Report to Fiscal Service immediately incidents that include fraud, waste, abuse, theft, compromise of sensitive data, identity theft, accidental or malicious destruction of documents, suspected or actual data breach, or lost mail. In addition, the federal entity shall inform Fiscal Service as soon as practical, if the FA fails to perform the required services in conformity with the SRS or experiences other operational problems.

Detailed Contacts

Direct inquiries concerning this chapter to:
Department of the Treasury
Bureau of the Fiscal Service
Revenue and Remittance Management Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6792

Depositing Domestic Checks and Cash Received in Over the Counter (OTC) Collections

Introduction: This chapter prescribes instructions for federal entities to deposit domestic checks and cash.

Section 2010—Scope and Applicability

This guidance is being issued to ensure federal entities:

Prepare OTCnet deposit tickets properly,
Request designated financial institutions for TGA deposits, and
Make deposits without delay.

Section 2015—Authority: 12 U.S.C 90, 265-266, 1767, 1789a, and 31 U.S.C 3301-3303, 3720.

Section 2025—No-Cash or No-Check Guidance

Federal entities may decide not to accept payments made in cash or by check. Before adopting a no-cash or a no-check policy, a federal entity should make a determination that the policy will be more beneficial than not to the operation of the program generating the payments. Factors that a federal entity must take into account when making its determination include:

Federal entity’s statutory and regulatory authorities,
Costs and benefits associated with implementing the policy,
Programmatic or economic reasons for adopting the policy,
Efficiencies to be gained by adopting the policy, and
Anticipated impact of the policy on the federal entity’s constituents.

If, after examining these factors, a federal entity determines that it is more beneficial than not to adopt a no-cash or no-check policy, Fiscal Service considers such a decision to be consistent with Treasury’s move to an all-electronic Treasury, as well as the purposes of federal cash-management statutes.

Section 2030—Inscription on Checks: Remitters must inscribe checks to the order of the specific organization maintaining the account to be credited and not to the Department of the Treasury (Treasury). The payee organization must be sufficiently identified to ensure prompt delivery. However, if a check is made payable to Treasury, the federal entity must accept and process it immediately. Under no circumstances should funds remitted to a federal entity be made payable to individual officers or employees of the federal government, whether by checks or through electronic means.

Section 2035—Funds Received for Another Federal Entity

If a federal entity receives funds that must be deposited under another ALC, it must:

Deposit the funds under its own ALC,
Classify the transaction to its budget clearing account F3875, and
Intra-Governmental Payment and Collection funds to the ALC for which the funds were deposited.

Section 2040—Record of Checks Received

Federal entity depositors must keep records of checks received, including the following information:

Amount,
Name of the drawer,
Name of the person from whom received (if other than the drawer),
Bank on which drawn,
Date drawn,
Check number (if cashier's check or similar item),
Checking account symbol and serial number (if drawn on Treasury), and
Serial number (if postal money order).

If a check is lost, mutilated, or destroyed, refer to the instructions in TFM Volume I, Part 5, Chapter 5000, Section 5035 (Uncollected, Lost, Destroyed, and Mutilated Checks).

Section 2045—Depositors' Endorsement on Checks Deposited at a Financial Institution

Depositors' endorsements on checks deposited at financial institutions for credit to the Treasury's account must, at a minimum, include:

The agency location code (ALC), and
The words “For credit to the U.S. Treasury".

Depositors must show the same ALC as shown on the OTCnet Deposit Ticket in the endorsement on checks deposited at a financial institution.

Section 2050—Making Deposits

2050.10—Deposit Reporting

The federal entity must prepare an OTCnet Deposit Ticket, and print and forward the same to the financial institution along with the check or cash deposit. The deposit must reach the financial institution by its designated cut-off time. When creating an OTCnet Deposit Ticket, the federal entity must enter the voucher date (which shows when the deposit is created), not the date the federal entity expects it to arrive at the financial institution. Federal entities must not post-date the voucher date, even if they are going to mail or send the deposit by courier. If the deposit arrives before the date entered on the OTCnet Deposit Ticket, the financial institution will not be able to confirm the federal entity’s deposit in a timely manner.

Federal entities should make copies or digital images of all checks. Copies/images should be safeguarded and retained based on the federal entity’s internal policies. Treasury recommends that federal entities retain these copies or images for up to 10 business days, which will enable federal entities to recreate deposits if checks are ever lost or stolen.

2050.20—Check Capture

Federal entities must process checks via OTCnet Check Capture. The following items cannot be processed through OTCnet’s Check Capture: Foreign items drawn on non-US financial institutions and Savings Bonds.

[Note: Since these items are not deposited at the federal entity’s financial institution, there is no need to endorse the back of the check.]

Daily deposits must be received by 9:30 PM ET for next-day settlement.

After being scanned, Treasury recommends retaining physical checks for up to 5 business days to ensure that there are no problems with file transmission, image quality, and processing of the checks. Checks should be safeguarded prior to destruction, and shredding is the method by which checks should be destroyed.

Section 2055—Counterfeit Currency: Financial institutions must surrender to the Secret Service any suspected counterfeit currency deposited to Treasury's General Account. In such cases, the federal entity will receive from the financial institution a photocopy of the Secret Service Form 1604: Counterfeit Note Report, and/or any other documentation that accompanied the surrendered currency. At that point, the federal entity must contact the Secret Service to find out if the surrendered currency was determined to be counterfeit. The federal entity must ensure that the financial institution processes an OTCnet Deposit Ticket for the amount of surrendered currency that the Secret Service determines is not counterfeit. See the Contacts section for more information.

Section 2060—Designated FIs for TGA Deposits

Federal entities must deposit funds at their designated financial institution. Federal entities must hand-deliver the deposits to their designated financial institution or hire a courier or armored car service to make scheduled deliveries. Except as provided in Section 2060.10, deposits must not be mailed to a financial institution, nor will ACH or Fedwire deposit activity be accepted. Federal entities cannot make deposits at a Federal Reserve Bank.

[Note: For ACH or Fedwire deposits, federal entities should refer to TFM Volume I, Part 5, Chapter 7500, “Fedwire and Automated Clearing House (ACH) Credit Deposits to the Account of the Bureau of the Fiscal Service”.]

Federal entities must request permission from the St. Louis Federal Reserve Bank (FRB St. Louis) to establish or change their financial institution. See the Contacts section for more information.

In order to establish or change a financial institution, the following information will need to be provided to FRB St. Louis:

Name of the federal entity,
OTCnet endpoint name,
Agency location code (ALC),
Name, mailing address, phone number, and address of the local federal entity contact,
Name and location of the federal entity’s current financial institution,
Time and manner in which the federal entity makes deposits with the current financial institution,
Name and location of the proposed financial institution,
Name and phone number of a contact person at the proposed financial institution,
Total dollar amount deposited monthly,
Total number of checks deposited monthly,
Dollar amounts and number of Treasury checks deposited monthly,
Amount of cash deposited monthly, and
A brief justification statement.

After the appropriate arrangements have been made, FRB St. Louis will notify the requesting federal entity that the setup is complete.

[Note: The requested financial institution has 10 business days from the date of receipt of the federal entity profile sheet to respond to the request. Federal entities requesting a financial institution need to provide FRB St. Louis with a 30 day notice prior to the federal entity’s first deposit.]

