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Chapter 1000

MAINTAINING TREASURY’S GENERAL ACCOUNT (T/L 3)

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This chapter provides instructions for reporting United States dollar transactions relating to the General Account of the U.S. Treasury (Treasury’s General Account).

Section 1010—Scope and Applicability

These instructions apply to depositaries outside the 50 United States (Appendix No. 1). Each depositary should refer to the specific authorization received from the Over The Counter Division (OTCD), which covers additional instructions.

Section 1015—Authority

These instructions are issued in the United States Code at 31 U.S.C. 473, which authorizes the Secretary of the Treasury to designate, in foreign countries and in the Territories and insular possessions of the United States, depositaries of public moneys as necessary for transacting Government business.

Section 1020—Definition of Terms

Overseas Depositary—Any financial institution located outside the 50 United States and designated by the U.S. Treasury (Treasury) as a depositary of public moneys of the Government. Under 31 U.S.C. 473, the financial institution is authorized by Treasury to maintain a demand account in the name of the U.S. Treasury. This demand account is entitled “Treasury’s General Account.” The financial institution is authorized to receive from Government officers deposits of official funds, which are to be credited to Treasury’s General Account.

Treasury’s General Account—This account is maintained with an overseas depositary to accelerate the collection and availability of Government funds. By using the services of overseas depositaries, Treasury can reduce the length of time that Government funds remain outside Treasury’s operating accounts at the Federal Reserve Banks (FRBs).

Section 1025—Prescribed Forms

Overseas Depositaries will use the following forms (when appropriate) for reporting to Treasury. Samples of these forms are in Appendix No. 2. The forms may be obtained from the Supply and Property Management Branch (Section 1070).

1025.05—TFS Form 17 “Transcript of the General Account of the United States Treasury” (Daily Transcript)

This form is used by the overseas depositary to report the transactions affecting the Treasury’s General Account. Original Treasury documents supporting the transactions must be attached to the TFS Form 17 (Section 1035).

1025.10—TFS Form 17C “Transcript of the General Account of the United States Treasury, Abstract of Receipts (Continued)”

This form is used to supplement the “Abstract of Receipts” section of the TFS Form 17 when additional space is needed to list deposits.

1025.15—TFS Form 17M “Transcript of the General Account of the United States Treasury, Abstract of Charges (Continued)”

This form is used to supplement the “Abstract of Charges” section of the TFS Form 17 when additional space is needed to list the charges.

1025.20—SF 215 “Deposit Ticket”

Deposits made to Treasury’s General Account at an overseas depositary must be accompanied with an SF 215. This form is also used by depositaries for adjusting understated deposits submitted by a Federal agency (subsection 1030.10).

1025.25—SF 5515 “Debit Voucher”

This form is used for adjusting an overstated SF 215 submitted by a Federal agency and for reversing a deposit amount when a deposit item is returned as uncollectible or is lost or destroyed before collection (subsection 1030.20b).

1025.30—TFS Form 5208 “Transfer Voucher”

This form is used by the overseas depositary to charge the Treasury’s General Account maintained by the depositary for paid U.S. Treasury checks (subsection 1030.30b).

1025.35—TFS Form 5209 “Transfer Voucher”

This form is used by Treasury to charge or credit Treasury’s General Account at the overseas depositary when differences are found in the amount of Treasury checks paid and the amount reported on TFS Form 5208 (subsection 1030.30c).

1025.40—TFS Form 12 “Transfer of Funds”

This form is used to transfer funds between depositaries, FRBs, and Treasury (subsection 1030.40).

1025.45—TFS Form 5907 “Analysis of Activity in the Treasury’s General Account”

This form is prepared at the end of each month to report the activity in Treasury’s General Account (Section 1040).

1025.50—TFS Form 6521 “Request for Check Information”

This form is used to request status information on cashed checks that have been lost or stolen during shipment (Section 1050).

Section 1030—Reporting Requirements

1030.10—Deposits

Each deposit received on an SF 215 from Federal agencies for credit to the U.S. Treasury must be credited immediately to Treasury’s General Account and reported on the TFS Form 17 (Section 1035) under “Abstract of Receipts.” The date of credit (confirmed date) that the depositary has inserted on the SF 215 and the date shown on the related TFS Form 17 must always be the same. The Agency Location Code (ALC) must be filled in and correct in order that the proper depositary can be charged or credited. The original of each SF 215 will be sent to the Reports Control Section (Section 1035) with the TFS Form 17. The copies of the SF 215 will be distributed according to the instructions printed on each copy.

