Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire

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Effective January 2, 1998, the Reserve Banks will begin to implement a policy under which each depository institution may maintain only a single funds account with the Federal Reserve. A single account will establish a single debtor-creditor relationship between each institution and a Federal Reserve Bank and will make account management more efficient for banks with interstate branches. The Board is adopting amendments to subpart A of Regulation J to conform the Federal Reserve check collection rules to the single account structure.