2060.10—Mail In Treasury General Account (MITGA)

The MITGA Program was developed to provide federal entities with an alternative to make TGA deposits when access to a local FI is unavailable. Federal entities that wish to use MITGA must contact FRB St. Louis to obtain an agency profile sheet, which must be filled out and returned to FRB St. Louis. The agency profile sheet is sent to the commercial bank administrator of the MITGA program. The MITGA commercial bank will send the federal entity instructions for sending deposits through the U.S. Postal Service. The federal entity will update its profile in OTCnet with the MITGA commercial bank’s routing and transit number and the account number. The federal entity will process a deposit in OTCnet and send the deposit to the MITGA commercial bank for confirmation.

Postage, registration, and other expenses incurred in mailing deposits may not be deducted from the amount of the deposit.

Section 2065—Frequency of Deposits

Federal entity depositors must limit deposits to one per day. Federal entities must make deposits for credit to the U.S. Treasury's account without delay following the procedures below:

Coordinate processing schedules that allow deposits to reach the financial institution before that financial institution's designated cut-off time,
Federal entities must deposit receipts totaling $5,000 or more on the same day received prior to depositary cutoff time. Deposits will be made as late as possible prior to the specified cutoff time to maximize daily deposit amounts. Collections totaling less than $5,000 may be accumulated and deposited when the total reaches $5,000. However, deposits must be made by Thursday of each week, regardless of the amount accumulated, and
If using OTCnet Check Capture, the federal entity must scan checks daily even if the checks total less than $5,000.

Section 2070—Reporting Large Deposits: Federal entities must report daily aggregate deposits (excluding Treasury checks) of $50 million or more to the Bureau of the Fiscal Service’s Cash Reporting Branch. See "Cash Forecasting Requirements" chapter at TFM Volume I, Part 6, Chapter 8500, section 8530, for instructions. However, federal entities must not accept any check written for more than $99,999,999.99, as the Federal Reserve banks will not process checks over that amount. See Federal Reserve Banks Operating Circular 3, “Collection of Cash Items and Returned Checks,” section 3.3.

Section 2075—Emergency Procedures

The CMITGA program was developed to provide federal entities a contingency solution to their standard OTCnet deposit reporting process. This contingency is used in the event the federal entity’s designated financial institution is unable to accept deposits for any reason, including (but not limited to) the following reasons:

Will not open for business,
Will be delayed in opening,
Will have limited hours of operation, and
Is affected by an environmental limitation that prevents the physical delivery of the federal deposits.

Contact the OTCnet Customer Service Team at 866-945-7920 and notify the customer service representative that your federal entity intends to use the CMITGA program. This notification will ensure that the federal entity is set up properly in the OTCnet application prior to mailing deposits to the CMITGA commercial bank for contingency purposes. Once the CMITGA commercial bank receives a mailed deposit from the federal entity, the CMITGA commercial bank will confirm it in OTCnet.

Additionally, when temporarily switching to the CMITGA process, the affected federal entity should email their federal entity location name, address and ALC to govlbxcustsvc@usbank.com.

Detailed Contacts

Direct inquiries concerning this chapter to:
Over the Counter Revenue Collection Division
Director: 202-874-5202

Federal Reserve Bank of St. Louis
OTC Support Team:

866-771-1842

stls.tga.support@stls.frb.org

Direct inquiries concerning counterfeit currency to:
Secret Service
U.S. Currency

Unpaid Checks

Introduction: This chapter prescribes instructions for federal agencies to follow to recover funds from unpaid checks, including uncollected and lost checks, as well as returned items.

Section 5010—Scope and Applicability: This guidance is being issued to ensure that checks unpaid for any reason by the bank on which they are drawn, except as specified by the Department of the Treasury (Treasury), will be processed for fund recovery according to the procedures in this chapter and the Over-the-Counter Channel Application Network (OTCnet) Adjustment, Correction, or Rescission procedures as appropriate. Checks that have been lost, destroyed, or mutilated after receipt by the government will be managed in accordance with Section 5035.

Section 5015—Authority: The Secretary of the Treasury’s authority to make and deliver Agreements of Indemnity is found at section 17306 of the Government Losses in Shipment Act, 40 U.S.C. § 721.

Section 5025—Return Items or Dishonored Checks

5025.10—Federal Agency Depositors

Upon receipt of an unpaid check from the depositary, agency depositors will:

Log into OTCnet to get the corresponding debit voucher data,
Follow any internal agency guidelines and procedures to collect the amount as though no check had been received, and
Log into CIR to view the debit to the appropriate Agency Location Code (ALC).

5025.20—Depositaries

When a check is returned unpaid (i.e., checks returned for insufficient funds, stop payment, or closed accounts) to the depositary with which the check was originally deposited, the depositary will create a return item adjustment in OTCnet.

Section 5030—Charges to Wrong ALC

If the amount of an unpaid check to Treasury's General Account is charged to the wrong ALC, the depositary should request from the Fiscal Service OTC Customer Support the appropriate ACR Request Form to initiate the correction or adjustment.

The federal agency whose ALC has been charged in error should contact the depositary to request from Fiscal Service OTC Customer Support the appropriate ACR Request Form by email to correct the debit (see Contacts).

For any corrections that cannot be made in OTCnet, the ACR Request Form should be used.

Section 5035—Uncollected, Lost, Destroyed, and Mutilated Checks

5035.10—Replacement without an Agreement of Indemnity

The federal agency must attempt to obtain a replacement without an Agreement of Indemnity, immediately upon discovering loss, destruction, or mutilation of checks. If a check is lost, whether before or after deposit, federal agency depositors will notify the drawer to stop payment on the check and reissue a replacement check, and follow any internal guidelines and procedures. New checks received will be processed for deposit as new business.

5035.20—Agreement of Indemnity for Replacement

When a replacement cannot be obtained without an Agreement of Indemnity, the federal agency should request an Agreement of Indemnity from Fiscal Service.

The following information must be included in the federal agency’s request for an Agreement of Indemnity:

Copy of the check or money order, if available,
Complete description of the check including the type of check, issue date, amount, and payee,
Amount requested for reimbursement,
Name and address of the bank that will receive the Agreement of Indemnity, (i.e., the bank that will issue the replacement check),
Memo from the issuing bank, stating the check or money order has not been cashed, and
Complete address of the federal agency to which the replacement check is to be delivered.

Upon approval of the federal agency's request, the Fiscal Service will execute and deliver the Agreement of Indemnity to the bank issuing the replacement check.

Fiscal Service will send a copy of the Agreement of Indemnity and the transmittal letter to the federal agency that requested the Agreement of Indemnity, and to the federal agency that will receive the replacement check (if different from the requesting agency).

Detailed Contacts

Direct general inquiries concerning the ACR Request Form to:

OTC Customer Support Team
Toll Free Phone: 510-428-6824
301-220-4588
FiscalService.OTCChannel@citi.com

Direct inquiries concerning Agreements of Indemnity in connection with the replacement of checks to:

Department of the Treasury
Bureau of the Fiscal Service
Financial Management Division
Warehouse and Operations Center, Dock 1

257 Bosley Industrial Park Drive
Parkersburg, WV 26101

FS-Budget@fiscal.treasury.gov

Direct general inquiries concerning this TFM Chapter to:

Federal Reserve Bank of St. Louis
OTC Support Team
1-866-771-1842
stls.tga.support@stls.frb.org

Foreign Checks and Currency Drawn on Foreign Banks

Introduction: This Treasury Financial Manual (TFM) chapter provides instructions for Federal agencies to deposit foreign checks and currency drawn on foreign banks.