1030.20—Correction of Errors on the SF 215

Whenever there is a difference between the amount shown on the SF 215 and the amount (checks, cash, etc.) received by the bank, the SF 215 must be adjusted by preparing a second SF 215 (subsection 1030.20a) or an SF 5515 (subsection 1030.20b). Please note that the original SF 215 must never be altered.

1030.20a—Positive Adjustments

A positive adjustment is made to an SF 215 when the amount received is MORE than the amount appearing on the SF 215. This deposit increase is treated as a new deposit; the difference is entered by the depositary on a second SF 215. The same symbol and depositor indicated on the original SF 215 (items 3 and 9) must be cited for the adjustment. The “Memorandum,” “Agency,” and “Confirmed” copies of this second SF 215, and an explanation for this action, must be returned to the agency that made the deposit.

1030.20b—Negative Adjustments

A negative adjustment is made when the total amount (checks, cash, etc.) received by a bank is LESS than the amount reported on the SF 215. The depositary makes a negative adjustment by preparing an SF 5515 (Appendix 2) and charging the difference or the amount of the unpaid item against the balance in Treasury’s General Account. No service charges, returned check charges, or non-sufficient fund charges will be entered on the SF 5515.

In order to prepare the SF 5515, the depositary will need the Agency Location Code (ALC) and the address of the depositor. Endorsements on checks deposited should include this information. When this information is on an uncollectible check, the depositary can prepare the SF 5515 without searching for the related SF 215. If the depositor’s ALC or address in the endorsement cannot be read, the depositary can obtain this information from the related SF 215. Since finding an SF 215 can be time-consuming, depositaries will compile a list of regular depositors, showing their ALCs and addresses.

The amount on the SF 5515 will be reported on the current TFS Form 17, under “Abstract of Charges.” The original SF 5515 will be sent to the Reports Control Section with the related TFS Form 17 (Section 1035).

The “Confirmed” and “Memorandum” copies of the SF 5515 and the uncollectible check will be returned to the depositor. If the uncollectible check is not available, the depositor should be given a complete description of the check. Depositaries will retain the “Depositary Copy” of the SF 5515 and a record of the drawer, the drawee bank, and the amount of each unpaid check.

1030.20c—Unpaid or Lost Checks

A negative adjustment is also made when a check that was credited to Treasury’s General Account is not paid for any reason by the bank on which it is drawn, or if the check is lost or destroyed before collection. The depositary prepares an SF 5515 as described in subsection 1030.20b.

1030.30—Processing Treasury Checks

Only certain depositaries are authorized by OTCD to charge Treasury checks. These authorized depositaries may charge only a specific total amount of Treasury checks each day; the amount authorized varies with each depositary. The depositary must process these checks immediately on receipt. The endorsement of each Treasury check charged against Treasury’s General Account will include the following legend: “Pay to the order of the Treasury of the United States. Prior endorsement guaranteed.” The endorsement should also include the date the check is charged in Treasury’s General Account on the TFS Form 17 and your bank’s name and location.

1030.30a—Batching

The paid checks will be grouped in batches of 300 to 400 checks per batch. If the depositary has the capability, all checks should be Magnetic Ink Character Recognition (MICR) encoded (El3B Font). For each batch, the depositary will list the symbol number, serial number, and dollar amount of each check in the batch. If a microfilm record of the checks is kept, the symbol and serial numbers are not required on the batch listing.

The depositary will physically separate each batch of checks by inserting a cardboard document separator or by wrapping the batch total listing around each batch. A summary listing of the total dollar amount of each batch of checks, the depositary’s name and location, and the charge date from the TFS Form 17 should be placed at the front of the first batch of each day’s work. Also, the depositary must include an adding machine tape that lists the total for each batch. The tape total, which is the total of all the batches, should equal the total of the TFS Forms 17 represented.

The paid Treasury checks must be mailed to FRB Richmond (subsection 1030.30c) daily with the TFS Form 5208b.

