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transmitting public moneys, and others concerned.* [Introduction, Dept. Circ. 176, Sept. 2, 1930]

*§§ 202.0 to 202.38, inclusive, issued under the authority contained in R.S. 5153, 31 Stat. 1448, sec. 3, 34 Stat. 1290, sec. 27, 38 Stat. 274, 682, 46 Stat. 809, 45 Stat. 492; 12 U.S.C. 90, 332.

202.1 Deposit of public moneys; definitions. This part governs deposits of public moneys with the Treasurer of the United States, Federal Reserve banks and branches, and member bank depositaries. All deposits of public moneys hereunder shall be for credit to the account of the Treasurer of the United States, except deposits with member bank depositaries to the credit of official checking accounts of Government officers. The term "Federal Reserve bank” where it appears in this part, unless otherwise indicated by the context, includes branch Federal Reserve banks with which deposits are authorized to be made. The term "member bank depositaries" means national banks, and State banks and trust companies which are members of the Federal Reserve System, designated by the Secretary of the Treasury to be general or limited depositaries. This term where it appears in this part, unless otherwise indicated by the context, includes both general depositaries and limited depositaries. The term "general depositaries" means depositaries with authority to accept deposits for credit in the Treasurer's general account, and the term "limited depositaries" means depositaries with authority to accept deposits only for credit to official checking accounts of Government officers with such depositaries. All collectors, receivers of public moneys of every description, and other persons having public money to pay to the United States, are hereinafter sometimes called "depositors of public moneys."*+

*In §§ 202.1 to 202.38, inclusive, the numbers to the right of the decimal point correspond with the respective section numbers in Department Circular 176, amended and supplemented, Secretary of the Treasury, Sept. 2, 1930. Amendments after Sept. 2, 1930, are noted in brackets following paragraphs or sections affected.

202.2 General provisions as to depositaries; classes of depositaries. In addition to the Treasurer of the United States, the regular depositary system of the Treasury comprises Federal Reserve banks (including branches) and member bank depositaries. With the exception of deposits of cash with general depositaries in accordance with § 202.4 hereof, and deposits with member bank depositaries to the credit of official checking accounts of Government officers, as hereinafter provided, all deposits of public moneys hereunder are required to be made with Federal Reserve banks and branches or direct with the Treasurer of the United States. Deposits of public moneys are maintained with the several Federal Reserve banks, pursuant to the provisions of section 15 of the Federal Reserve Act (38 Stat. 265; 12 U.S.C. 391-393), as amended, and the Act approved May 29, 1920 (41 Stat. 654, 655), providing for the discontinuance of the subtreasuries. General depositaries of public moneys are designated and maintained only at points where a depositary is necessary to meet the requirements of Government officers for cash for pay roll or other expenditures, or to receive deposits of cash from depositors of public moneys for credit to the account of the Treasurer of the

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*For statutory citation, see note to § 202.0.

United States, and then only if there is no Federal Reserve bank or branch located at or near the point. The balances maintained with general depositaries to the credit of the Treasurer of the United States are fixed in direct proportion to the amount and character of the essential Government business transacted by such depositaries and are adjusted periodically upon that basis. General depositaries, when so authorized by the Secretary of the Treasury, may also accept deposits to the official credit of other Government officers. Limited depositaries of public moneys are not authorized to accept deposits for credit in the Treasurer's general account but are designated by the Secretary of the Treasury for the sole purpose of receiving, up to specified maximum amounts, deposits made by United States courts and their officers, by postmasters, and, in special cases, by other duly authorized Government officers, for credit to their official checking accounts with such depositaries. Member bank depositaries must qualify, before receiving deposits, by pledging as collateral security for such deposits, including interest thereon, securities of the classes described in § 202.28, to an amount taken at the rates therein provided, at least equal to the deposits. Member bank depositaries are also required to comply with the terms of §§ 202.26, 202.27, 202.29, 202.30, 202.31, 202.33. National banks are designated as depositaries of public moneys under R.S. 5153, as amended (12 U.S.C. 90). State banks and trust companies, which are members of the Federal Reserve System, are designated under the Act approved May 7, 1928 (45 Stat. 492; 12 U.S.C. 332).*†