Section 6010—Scope and Applicability

This chapter provides information on the process to:

Deposit foreign checks payable in foreign currency,
Deposit foreign checks payable in US dollars, and
Deposit foreign currency under and over 5K US dollars.

Section 6015—Authority: 31 U.S.C. 321, 3301, 3302; 12 U.S.C. 90, 265

Section 6025—General Information

Federal agencies should require payment in U.S. dollars whenever possible, especially with checks or money orders.

All foreign collection services for TGA deposits will be processed by one or more financial agents. The financial agent for foreign check processing will initially accept and process all foreign checks (see List of Currencies, subsection 6070.10) from Federal agencies, regardless of USD equivalent value.

The financial agent for foreign currency processing will purchase foreign banknotes (including coins) of various countries from Federal agencies. The financial agent will publish the exchange rates for all traded foreign currencies (see List of Currencies, subsection 6070.30).

Section 6030—Determine Whether the Check is a Foreign or Domestic Item

The Federal agency depositor must determine whether the deposit item is a foreign check or a domestic check prior to creating a deposit in OTCnet.

6030.10—Foreign Check

All of the following attributes appear on a foreign check:

A foreign bank drawee name,
The address of a foreign bank drawee located outside the U.S., and
A non-consecutive nine digit routing transit number.

6030.20—Domestic Check

The following attribute(s) appear on a domestic check:

A U.S. bank drawee name, and/or
A consecutive nine digit routing transit number.

6030.30—Ineligible Check Items

The following items are ineligible for processing as a domestic or foreign check:

Checks with dates missing and/or incomplete information,
Checks previously dishonored and so marked on the face of the item,
Checks post-dated or stale-dated (i.e., six months or greater),
Traveler checks,
Stop payment on checks,
Checks written on closed accounts, and
Fraudulent/counterfeit checks.

Section 6035—Record of Checks

The agency depositor must keep a description of each check to permit duplication in the event a check becomes lost, destroyed, or mutilated. If such records are adequate and support duplication of the original check data (e.g., photocopy or digital images), additional record maintenance is unnecessary.

At minimum, the maintenance record must include the following information:

Currency amount,
Currency type,
Bank drawee name,
Bank drawee address,
Drawer/Check writer name,
Date on check, and
Check number, if applicable.

Section 6040—Check Endorsement

Checks drawn on foreign banks and branches of U.S. banks, whether payable in U.S. dollars or foreign currency, must be endorsed by the Federal agency.

The endorsement must include, at minimum, the following information for checks deposited to a Treasury’s General Account:

ALC, and
The words “For Credit to the U.S. Treasury”.

Section 6045—Deposit Foreign Checks Payable in Foreign Currency

6045.10—Foreign Checks Listed

Checks that are drawn on foreign banks, payable in foreign currency, and listed on the tradable currency list (Section 6070), or listed in OTCnet’s currency code drop down box, will be processed in OTCnet as foreign check items. These items will be treated as cash letter items. Cash letter items are immediately cleared and are granted provisional credit within two business days following the day the financial agent receives the check.

A separate deposit must be created for each type of foreign currency.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for a foreign check item,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Transit Items
GA 4-004-02-02
6000 Feldwood Road
College Park, GA 30349

The financial agent will:

Determine the exchange rate and USD conversion amount and enter the amount into OTCnet,
Confirm the deposit in OTCnet, and
Populate field #4 on the OTCnet deposit ticket.

6045.20—Foreign Checks Not Listed

Foreign checks not listed on the foreign check tradable currency list (Section 6070) will be treated as collection items. Collection items are forwarded to the foreign banks that the checks are drawn on for clearance, prior to credit being granted. This collection process takes approximately six to eight weeks to complete.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for a foreign check item,
Select 'Other' in drop-down box (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information),
Select Financial Institution from drop-down box,
Select an Agency Accounting Code from the drop-down menu and add 'enter foreign amount',
Save for Approval, and
Mail the OTCnet deposit ticket and foreign check to:

Bank of America
Foreign Clean Collections
TX1-160-06-18
1950 N. Stemmons Fwy
Dallas, TX 75207

Once the check item clears, the financial agent will:

Notify the agency,
Enter the USD equivalent amount and confirm the deposit in OTCnet.

Cash letter items and collection items can both be mailed in the same envelope to the same address. However, cash letter and collection items must have separately created OTCnet deposit tickets (i.e., vouchers). They cannot be listed on the same voucher.

Section 6050—Deposit Foreign Checks Payable in U.S. Dollars

Foreign checks drawn on Canadian and specific United Kingdom (UK) clearing banks (subsections 6070.10 and 6070.20), payable in U.S. dollars, will be processed as foreign check items (subsection 6045.10) in OTCnet. The agency depositor must:

Select the currency code for "Other" in OTCnet dropdown box, and
Add information in Block 6 that the check is written in US Dollars.

Foreign checks drawn on foreign banks outside of Canada and the UK, payable in U.S. dollars, will be processed as collection items (subsection 6040.20) in OTCnet.

Checks drawn on foreign banks made payable through a bank in the U.S. or reflecting a consecutive 9-digit routing number will be processed in the same manner as checks in U.S. currency.

Section 6055—Return Items and Collection Charges

The depositary will reprocess all items over $200 not successfully cleared on initial presentation, unless the item is ineligible (subsection 6030.30).

Eligible return items are reprocessed as collection items and will be subject to a six to eight week processing period. In such cases, the Federal agency will receive a notice and the check.

If a foreign check is returned for any reason, the financial agent will use the Returned Item Adjustment in OTCnet. The amount of the debit will equal the credit that was given to the agency because the exchange rate applied when the item is returned will be the same exchange rate applied when provisional credit was given. The Federal agency will receive a copy of the debit advice along with the foreign check.

Federal agencies may incur foreign collection charges or bank fees that are deducted from the proceeds by the foreign bank, prior to the settlement of the credit. Foreign collection fees (usual and customary fees) assessed after credit has been given in OTCnet may be charged back to the Federal agency upon notification from the Fiscal Service. Federal agencies may wish to consider setting higher minimum check limitations because of these substantial charges associated with foreign checks.

Section 6060—Deposit Foreign Currency

6060.10—Foreign Currency Listed

Separate deposits must be created in OTCnet for each type of foreign currency.

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for foreign currency,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign currency, if under $5000.00 (5K) USD value, by registered mail, to:

Bank of America GBN-LA
Mail Code: CA9-924-01-11
2706 Media Center Drive
Los Angeles, CA 90065-1733

6060.20—Foreign Currency Not Listed

The agency depositor will:

Log into OTCnet Deposit Processing,
Create a deposit for foreign currency,
Select the appropriate currency code (under Foreign Currency Information),
Enter the foreign currency amount (under Foreign Currency Information), and
Mail the OTCnet deposit ticket and foreign currency, if under 5K USD value, by registered mail to:

Bank of America GBN-LA
Mail Code: CA9-924-01-11
2706 Media Center Drive
Los Angeles, CA 90065-1733

Once the currency clears, the financial agent will enter the USD equivalent amount and confirm the deposit in OTCnet.

6060.30—Foreign Currency Over 5K USD Value

If the foreign currency deposit is over 5K USD value, OTCnet will prompt the agency depositor to call the financial agent’s Banknote Trading Desk for an armored courier pick up. The foreign currency deposits will be delivered to a specific location of the financial agent (see Contacts).