1030.30b—TFS Form 5208

At the end of each business day, those overseas depositaries that are authorized to charge Treasury checks will prepare the TFS Form 5208 (Symbol 2080-8073) for the total amount of Treasury checks charged that day. This total amount will not exceed the amount specifically authorized. The total amount of the TFS Form 5208a is reported as a single charge on the TFS Form 17 under “Abstract of Charges.” TFS Form 5208b, which must agree with the debit voucher of the form, will be attached to the paid checks at the front of the first batch. The check batches must be mailed with the TFS Form 5208b to FRB Richmond (subsection 1030.30c) at the same time that the TFS Form 5208a and TFS Form 17 are sent to the Reports Control Section (Section 1035). TFS Form 5208b WILL NOT BE REPORTED on the depositary’s TFS Form 17.

1030.30c—TFS Form 5209

FRB Richmond will determine if the check totals are the same amount as shown on the TFS Form 5208b. When the check totals are MORE than the amount on the TFS Form 5208b, FRB Richmond will prepare the TFS Form 5209 (Symbol 2080-8075) and mail the TFS Forms 5209a (debit) and 5209c to the depositary to adjust the error. The depositary will enter the amount from the TFS Form 5209a on the current TFS Form 17 under “Abstract of Charges.”

When the total amount of the checks received is LESS than the TFS Form 5208b amount, FRB Richmond will prepare a TFS Form 5209 and send the TFS Forms 5209b (credit) and 5209d to the depositary to adjust the error. Upon receipt, the depositary will enter the amount from the TFS Form 5209b on the current TFS Form 17 under “Abstract of Receipts.”

When a disagreement arises over the amount shown on the TFS Form 5209 received, the depositary must immediately process the TFS Form 5209b. The depositary must also write within five business days and provide details to support the disagreement to:

Federal Reserve Bank of Richmond
Government Check Division
Richmond, Virginia 23261

1030.40—Reporting the Transfer of Deposits and/or Restorations

If the total amount of the deposits reported on the TFS Form 17 is greater than the amount authorized, the depositary will transfer the difference to Treasury’s General Account at the FRB. Certain depositaries are authorized to request a restoration when Treasury’s General Account has been reduced below the authorized amount.

1030.40a—Transfer of Deposits

At the end of the business day, if the net activity in Treasury’s General Account results in a balance in excess of the authorized amount, the excess amount will be transferred to the applicable FRB. The depositary will transfer the excess funds according to the instructions provided by OTCD.

  • If the depositary has been instructed to wire transfer the amount of an excess in immediately available funds to the FRB, the TFS Form 12 will be completed and reported on TFS Form 17 under “Abstract of Charges.” The TFS Form 12 will be sent to the Reports Control Section with the original of the TFS Form 17. The depositary should retain TFS Form 12d to support the debit on the TFS Form 17. TFS Form 12a and copies 12b and 12c should be discarded since they will not be used in this transaction.

  • If the depositary has been instructed to transfer the excess funds by bank draft, the TFS Form 12 will be completed and reported on TFS Form 17 under “Abstract of Charges.” The TFS Form 12 will be sent to the Reports Control Section with the original of the TFS Form 17. The TFS Form 12a, copies 12b and 12c, and the bank draft will be sent to the applicable FRB. In this instance the TFS Form 12a (credit) is NOT TO BE REPORTED on the TFS Form 17.

1030.40b—Failure to Comply

If excess deposits are not transferred to the credit of Treasury’s General Account at the FRB in immediately available funds on the date the deposit is received, the depositary must make a cash payment of interest for the period of time the U.S. Government was deprived of use of the funds. For commercial branches, interest on this amount is calculated at the U.S. Federal funds rate. For military banking facilities, the interest is calculated at the U.S. Federal funds rate or the negotiated analysis earnings rate on collected balances.

