Payment to Financial Institutions for Credit to Accounts of Employees and Beneficiaries

Resumo

This document proposes to remove part 209 from title 31. This part governs the regular remittance to financial institutions of Federal payments which are for credit to the accounts of employees and beneficiaries. Regulations implemented July 1, 1994, require that financial institutions receive Government ACH transactions through electronic means. This regulatory change to 31 CFR part 210 made a separate part 209 regarding checks unnecessary. In addition, proposed revisions to 31 CFR part 210, Federal Government Participation in the Automated Clearing House, make substantive changes that supersede the savings allotment provisions of part 209, because savings allotment and recurring benefit payments formerly under the terms of part 209 are made by the ACH method under the terms of part 210.