The agency depositor must confirm the legitimacy of the armored courier prior to releasing the foreign currency deposit. Once the deposit has been picked up and signed for by the financial agent’s armored courier, responsibility and liability of the deposit transfers to the TGA bank. The armored courier acts as the agent of the financial institution, not the Federal agency.

6060.40—Place Orders to Sell Foreign Currency Banknotes

Federal agencies may place orders to sell banknotes and selected coins in OTCnet to the financial agent. The agency depositor will communicate the appropriate instructions to the financial agent, who will receive the information in OTCnet and act upon it.

Federal agencies will send the shipment of foreign currency banknotes to the financial agent in the same manner as foreign currency deposits for under and over 5K USD (subsections 6060.10 and 6060.30).

Section 6065—Deposit Corrections: If a Federal agency discovers an error after the deposit was submitted for confirmation in OTCnet, the agency depositor should call the Foreign Currency Customer Service desk (see Contacts) and/or request from the Fiscal Service OTC Customer Support the appropriate ACR Form to initiate the correction or adjustment.

Section 6070—List of Currencies

6070.10—Foreign Check Tradable Currencies

Country	Currency	Currency Code
Australia	Australian Dollar	AUD
Austria	Euro	EUR
Belgium	Euro	EUR
Canada	Canadian Dollar	CAD
Denmark	Danish Kroner	DKK
European Community	Euro	EUR
Finland	Euro	EUR
France	Euro	EUR
Germany	Euro	EUR
Greece	Euro	EUR
Hong Kong	Hong Kong Dollar	HKD
Ireland	Euro	EUR
Japan	Yen	JPY
Mexico	Pesos	MXN
New Zealand	New Zealand Dollar	NZD
Norway	Norwegian Kroner	NOK
Portugal	Euro	EUR
Saudi Arabia	Saudi Arabian Riyal	SAR
Scotland	Pound Sterling	GBP
Singapore*	Singapore Dollar	SGD
Spain	Euro	EUR
Sweden	Swedish Kronor	SEK
Switzerland	Swiss Franc	CHF
Tahiti/French Polynesia	CFP Franc	XPF
United Arab Emirates	Dirham	AED
United Kingdom	Pound Sterling	GBP
United States*	US Dollar	USD

LIMITATIONS and EXCEPTIONS:
** Singapore: Non-transferable items must be processed on a collection basis.
* United States: Only USD items drawn on a Canadian Bank or specific UK Clearing Bank can be processed as a cash letter item.
All other USD items drawn on foreign banks in other countries are to be processed as collection items (subsection 6045.20).

6070.20—United Kingdom Clearing Banks

Items must be drawn on the eligible banks listed below:

ABC International Bank plc	Fibi Bank (UK) LTD
Adam And Company plc	Fortis Bank NV (Formerly Mees Pierson & Generale Bank)
Allied Irish Bank	Ghana International Bank plc
Alpha Bank London LTD	Girobank plc
Anz Banking Group Ltd (But Not Anz Grindlays)	Hamburgische Landesbank Girozentrale
Banco Do Brasil S.A.	Hanil Bank
Bangkok Bank Public Company LTD	Hoare (C) & Co
Bank Leumi (UK) plc	HSBC Bank plc
Bank Of America NT & SA	Ing Bank N.V.
Bank Of Ireland	Lloyds TSB Bank plc
Bank Of Montreal	Mellon Bank NA
Bank Of Montreal Europe LTD	Mizuho Corporate Bank
Bank Of New York	Morgan Grenfell & Co LTD
Bank Of Scotland	National Bank Of Egypt International LTD
Banque Nationale de Paris plc	National Bank Of Greece SA
Barclays Bank plc	NatWest Bank plc
Barclays Private Bank LTD	Nedcor Bank LTD
Bayerische Hypo Und Vereinsbank AG	Northern Trust Company
BFG Bank AG	Rabobank
British Arab Commercial Bank LTD	Riggs Bank Europe LTD
Brown, Shipley & Co LTD	Riyad Bank
Bsi-Banca Della Svizzera Italiana	Royal Bank Of Canada
Butterfield Bank (UK) LTD	Royal Bank Of Canada Europe LTD
Charterhouse Bank Limited	Silicon Valley Bank London
Chase Manhattan Bank N.A.	Societe Generale
Citibank N.A.	Standard Chartered Bank
Clydesdale Bank plc	Svenska Handelsbanken
Co-Operative Bank plc	Swiss Bank Corporation
Coutts And Co	T.C. Ziraat Bankasi
Credit Lyonnais	The Royal Bank Of Scotland plc
Den Danske Bank Aktieselskab	Union Bank Of Nigeria LTD
Deutsche Bank AG	United Overseas Bank LTD
EFG Eurobank Ergasias	Wachovia Bank NA
Erste Bank Der Oesterreichischen Sparkassen AG

