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Title 12: Banks and Banking
CHAPTER II: FEDERAL RESERVE SYSTEM
SUBCHAPTER A: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
PART 210: COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J)
Subpart B: Funds Transfers Through Fedwire
210.31 - Payment by a Federal Reserve Bank to a receiving bank or beneficiary.
(a) Payment to a receiving bank. Payment of a Federal Reserve Bank's obligation to pay a receiving bank (other than a Federal Reserve Bank) occurs at the earlier of the time when the amount of the payment order is credited to the receiving bank's account or when the payment order is sent to the receiving bank.
(b) Payment to a beneficiary. Payment by a Federal Reserve Bank to a beneficiary of a payment order, where the Federal Reserve Bank is the beneficiary's bank, occurs at the earlier of the time when the amount of the payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary.
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