1030.40c—Restoration of Charges

If the agreement between OTCD and the depositary permits, the depositary will follow instructions provided by OTCD and request a restoration of funds when the net activity in Treasury’s General Account reduces the account balance to a position below the authorized amount. A confirmation wire notifying the depositary that the restoration has been accomplished will be sent by:

Monetary Transit Accounts Section
General Ledger Branch
Division of Government Accounts and Reports
Bureau of the Fiscal Service
Department of the Treasury
GAO Building, Room 1018
Washington, D.C. 20226
Telephone: 202-566-5482

On receipt of the confirmation wire, the depositary will enter the dollar amount from the wire onto a TFS Form 12a and report this same amount on the corresponding day’s TFS Form 17 in the “Abstract of Receipts” section. This document should not be prepared before the confirmation wire is received because the depositary must insure that the amount confirmed in the wire is the same as the amount requested by the depositary. The original of the TFS Form 12a will be sent with TFS Form 17 to the Reports Control Section. The TFS Form 12 and 12b should be discarded since they will not be used in this transaction. The depositary will retain TFS Form 12d for its records.

1030.40d—Improper Wire of Funds

Sometimes a depositary may receive Treasury funds by wire from Treasury or from another financial institution when the depositary did not request the funds. Whenever this happens, the depositary must immediately return the funds by wire to the sender.

Section 1035—Preparation and Submission of TFS Form 17

The overseas depositary will prepare a TFS Form 17 each business day. The TFS Form 17 must be sent to the Reports Control Section on the same day it is prepared. Even when no transactions involving the Treasury’s General Account result during a business day, a TFS Form 17 stating “No Activity” must be prepared and submitted for that day. Only one transcript will be prepared and submitted each business day. Non-four digit symbol checks should be entered individually on the TFS Form 17M. All entries shown on the face of the transcript or on continuation sheets must be supported by attaching the original documents of the applicable Treasury form.

Only original (neither carbon nor photo copy) transcripts and supporting forms will be accepted. Do not send bank documents as support for transactions in the Treasury’s General Account.

Each daily TFS Form 17 and supporting documents relating to a business day’s transactions (except for TFS Form 5208b) will be airmailed no later than the next business day to:

Reports Control Section
Bureau of the Fiscal Service
Department of the Treasury
Treasury Annex No. 1
GAO Building, Room 1415
Washington, D.C. 20226

Each overseas depositary must provide the Reports Control Section with a list of weekdays the bank is normally open for business and a list of all holidays that will be observed during the calendar year. This information must be mailed by January 15 of each year to the Reports Control Section.

Paid Treasury checks and TFS Form 5208b will be sent no later than the next business day to FRB Richmond (subsection 1030.30).

Section 1040—Submission of TFS Form 5907

At the end of each month, the depositary will prepare a TFS Form 5907. This form should be sent to the OTCD.

Section 1045—Reconcilement Letter

The Monetary and Transit Accounts Section will send to each overseas depositary a quarterly letter requesting reconcilement of any outstanding items in the Treasury’s General Account. The depositary is to take immediate remedial action to clear all of the outstanding items shown on the reconcilement letter and to notify Treasury by letter addressed to:

Monetary and Transit Accounts Section
General Ledger Branch
Division of Government Accounts and Reports
Bureau of the Fiscal Service
Department of the Treasury
Treasury Annex No. 1
GAO Building, Room 1018
Washington, D.C. 20226
Telephone: 202-566-5482

Section 1050—Lost or Stolen Paid Treasury Checks

If a batch of paid Treasury checks does not arrive at FRB Richmond with the TFS Form 5208b, a telegram is sent to the depositary. If the depositary’s records show that the checks were sent, they may have been lost or stolen in transit.

1050.10—Requesting Check Status Information

For information to determine if paid Treasury checks were lost or stolen in transit, the depositary must submit a copy of each check or, at a minimum, a check description including serial number, symbols, and amount to:

Department of the Treasury
Bureau of the Fiscal Service
Division of Check Claims
3201 Pennsy Drive, Building E
Landover, MD 20785

1050.20—Stop Payment

If a depositary is notified that the lost check has not cleared the check payment and reconciliation system (i.e., Treasury has not paid the check), the depositary may request a stop payment by contacting the Outstanding Check Claims Branch (subsection 1050.10). The depositary can request the stop payment and the issue of a substitute check at the same time the check status information is requested. To do this, the depositary must state in the request for check status information that if the checks have not been paid, the depositary should be sent a substitute check.