6070.30—Foreign Currency

Country	Currency	Currency Code
Argentina	Argentina Peso	ARS
Aruba	Aruba Florin	AWG
Australia	Australian Dollar	AUD
Austria	Euro/Austr Schilling	EUR/ATS
Bahamas	Bahamas Dollar	BSD
Bahrain	Bahrain Dinar	BHD
Barbados	Barbados Dollar	BBD
Belgium	Euro/Belgian Franc	EUR/BEF
Belize	Belize Dollar	BZD
Bermuda	Bermuda Dollar	BMD
Bolivia	Bolivian Boliviano	BOB
Brazil	Brazilian Real	BRL
Brunei	Brunei Dollar	BND
Canada	Canadian Dollar- Coin	CAC
Canada	Canadian Dollar	CAD
Cayman Islands	Cayman Islands Dollar	KYD
Chile	Chilean Peso	CLP
China	China Renminbi/Yuan	CNY
Colombia	Colombian Peso	COP
Communaute Financiere Africaine (BCEAO)	CFA Franc- Western African	XOF
Communaute Financiere Africaine (BEAC)	CFA Franc- Central African	XAF
Comptoirs Francais du Pacifique	CFP Franc	XPF
Costa Rica	Costa Rican Colon	CRC
Croatia	Croatian Kuna	HRK
Cyprus	Euro/Pound	EUR/CYP
Czech Republic	Czech Korunas	CZK
Denmark	Danish Krone	DKK
Dominica Republic	Dominican Peso	DOP
East Caribbean	East Caribbean Dollar	XCD
Egypt	Egyptian Pound	EGP
Estonia	Estonian Kroon	EEK
Euro Member Countries	Euro-Coin	EUC
Euro Member Countries	Euro	EUR
Fiji	Fiji Dollar	FJD
Finland	Euro/Pound	EUR/CYP
France	Euro/Franc	EUR/FRF
Germany	Euro/Deutsche Mark	EUR/DEM
Gibraltar	Gibraltar Pound	GIP
Greece	Euro/Drachma	EUR/GRD
Guatemala	Guatemalan Quetzal	GTQ
Guernsey	Guernsey Pound	GUP
Honduras	Honduras Lempira	HNL
Hong Kong	Hong Kong Dollar	HKD
Hungary	Hungary Forints	HUF
Iceland	Icelandic Krona	ISK
India	Indian Rupee	INR
Indonesia	Indonesian Rupiah	IDR
Ireland	Euro/Pound	EUR/IEP
Isle of Man Pound	Isle of Man Pound	IMP
Israel	Israeli Shequel New	ILS
Italy	Euro/Lira	EUR/Lira
Jamaica	Jamaica Dollar	JMD
Japan	Japanese Yen	JPY
Jersey	Jersey Pound	JEP
Jordan	Jordan Dinar	JOD
Kenya	Kenyan Shilling	KES
Korea-South	Korean Won	KRW
Kuwait	Kuwaiti Dinar	KWD
Latvia	Euro/Latvian Lats	EUR/LVL
Lebanon	Lebanese Pound	LBP
Lithuania	Lithuanian Litas	LTL
Luxemburg	Euro/Luxemburg Franc	EUR/LUF
Malaysia	Malaysia Ringgit	MYR
Malta	Euro/Maltese Lira	EUR/MTL
Mauritius	Mauritius Rupee	MUR
Mexico	Mexican Peso- Coin	MXC
Mexico	Mexican Peso	MXN
Morocco	Moroccan Dirham	MAD
Nepal	Nepal Rupee	NPR
Netherlands	Antilles Guilder	ANG
Netherlands	Euro/Florin	EUR/NLG
New Zealand	New Zealand Dollar	NZD
Nicaragua	Nicaragua Cordo	NIO
Norway	Norwegian Krone	NOK
Oman	Oman Rials	OMR
Pakistan	Pakistan Rupee	PKR
Papua New Guinea	Papua New Guinean Kina	PGK
Paraguay	Paraguay Guarani	PYG
Peru	Peru Nuevo Sol	PEN
Philippines	Philippine Peso	PHP
Poland	Poland Zloty	PLN
Portugal	Euro/Portuguese Escudo	EUR/PTE
Qatar	Qtar Riyal	QAR
Romania	New Romania Leu	RON
Russia	Russian Ruble	RUB
Saudi Arabia	Saudi Riyal	SAR
Scotland	Scottish Pound	SCO
Singapore	Singapore Dollar	SGD
Slovakia	Euro/Slovak Krona	EUR/SKK
Slovenia	Euro/Slovenia Tolars	EUR/SIT
South Africa	South African Rand	ZAR
Spain	Euro/Spanish Peseta	EUR/ESP
Sri Lanka	Sri Lanka Rupee	LKR
Sweden	Swedish Krona	SEK
Switzerland	Swiss Franc	CHF
Taiwan	Taiwan Dollar New	TWD
Tanzania	Tanzania Shilling	TZS
Thailand	Thailand Baht	THB
Tonga	Tonga Pa'anga	TOP
Trinidad and Tobago	Trinidad and Tobago Dollar	TTD
Tunisia	Tunisian Dinar	TND
Turkey	Turkish Lira-Old	TRL
Turkey	Turkish Lira-New	TRY
Ukraine	Ukraine Hryvnia	UAH
United Arab Emirates	UAE Dirham	AED
United Kingdom	British Pound Sterling- Coin	GBC
United Kingdom	British Pound Sterling	GBP
Uruguay	Uruguay N Peso	UYU
US	US Dollar-Coin	USC
US	US Dollar	USD
Vanuatu	Vanuatu Vatu	VUV
Vietnam	Vietnam Dong	VND
Western Samoa	Western Samoa Tala	WST

Detailed Contacts

Send foreign check items to:

Bank of America
Foreign Transit Items
GA 4-004-02-02

6000 Feldwood Road
College Park, GA 30349

Send foreign currency under $5K USD value, by registered mail, to:

Bank of America GBN-LA
Mail Code: CA 9-924-01-11

2706 Media Center Drive
Los Angeles, CA 90065-1733

Call the financial agent’s Banknote Trading Desk for foreign currency over $5K USD value:

1-800-387-1012

The foreign currency deposits over 5K USD value will be delivered by armored courier to:

Bank of America GBN-LA
Mail Code: CA 9-924-01-11

2706 Media Center Drive
Los Angeles, CA 90065-1733

Direct inquiries concerning foreign currency issues or concerns with specific transactions to:

Foreign Currency Customer Service
1-800-268-8144
dg.bn_desk@bankofamerica.com

Direct inquiries concerning foreign check deposit setup to:

Karen Dolores
888-715-1000, ext. 21600
DedicatedService101@bankofamerica.com

Direct inquiries concerning foreign check concerns with specific transactions to:

Bank of America
Foreign Transit Items
GA 4-004-02-02

6000 Feldwood Road
College Park, GA 30349

Direct inquiries concerning the ACR Form to:

OTC Customer Support
1-866-945-7920
fms.otcchannel@citi.com

Direct inquiries concerning the placing of orders to sell banknotes to:

Bank of America Global Foreign Exchange
1-800-523-7860
https://www.bankofamerica.com/foreign-exchange/foreign-currency-exchange.go

Direct general inquiries concerning this chapter to:

Over The Counter Division
TGA Program
202-874-7132
tamara.whitaker@fiscal.treasury.gov

or

Federal Reserve Bank of St. Louis
OTC Support Team
1-866-771-1842

Deposits For Credit to Treasury's General Account

Introduction: This chapter establishes procedures to be followed by the Depositaries located within the 50 United States and the District of Columbia (domestic Depositaries) when making deposits for credit to Treasury's General Account (TGA).

Section 1010—Scope and Applicability: This chapter applies to Treasury's General Account Depositaries located within the 50 United States and the District of Columbia (domestic Depositaries) and others to whom specifically extended.

Section 1015—Authority: These procedures are authorized by the Code of Federal Regulations at 31 CFR 202.

Section 1020—Terms and Definitions

For terms and definitions related to this chapter, please view the TFM Glossary.

Section 1025—Background

1025.10—Use of Domestic Depositaries

A TGA is maintained with an authorized Depositary to accelerate the collection and availability of funds to Treasury. Government officers who wish to deposit receipts with a domestic Depositary must make the necessary arrangements with the Banking Operations Branch (BOB). The Depositary may only accept deposits from Government agencies for credit to a TGA when specifically authorized to do so by BOB (see contacts page). In the event a Depositary is requested to accept a deposit from an unauthorized Government agency, the Depositary will notify BOB, and will advise the agency to refer to I TFM 5-4000 for the proper disposition of the deposit.

1025.20—General Description of CA$H-LINK

CA$H-LINK is a cash concentration system designed to concentrate funds and accounting details for deposits made by Federal agencies to TGAs maintained at designated Depositaries. The system consolidates agency accounting records at the Depositary level, performs data entry via a Financial Agent, and transfers the funds to the FRB through electronic funds transfer technology. Funds are transferred from the Depositaries directly to the Treasury's account at the FRB via the ACH system or wire transfers.

The Financial Agent collects accounting information from the Depositaries on a scheduled basis, prepares information to initiate funds transfers, and provides accounting details to the Fiscal Service. The accounting details of deposits reported by banks are reconciled by Fiscal Service with those reported by Federal agencies.

Compensation for services provided by a domestic Depositary in operating a TGA will be in the form of an ACH credit to the Depositary's specified account, in the form of the imputed value of a noninterest bearing Treasury Time Balance (TTB) placed at the Depositary, and/or the imputed value of collected overnight balances maintained in the TGA (immediately available funds). The method of compensation will be at the discretion of Fiscal Service.

1025.30—How to Become a Depositary

A financial institution interested in obtaining TGA deposits may market its services to Federal agencies in its area. Treasury establishes a Depositary based upon the request of a Federal agency and evaluation of the efficiencies offered by such a relationship.