202.3 Special depositaries. Any incorporated bank or trust company in the United States desiring to participate in deposits of public moneys arising from the sale of bonds, notes, or Treasury certificates of indebtedness of the United States, may make application for designation as a special depositary of public moneys to the Federal Reserve bank of its district, pursuant to Treasury Department Circular No. 92 of February 23, 1932, Revised (Part 203). Detailed regulations governing such depositaries are prescribed in said circular, to which reference is hereby made. The provisions of this part do not apply to or govern special depositaries under said circular, and such depositaries are not, by virtue of any such designation or their qualification thereunder, authorized to accept deposits hereunder from collectors or other depositors of public moneys for credit to the account of the Treasurer of the United States, or to the official checking accounts of Government officers.**

202.4 General provisions as to deposits; cash deposits. All cash received by collectors of internal revenue, collectors of customs, and other depositors of public moneys shall be deposited, if the depositor is located in the same city with a Federal Reserve bank or branch, with such Federal Reserve bank or branch, and in other cases with the general depositary or depositaries located in the same city or town with the depositor: Provided, however, That if there is no general depositary located in the same city or town with the depositor, all cash shall be forwarded to the Federal Reserve bank of the district or the nearest branch thereof: And provided further, That depositors located in the District of Columbia shall make deposits

*For statutory citation, see note to § 202.0.

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of cash direct with the Treasurer of the United States. Payments made by postal or express money order shall be handled, subject to collection, in the same manner as cash.**

202.5 Checks and drafts. Checks and drafts received by collectors of internal revenue, collectors of customs, and other depositors of public moneys shall be deposited as hereinafter provided. All checks and drafts received by any Government officer are received subject to collection, and in the event that any check or draft cannot be collected or is lost or destroyed before collection, appropriate action must be taken by the depositor in the same manner as if the check or draft had not been received. Payments made by check or draft are not effective unless and until the proceeds of the check or draft have been received in actually and finally collected funds. All such checks which are deposited with or collected through a Federal Reserve bank or branch shall be collected in accordance with the regulations of the Federal Reserve Board governing the clearing and collecting of checks by Federal Reserve banks. All checks and drafts received in payment of obligations to the United States must be payable unconditionally in money of the United States. Checks or drafts payable in exchange at the option of the drawee will not be accepted. Drafts shall be handled hereunder in the same manner as checks, and the term "checks" where it appears in this part, will, unless otherwise indicated by the context, be deemed to include drafts.**

CROSS REFERENCE: For regulations of the Federal Reserve Board governing the clearing and collection of checks, see 12 CFR Part 210.

202.6 Certificates of deposits. Certificates of deposit shall be issued, until further notice, on the following forms: Form 1 (revised), for all departments and establishments on account of repayments to appropriations, miscellaneous receipts, and public debt issues, unless otherwise provided for; Form 3, for repayments of interest on the public debt; Form 4, for deposits by collectors of customs on account of customs duties, and tonnage tax, including Philippine Islands tariff fund; Form 5, for deposits by collectors of customs on account of miscellaneous receipts, internal revenue collections, and repayments to appropriations; Form 12, for deposits on account of transfer of funds; Form 15, for deposits on account of internal revenue collections [deposits by collectors of internal revenue on account of miscellaneous receipts and repayments to appropriations will be made on Form 1 (revised)]; Form 5396, for deposits on account of proceeds from collections (Treasurer of the United States); Form 6549, for deposits on account of postal-savings funds; Form 6594, for deposits on account of surplus money-order funds; Form 6598, for deposits on account of surplus postal funds; Form 6599, for deposits with the Treasurer of the United States for official credit of a disbursing officer subject to his check, deposits for account of Secretary's special deposit accounts, and Panama Canal tolls to be placed to the official credit of the Collector, Panama Canal.

The Act approved March 6, 1920 (41 Stat. 512; 35 U.S.C. 79), provides that all patent fees shall be paid to the Commissioner of Patents, who shall deposit them directly with the Treasurer of the

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*For statutory citation, see note to § 202.0.

United States. Accordingly other depositaries must not accept deposits of patent fees.