After determining that the checks have been lost, the depositary must immediately reverse the charge to Treasury’s General Account for these checks, and hold the amount in an internal suspense account. This is done by including, on the current transcript, a TFS Form 5208b, which is identical to the one which accompanied the checks (i.e., same amount and document number).

Section 1055—Bank Contact

The depositary will, in a letter to the Reports Control Section, name a contact person that will represent the depositary. The letter will state the contact’s name, title, address, and telephone number. This letter should be sent with the current TFS Form 17. If the contact person is changed, send the new information to the Reports Control Section (Section 1035).

Section 1060—Corrections of Errors

All erroneous transactions, other than the adjustments described for deposits (subsection 1030.20) and check charges (subsection 1030.30), will be reversed completely. Each reversal form will indicate that it is a reversal and reference the document number, transcript date, and amount of the original transaction.

When there is a difference between agency and depositary reporting of deposits, the depositary will be contacted by the agency. Depositaries must cooperate with agencies in resolving differences in reported deposits for credit in Treasury’s General Account. These differences must be resolved at the earliest possible date. Failure to cooperate with the agency in resolving deposit differences may result in the revocation of the authority of the financial institution to serve as a depositary for agency receipts.

Section 1065—Retention

Depositaries are required to retain copies of daily transcripts and supporting documents for a period of 3 years.

Section 1070—Procurement of Forms

The depositary may obtain Treasury forms by writing to:

Manager, Supply & Property Management Branch
Division of Facilities Management
Bureau of the Fiscal Service
Department of the Treasury
Franklin and Union Streets
Ford Plant, Building #12
Alexandria, Virginia 22314
Telephone: 202-566-7492


Contacts

Direct inquiries concerning this chapter to:

Department of the Treasury
Bureau of the Fiscal Service
Over the Counter Division
3201 Pennsy Drive, Building E
Landover, MD 20785
Telephone: 202-874-5202


Appendices Listing

App. No. Form Title
1      Bank Identification Code Listing
2 TFS 17 Transcript of the General Account of the United States Treasury
     TFS 17C Transcript of the General Account of the United States Treasury – Abstract of Receipts (Continued)
     TFS 17M Transcript of the General Account of the United States Treasury – Abstract of Charges (Continued)
     TFS 17 Transcript of the General Account of the United States Treasury (Completed Sample)
          Instructions for the Preparation of TFS Forms 17, 17C, and 17M
     SF 215 Deposit Ticket
     SF 5515 Debit Voucher
     TFS 12 Debit Voucher (Symbol 17-210)
     TFS 5208a, b, c Transfer Voucher—Debit
     TFS 5209b, d Transfer Voucher—Credit
     TFS 5209a, c Transfer Voucher—Debit
     TFS 5907 Statement of Activity in the Treasury’s General Account

Appendices are available in the PDF version only.


Transmittal Letter No. 3

Volume III
To: Depositaries and Financial Agents of the Government

1. Purpose

This transmittal letter releases Volume III, Part 2, including Chapter 1000: Deposits for Credit to Treasury's General Account; Chapter 2000: Deposits in Lockbox Accounts at Authorized Domestic Depositaries; and Chapter 3000: Reimbursement of Depositaries and Financial Agents. It also releases Volume III, Part 3, including Chapter 1000: Maintaining Treasury's General Account.

NOTE

TFM Volumes V and VI have been rescinded in their entirety. The information that was in the now rescinded TFM Volume V and VI chapters is being reorganized into Volume III. Although the information in these chapters has not been updated, it is being transferred to TFM Volume III and will be updated in the future.

2. Page Changes

Remove

Insert

Table of Contents for Volume III (T/L 2)

Table of Contents for Volume III

     

Table of Contents for Part 2

 

Table of Contents for Part 3

     

III TFM 2-1000

     

III TFM 2-2000

     

III TFM 2-3000

 

III TFM 3-1000

3. Effective Date

This transmittal letter is effective immediately.

4. Inquiries

Direct questions concerning this transmittal letter to:

Department of the Treasury
Bureau of the Fiscal Service
3201 Pennsy Drive, Building E
Landover, MD 20785
Telephone: 202-874-9592

David A. Lebryk's Signature

David A. Lebryk
Commissioner
Date: March 13, 2013