To be designated as a Depositary, the financial institution must meet the eligibility requirements of 31 CFR Part 202, be able to accept ACH debits (subsection 1030.50), agree to a written MOU with Fiscal Service, and be specifically authorized by Treasury to accept deposits.

Section 1030—Operational Requirements

1030.10—Deposit Proof Requirements

The Depositary will proof each deposit received by balancing the dollar amount printed on the face of the SF 215 with the sum of accompanying remittance items. The Depositary will correct any out-of-balance occurrence caused by the Federal agency in preparing the deposit by either preparing an additional SF 215 or SF 5515 to balance with the sum of the accompanying remittance items. Depositaries will not adjust the amount by changing the amount on the face of the SF 215 submitted by the Federal agency. See Supplement #2 to V TFM, the CA$H-LINK User Guide, for specific details on processing adjustments.

1030.20—Crediting the Deposit

Each deposit received by a Depositary from Government agencies for credit to Treasury will be credited in the TGA on the day of receipt if received prior to the cutoff time.

1030.30—Depositary Reporting Requirements

Depositaries will report deposit information according to instructions provided in Supplement #2 to V TFM, the CA$H-LINK User Guide. Deposits will be reported by either personal computer with modem interface, or by touch-tone telephone response to the Financial Agent. Treasury may determine the method of reporting for a Depositary.

1030.40—Backup Processing Requirement

In some instances, the Financial Agent may be incapable of accepting deposits due to power failures or other unforeseen difficulties. Under these circumstances, Depositaries will transfer funds and accounting information according to Supplement #1 to V TFM: CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks, Section 11, Exception Processing. Depositaries affected by this requirement will be specifically designated and formally advised by Treasury. Liabilities in Section 1055 will apply for all Depositaries.

1030.50—Funds Transfers

TGA Depositaries are required to transfer the full amount of the deposit less debits in the TGA to the Treasury on the business day following the Federal agency deposit. Depositaries failing to so transfer will be liable for the imputed value of these funds in accordance with Section 1055. Depositaries will monitor the TGA on a daily basis for the correctness of the funds transfers. A Depositary is compensated for the imputed value of Uncollected Funds transferred to Treasury as described in subsection 1055.10. Funds will be transferred from the Depositary to Treasury via ACH debits or wire transfers.

ACH Debits - For Depositaries that complete their deposit reports prior to 8:00 p.m., eastern time, on the day of deposit, the Financial Agent will prepare, in ACH format, requests to debit the Depositaries' accounts or their correspondents' accounts, and credit the Treasury's account at the Richmond FRB. The Depositaries' accounts will be debited and Treasury's account credited on the next business day by the Richmond FRB.
All Depositaries, except those specifically exempted, will report through the CA$H-LINK system prior to the ACH cutoff on the day of Federal agency deposit. Any Depositary that can show a legitimate need to be authorized to report after the ACH cutoff will request and receive a written Late Call-in Authorization from BOB (see Contacts page). The request will include appropriate justification and documentation so that an evaluation can be completed in an efficient manner. BOB will notify Depositaries in writing of the disposition of their requests for Late Call-in Authorization.
In all cases, the deposit report to the Financial Agent must occur no later than 1:00 p.m., eastern time, on the business day following the day of deposit. All Depositaries that have been granted written Late Call-in Authorizations will wire transfer TGA funds to the New York FRB immediately upon receipt of the 1031 Wire Request. The funds transfer message will reference the acceptance number given by the CA$H-LINK system.
Wire Transfers - For Depositaries that complete their deposit reports after the 8:00 p.m., eastern time ACH cutoff, but before the wire cutoff time, the Financial Agent will collect the information necessary to prepare a 1031 Wire Request. The cutoff for completing a deposit report for which funds will be transferred by wire is 1:00 p.m., eastern time, on the business day following the day of deposit.
To improve Treasury's cash management position, if operationally feasible, Depositaries will make their deposit report to the Financial Agent by 9:30 a.m., eastern time, on the business day following the day of deposit. The Financial Agent will send the 1031 Wire Request directing the Depositary to transfer the funds by wire to the New York FRB. Depositaries will act on the 1031 Wire Request by preparing and sending a responding wire transfer no later than 1 hour after receipt of the request for funds. All wire transfers will be formatted as specified by the FRB and received at Treasury's account with the New York FRB, by 2:00 p.m., eastern time, on the business day following the day of deposit.
Multiple Accounts Per CA$HLINK Account Key - Although a Depositary may utilize more than one account to facilitate the processing and reconciliation of TGA deposits into a single CA$H-LINK Account Key, the CA$H-LINK Deposit Report consolidating those deposits will result in Treasury debiting only one account. Depositaries requiring Treasury debit more than one account will request written authorization from BOB. BOB will notify Depositaries in writing of the disposition of their requests.
Returned ACH Debits - If Treasury receives a dishonored ACH debit request, BOB will contact the Depositary to determine the reason the request was dishonored and instruct the Depositary to wire transfer the funds to Treasury's account at the New York FRB. Treasury reserves the right to charge the Depositary for the cost of the wire transfer when an ACH debit has been refused.

1030.60—Deferred Account Requirements

Deferred Accounts - In specific cases, at Treasury's sole discretion, Treasury will give written authorization to Depositaries to defer the transfer of Uncollected Funds. Supplement #1 to V TFM, CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks and Supplement #2, the CA$H-LINK User Guide, specify the procedures to be followed when processing a deferred account.
Description of the Automated Deferred Accounting Process - Each deferred Depositary will record the deposit report deferred information and report it to CA$HLINK via the deposit reporting system screen. Each deferred report will be processed through an edit routine to ensure that the report is accurate. The CA$H-LINK system will track any funds not transferred.

1030.70—Returned Item Requirements

The Depositary may debit the current day's deposit for the amount of checks dishonored and returned unpaid. The procedures specified in Supplement #1 to V TFM, CA$H-LINK Operating Instructions for Domestic Treasury's General Account Depositary Banks, provide the details for processing such an adjustment.

Section 1035—Compensation

1035.10—Eligibility for Compensation

During negotiations between Treasury and a financial institution regarding the establishment of a TGA, the subject of compensation will be addressed. If a financial institution requires compensation, it will formally advise Treasury during the negotiations. Alterations in the amount of compensation subsequent to the establishment of a TGA will be based on the results of an analysis of the information provided in accordance with subsection 1035.50.

1035.20—Product Categories and Standard Item Rates

BOB will provide a schedule of income and recognized expense categories (to be recognized for purposes of compensation). For each category, a per-category item rate will be provided and made a part of the MOU between Treasury and the Depositary, in accordance with Supplement #1 to V TFM.

Such categories and per-category item rates will remain in effect until superseded. Treasury will revise these rates periodically.

1035.30—Sources of Income

Depositaries may be compensated for services provided to the Treasury by means of ACH credits, the imputed value of TTBs, and/or the imputed value of collected overnight balances maintained in the TGA (Immediately Available Funds). The method of compensation is at the sole discretion of Treasury.