In every case certificates of deposit shall be dated by the depositary when issued and the date on the certificate shall be the same as that of the transcript of the Treasurer's account in which the amount is credited. Certificates of deposit generally should be prepared by the depositor, and should be numbered and dated by the depositor as of the date sent to the depositary when prepared by him. All certificates must be signed by a duly authorized officer of the depositary over his official title. The original of each certificate of deposit (unless other specific instructions are given) shall be transmitted to the Treasurer of the United States, with the transcript on Form 17, on which the credit appears. The other certificates of deposit in the set should be disposed of in accordance with the instructions which appear on the certificate (or in case the certificate contains no instructions, in accordance with the provisions of Department Circular No. 12, as amended and supplemented April 23, 1929 (Part 205)), and one copy may be retained by the depositary for its own records. Federal Reserve banks and branches and the Treasurer of the United States should see that the face of each certificate in any set of certificates of deposit covering in whole or in part items other than cash for which credit is given in the Treasurer's account before actual collection, bears a legend reading as follows: "This certificate of deposit issued subject to deduction for uncollectible items." It is of the utmost importance that certificates of deposit be properly issued, and in this connection depositors and depositaries should give special attention to two points, viz: (a) The name and title (if any) of the depositor, as John Doe, receiver of public moneys, or, in cases where the deposit is made by one person for account of another person, John Doe, receiver of public moneys, through Richard Roe; and (b) the source from which the funds are derived, as "Miscellaneous Receipts, sale of surplus property," giving symbol number prescribed in General Regulations No. 67 of the General Accounting Office dated June 27, 1928,3 in order to enable the Treasury Department to classify the deposit and credit the proper receipt account at the same time that the depositary is charged with the amount of the deposit. _Certificates of deposit on Form 15 must show deposits of "Income Taxes" separate and distinct in each case from deposits of "Miscellaneous Internal Revenue Collections." It is not necessary to make any further separation of classes of internal revenue deposits on the face of certificates of deposit on Form 15. In view of the large number of collections made by clerks of court on account of fines and costs, one set of certificates only may be issued for all such deposits made in any one day by such officers, provided the clerk furnishes a consolidated statement to be attached to the original certificate showing the court cases with name and amount deposited in each case as fines and costs. In no case shall a duplicate or second set of certificates be issued without special authority of the Secretary of the Treasury, unless and until the entire original set has been canceled. But copies of any

8 General Regulations No. 67 of the General Accounting Office dated June 27, 1928, appears in 7 Comp. Gen. 870.

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certificate in a set may be furnished on request (except that the certificate bearing the printed word "Original" may not be used for this purpose) provided each such copy is plainly stamped across the face in large letters "Copy." If an error is discovered after the original has been mailed, the Treasurer of the United States should be notified at once in order that proper correction may be made.*†

202.7 Unauthorized receipt or use of public money. Section 96 of the Act approved March 4, 1909 (35 Stat. 1106; 18 U.S.C. 182), provides the following penalties for the unauthorized receipt or use of public money:

Every banker, broker, or other person not an authorized depositary of public moneys, who shall knowingly receive from any disbursing officer, or collector of internal revenue, or other agent of the United States, any public money on deposit, or by way of loan or accommodation, with or without interest, or otherwise than in payment of a debt against the United States, or shall use, transfer, convert, appropriate, or apply any portion of the public money for any purpose not prescribed by law; and every president, cashier, teller, director, or other officer of any bank or banking association who shall violate any provision of this section is guilty of embezzlement of the public money so deposited, loaned, transferred, used, converted, appropriated, or applied, and shall be fined not more than the amount embezzled, or imprisoned not more than ten years, or both.

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202.8 General provisions as to deposit of checks. Unless and until otherwise directed by the Secretary of the Treasury, all checks and drafts received by collectors of internal revenue, collectors of customs, and other depositors of public moneys (except checks for deposit in authorized official checking accounts maintained by Government officers with member bank depositaries) shall be deposited pursuant to the following instructions in this part.**

202.9 Deposit of checks with Federal Reserve banks and branches. Except as otherwise hereinafter provided, all checks, whether certified or uncertified, and whether or not drawn on banks or trust companies located in the same city with the depositor, including checks for deposit to the official credit of the depositor with the Treasurer of the United States, shall be forwarded for deposit each day (unless specific instructions for different procedure are given with the approval of the Secretary of the Treasury) to the Federal Reserve bank of the district in which the depositor's head office is located (or in case the head office is located in the same city with a branch Federal Reserve bank, to such branch Federal Reserve bank): Provided, however, That depositors located in the District of Columbia shall, and in special cases other depositors may, make deposits hereunder direct with the Treasurer of the United States: And provided further, That checks drawn on the Treasurer of the United States for deposit in the checking account of the depositor or of another disbursing officer may in all cases be deposited direct with the Treasurer. Specific instructions may be given by the Secretary of the Treasury in certain instances for the deposit of checks with Federal Reserve banks of other districts, or with branch Federal Reserve banks. Government officers having deputies located away from the head office will make the necessary arrangements for the deposit of checks received by such deputies with the Federal

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*For statutory citation, see note to § 202.0.

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