Regulatory Alerts2001-02-19
Added · Updated
Directions on the Opening and Use of Interbank Funds Transfer Guarantee Special Accounts by Financial Institutions
Financial institutions holding reserve or other financial institution accounts at the Department of Banking must jointly open a No. 87 Interbank Funds Transfer Guarantee Special Account. These accounts allow daily fund transfers from deposit accounts to serve as guarantees for authorized clearing institutions handling individual interbank payments. Institutions must submit a specific application to the Department to complete the account opening process. Daily settlement requires clearing institutions to notify the Department of results so funds can be re-transferred from the special account back to deposit accounts, with disputes resolved through negotiation between the financial institution and the clearing institution.
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