ACH Credits - Treasury may compensate the Depositary by means of an ACH credit for the recognized services provided. The amount of the credit is determined by the volume of recognized expenses, based on the applicable per category item rates, less the imputed value of any Immediately Available Funds of the delayed transfer of funds. Treasury will compensate the Depositary on a monthly basis.
Imputed Value of a Treasury Time Balance - Treasury may compensate the Depositary by maintaining a balance in a time deposit entitled ''U.S. Treasury Time Deposit - Open Account'' at the Depositary. The amount to be maintained in the time account will be determined by Treasury by the projected volumes of recognized expenses, which are based on the applicable per-category item rates, less the projected imputed value of any Immediately Available Funds or the delayed transfer of funds. The balance will be adjusted or removed at the sole discretion of Treasury. At all times, TTBs are subject to withdrawal by the Treasury. When feasible and when in the Government's best interest, Treasury will provide the Depositary with written notice of its intent to withdraw the TTB and will not ordinarily withdraw the TTB until the expiration of 14 calendar days after the date of the written notice. However, nothing will preclude Treasury from withdrawing TTBs without notice to the Depositary. Treasury will not be liable for any costs realized by the Depositary in the event of a TTB withdrawal.
As provided in subsection 1035.60, Depositaries will pledge collateral security for the entire TTB in advance of any TTB being placed at those Depositaries.
Imputed Value of Collected Overnight Balances (Immediately Available Funds) maintained in the TGA - As partial or complete compensation for the services provided by the Depositary in operating the TGA, Treasury will calculate the imputed value of the Immediately Available Funds in the TGA.

1035.40—Analysis Earnings Rate (AER)

The imputed value of TTBs and Treasury's General Accounts are calculated using the AER, which is the 3-month Treasury Bill Auction average (investment) rate. Such computations occur on a monthly basis by using the following calculations:

Treasury Time Balances (TTBs)

Treasury Time Balance
(multiplied by)

(equals)

AER Factor
AER Factor = [AER ÷ 365 (days) x #
calendar days in month]
Imputed Value of TTB

TGA Average Daily Collected Balance (Immediately Available Funds)

Average Daily Immediately Available Funds
(multiplied by)
(multiplied by)
(equals)

AER Factor
1 - reserve ratio
Imputed Value of TGA Average
Daily Collected Balance

TGA Average Daily Uncollected Balance (Uncollected Funds)

Average Daily Uncollected Balance
(multiplied by)
(equals)

AER Factor
Imputed Value of
TGA Average
Daily Uncollected
Balance

Average Daily Immediately Available Funds is calculated as follows:

Total dollar amount ÷
of all items available
(including cash &
checks drawn on
the Depositary)
on the Date
of Deposit
for the month

Total number x
of business
days in the
month

(1 - Reserve
Ratio)

Average Daily Uncollected Funds is calculated as follows:

Step 1

Total dollar amount of ÷
all items collected on
the second business day
after the Date of
Deposit for the month

Total number =
of business
days in the
month

subtotal
for Step 1

Step 2

Total dollar amount of ÷
all items collected
after the second business
day after the Date of
Deposit

Total number x 2 =
of business
days in the month

subtotal
for Step 2

Step 3:

Subtotal +
for Step 1

Subtotal =
for Step 2

Total

1035.50—Income and Expense Reporting

Depositaries will report recognized income and expenses on a monthly basis to Treasury in order to receive compensation using the procedures in V TFM, supplements and bulletins thereto, and any amendments to any of the foregoing.

1035.60—Collateral Requirement

Depositaries will pledge collateral security in accordance with Title 31 of the Code of Federal Regulations, Part 202, to secure all public funds maintained with the Depositary, including Immediately Available Funds in excess of recognized insurance coverage, as determined by the Treasury. In addition, Depositaries will pledge collateral security in the amount of any Treasury Time Balance placed with the Depositary, in advance of such placement.

1035.70—Excess Earnings/Deficient Earnings

Excess earnings occur when a Depositary's income earnings as defined in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing, are greater than its recognized expenses. Deficient earnings occur when a Depositary's income earnings are less than its recognized expenses.

The Depositary will be liable to Treasury for all excess earnings, and will return such to Treasury when requested. Treasury will determine in its sole discretion the method by which the Depositary will make Treasury whole. Treasury's methods include, but are not limited to:

A direct payment to the Treasury's General Account at the New York FRB, and
Offsetting past or future cumulative losses in the form of deficient earnings and/or the imputed value of funds.

Similarly, Treasury will be liable to the Depositary for deficient earnings, and will in its sole discretion determine the method by which it will make the Depositary whole. Treasury's methods include, but are not limited to:

Adjustments to the TTB,
ACH credits, and
Offsetting past or future cumulative gains in the form of excess earnings and/or the imputed value of funds delayed.

Section 1040—Forms

1040.10—Standard Form 215: Deposit Ticket (SF 215)

Deposits made with Depositaries for credit to a TGA will be submitted with the prescribed SF 215.

Preparation - The SF 215 will be prepared by the depositor who will enter the date the deposit is presented to the Depositary. Instructions for completing the SF 215 are printed on the reverse side of the form. The date of credit (confirmed date) that the Depositary has inserted on the SF 215 and the Date of Deposit provided to the Financial Agent by the receiving TGA Depositary should always be the same. Depositaries may also be required to prepare the SF 215 in complying with the Deposit Proof Requirements (subsection 1030.10).
Acknowledgement of Receipt - The Depositary will date and sign the original and all copies of the SF 215, certifying that the deposit has been received for credit to the TGA. This signature will be in one of the following forms: (1) a handwritten signature of an authorized officer or employee, followed by the title of the officer or employee, followed by the title of the officer or employee; or (2) a rubber-stamp impression showing the name of the Depositary, supported by the handwritten initials of the receiving authorized officer or employee, followed by the title; or (3) a facsimile or rubber stamp impression of the signature of an authorized officer or employee placed over the officer or employee's official title, supported by the handwritten initials of the officer or employee. All initials or signatures will be in ink.
Disposition of Original and Copies - The Depositary will retain the original of each SF 215. Copies of the SF 215 will be distributed according to the instructions printed on each copy. The Depositary will not forward any copies of the SF 215 to the FRB or Treasury.
Copies of SF 215 - The Depositary will furnish copies of a processed SF 215, upon request, to a Government agency or Treasury even after the TGA is closed. When a copy is provided, the Depositary will plainly stamp "COPY" across the face of the SF 215.

1040.20—Standard Form 5515: Debit Voucher (SF 5515) and Counterfeit Currency Procedures

The Depositary will prepare an SF 5515 to reduce the balance in the TGA as a result of a correction to a deposit (subsection 1030.10) or to process a returned check. The Depositary will handle any check that is not paid for any reason by the bank on which it is drawn according to the procedures described in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing.

