What are the responsibilities of an agent for an excess balance account?
The responsibilities of an agent for an excess balance account include: 1) Following participants’ instructions for making deposits to or withdrawals from or otherwise handling balances in the excess balance account; 2) Allocating interest payments to the participants holding excess balances in the excess balance account; 3) Maintaining adequate records to demonstrate the excess balances in the excess balance account attributable to each participant; and 4) Complying with any other terms and conditions for the maintenance and operation of the excess balance account as established by the Federal Reserve Banks.
