Rural Development Deposit Agreement

(b) All current account statements and, if necessary, original cancelled cheques, either a copy or other appropriate facsimile of the cancelled cheques, are immediately forwarded to the borrower if bank statements and service office documents match. When a transfer is used, form RD 140-4, “transfer of documents,” is required for this purpose. Officials are authorized to set up bank accounts, deposit credit checks and other means subject to prudential supervision, to carry out counter-sign checks, to close accounts and to execute all forms relating to bank account transactions subject to prudential supervision, and to pass this power on to a person under their control. , which is considered capable of exercising that power. The Directors of State will provide the Bank with written withdrawals based on the withdrawals described in the provisions of p. 1902.16. 5. When it is found by the Official Service that the management of the borrower`s finances requires special supervision, the funds may be deposited into a bank account subject to prudential supervision. This monitoring technique is temporarily used to help the borrower manage his finances properly. Such a period will not exceed 1 year, unless it is extended by the maintenance officer.

(g) “mandatory interest agreement” (Annex B of this sub-part) provides for the payment of loan funds or grants that are not required for immediate payment in certain paid deposits and is executed in conjunction with Form RD 402-1. (a) funds over $100,000 per financial institution deposited for borrowers in regulated bank accounts must be guaranteed by collateral with the Federal Reserve Bank (FRB) of an amount less or equal to the surplus; If the bank account subject to prudential supervision is a joint account, each amount must be guaranteed above the FDIC or NCUA guaranteed limit. 3. An agreement is reached with the financial institution on the place where the counter-signature is carried out during the checks. (a) Borrowers covered in this section include both loan recipients and beneficiaries. They are called “depositors” in the deposit contracts described below. These references and deposit agreements to “other lenders” include lenders and lenders with data other than rural development. c) If necessary and in the circumstances mentioned in 1902.2, the public servant creates or creates a regulated bank account.

Funds deposited in a bank account subject to prudential supervision are recorded and recorded on Form RD 402-2, “Deposits and Withdrawals Statements.” (2) When a large number of checks are carried out during the construction of a dwelling or other construction. In these cases, loans and financial payments are requested in accordance with Part 7 CFR 2018. Sub-Part D, which is, if applicable, deposited into a bank account subject to prudential supervision and, if necessary, paid to suppliers, subcontractors, etc. (2) Funds other than loan or grant funds may be deposited by the borrower in exceptional cases where an agreement is reached between the service agent and the borrower, the borrower paying directly into the bank account subject to prudential supervision the income from each source. In these cases, the borrower is responsible for establishing the deposit slip in the manner described in section 1902.9 (a) (5) of this party. 1. Cheques payable exclusively to the federal government or an agency of that government and joint control if the U.S. treasurer is a common beneficiary cannot be deposited into a supervised bank account.