Preparation and Use of an SF 5515 - When an unpaid check is returned to the Depositary or when a check is lost by the Depositary prior to microfilming and/or forwarding for collection, the Depositary shall immediately (1) prepare and execute an SF 5515 and (2) charge the amount of the unpaid item to the TGA (subsection 1030.70).
Depositaries will not add or charge depositing agencies or the Treasury for any service charges, returned check charges, non-sufficient funds charges, or any other non-recognized charges or expenses, on the SF 5515 or otherwise. Endorsements on the reverse of checks deposited will include the depositor's Agency Location Code (ALC) in the top 1 1/2 inches on the check. Depositaries will then prepare an SF 5515 from the information furnished on uncollectible checks without referring to the related SF 215. If the depositor's ALC or address is unreadable, or if the check has been lost, the Depositary will refer to the related SF 215 to obtain this information. As finding an SF 215 may be time consuming, Depositaries are permitted to compile a list of regular depositing agencies showing their respective ALCs and addresses.
Depositaries will retain a record of the drawer, drawee bank, and the amount of each unpaid check. The original of the SF 5515 shall support the charge to the TGA and shall be retained by the Depositary. All unpaid checks will be delivered or forwarded to by Depositaries to the depositing agency, together with the memorandum and confirmed copies of the SF 5515. If an unpaid check is not recovered by a Depositary, a notification to the depositing agency citing the reason the check was not returned will accompany the copies of the SF 5515.
Charging Returned Items to the Treasury's General Account - The TGA will be charged with the total amount of the unpaid items recorded on the SF 5515. No service charges, returned check charges, non-sufficient funds charges, or any other non-recognized charges or expenses will be added or charged to the depositing agency on the SF 5515. At the close of business of the same day, the Depositary will distribute all copies of the SF 5515 according to the instructions printed on each copy.
Handling of Excess Returned Items - If a Depositary has an SF 5515 that cannot be fully offset by the deposits in the TGA without causing an overdraft in that account, the Depositary will not charge the total amount on the SF 5515 to the TGA on the Depositary's books, unless the procedure stated in subsection 1040.30 is followed. The Depositary will contact BOB for authorization to send the SF 5515 directly to the local FRB with instructions to charge the TGA at that FRB and credit the Depositary's reserve account or the reserve account of the Depositary's correspondent for the total amount on the SF 5515. If BOB authorizes the above procedure, Treasury will notify the FRB to accept and process the transaction submitted by the Depositary as an exception item.
Charging Returned Items After the TGA Has Been Closed - If a Depositary receives a returned item after its TGA has been officially closed by Treasury, the Depositary will contact BOB for written authorization to send the SF 5515 directly to the local FRB. The SF 5515 will be accompanied by instructions to charge the TGA at that FRB and credit the Depositary's reserve account or the reserve account of the Depositary's correspondent for the total amount on the SF 5515. After the Depositary has received BOB's written authorization, the Depositary will prepare the SF 5515 as instructed above. The original of the SF 5515 will be forwarded to the FRB with notification that Treasury has approved the transaction, and the returned item (unpaid check) will be forwarded to the depositing agency, together with the memorandum and confirmed copies of the SF 5515. If BOB authorizes the above transaction in writing, Treasury will notify the FRB to accept and process the transaction submitted by the Depositary as an exception item. If Treasury does not authorize the above procedure in writing, no charge to the TGA at the FRB will be permitted.
Counterfeit Currency - A debit voucher (SF 5515) will be processed for the amount of suspected counterfeit currency deposited to TGA. Depositaries will surrender the suspected counterfeit currency to the Secret Service. On the debit voucher, Depositaries will reference the SF 215 used to deposit the surrendered currency to the TGA. Depositaries will also provide the depositor with a photocopy of the Secret Service Form 1604: Counterfeit Note Report, that accompanied the surrendered currency to the Secret Service. An SF 215 accomplishing the reversal action will be processed for the amount of surrendered currency that the Secret Service subsequently determines is not counterfeit.

1040.30—Special Arrangement Between Depositary and Depositing Agency

Upon written approval from depositing agencies, Depositaries may defer charging the TGA for returned items by having uncollectible checks automatically reprocessed for collection, returned to the depositing agency to be presented again, or replaced by new checks. Under this arrangement, SF 5515s will not be prepared to charge the account unless the checks are not collected or replaced within an agreed period of time. A Depositary will not use such an arrangement prior to obtaining written approval from a depositing agency. If such written approval is granted, it is limited to deposits from the approving agency only.

1040.40—Forms Requisition

See "Contacts" page for forms ordering instructions.

Section 1045—Document Retention

TGA Depositaries will retain original copies of each of the following documents for 6 years and 6 months from the date of origin of the completed document, regardless of whether the TGA is subsequently closed. At the end of the 6-year and 6-month retention period, the Depositary may destroy the documents. The documents will be maintained in either paper or microfilm or microfiche form. Depositaries will not add or charge either the Treasury or any depositing agency for any service charges, copying charges, researching charges, or any other charges for requesting photocopies, or any information regarding retained documents either before or after the TGA is closed. Depositaries will retain the following documents for the above period of time:

SF 215, SF 215A, and SF 215B,
SF 5515,
Trace Numbers from CA$HLINK Deposit Reports, and
Statements of Account Activity (SAAs).

TGA Depositaries which cannot produce copies of any of the above documents upon a request by Treasury or a depositing agency within 30 days will be liable for any amount(s) owed to the Government, as calculated by Treasury.

Section 1050—Resolving Differences: The receiving Depositary will provide for accounting detail movement to Treasury via a telecommunications network and truncate the flow of all paper documents in the system. The Depositary will retain the original copies of source documents. When there is a difference between agency and Depositary reporting of deposits, the agency will contact the Depositary. Depositaries will cooperate with agencies in resolving differences in reporting deposits for credit to the TGA at the earliest practical date. Failure to cooperate in resolving differences may result in termination of the TGA.

Section 1055—Value of Funds

The party holding TGA funds longer than permitted will be responsible for the value of those funds. If a Depositary holds funds that were required to be transferred to the Treasury, the Depositary will be liable to Treasury for the imputed value of the funds erroneously held. Conversely, if the Depositary transfers funds in excess of the proper amount, Treasury will be liable to the Depositary for the imputed value of funds erroneously transferred. These liabilities automatically apply without regard to fault.

Treasury will in its sole discretion determine the appropriate manner in which to adjust the party-who-lost value under these circumstances. Value will generally be computed as stated in this section.

Treasury may collect the imputed value of any delayed funds by methods including, but not limited to, increasing the Depositary's income on the periodic income and expense analysis by the imputed value of the amount delayed, or by direct billing to the Depositary for such value, or by liquidating any collateral pledged by the Depositary. Direct billing may take the form of an ACH debit against the Depositary. By accepting deposits from Government agencies, the Depositary is deemed to authorize Treasury to collect the imputed value of delayed funds by charging through the FRB either the reserve account of the Depositary or its correspondent. Imputed value of funds delayed is computed on the average of the daily Federal Funds Rates for the period for which the funds were delayed.

1055.10—Uncollected Funds Transferred to Treasury

Treasury will reimburse eligible Depositaries for the imputed value of Uncollected Funds transferred to Treasury, based upon periodic review of the deposit activity and analysis of the TGA's income (as defined in V TFM, any supplements or bulletins thereto, and any amendments to any of the foregoing) and recognized expenses. The imputed value of Uncollected Funds is computed as provided in V TFM, any supplements or bulletins, and any amendments to any of the foregoing.

1055.20—Depositary Transfer Delays

If a Depositary does not comply with reporting requirements or delays the transfer of funds from the Depositary to Treasury for any reason, the Depositary will be liable for the imputed value of funds delayed. The imputed value of such funds is calculated utilizing the Federal Funds Rate.

Section 1060—Processing Treasury Checks: Depositaries will clear all checks received in deposit from Federal agencies via its normal banking arrangements. The Depositary will not reduce the amount of the net transfer to the FRB by the amount of Treasury checks received in the TGA deposit.

Detailed Contacts

Forms prescribed in this chapter can be obtained from:

Supply and Property Management Branch
Division of Facilities Management
Bureau of the Fiscal Service

3361-L 75th Avenue
Ardmore East Business Center
Landover, MD 20785

301-344-8577
301-344-8583

Direct inquiries regarding this chapter to:

Department of the Treasury
Bureau of the Fiscal Service
Over the Counter Division

3201 Pennsy Drive, Building E
Landover, MD 20785

202-874-6893