Title 12 — Banks and BankingRelease 119-73
§464 Checking against and withdrawal of reserve balance
Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER XIV— - BANK RESERVES › § 464
Summary
A member bank can use the required funds it keeps at a Federal Reserve Bank to pay its current debts. It can do this only under the rules the Federal Reserve Board sets and may face any penalties the Board requires.
Full Legal Text
Title 12, §464
Banks and Banking — Source: USLM XML via OLRC
The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of subsec. (f), formerly ninth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.
Amendments
1942—Act July 7, 1942, struck out proviso which prohibited making new loans or paying dividends until required balance was restored.
Statutory Notes and Related Subsidiaries
Change of Name
section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Reference
Citations & Metadata
Citation
12 U.S.C. § 464
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73