321.2—Eligible organizations.
(a)
Organizations eligible to apply for qualification and to serve as paying agents are commercial banks, trust companies, savings banks, savings and loan associations, building and loan associations (including cooperative banks), credit unions, cash depositories, industrial banks, or similar financial institutions which:
(1)
Are incorporated under Federal law or the laws of a State, territory or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico;
(2)
In the usual course of business accept, subject to withdrawal, funds for desposit or the purchase of shares;
(3)
Are under the supervision of the banking department or equivalent authority of the jurisdiction in which they are incorporated; and
(b)
(1)
An organization that desires to redeem securities must first qualify as a paying agent. An organization that has qualified and is serving as a paying agent must:
(ii)
Submit them directly to the Check Department of the appropriate Federal Reserve Bank or Branch or the Regional Check Processing Center, and
(iii)
Receive payment of fees by ACH, or arrange to obtain one or more of these services from another financial institution.
(2)
All presenting institutions, as defined in § 321.1, must qualify as savings bond paying agents and enroll in EZ CLEAR.