What is the Federal Reserve Banks role with respect to an excess balance account?
The Federal Reserve Banks have set forth terms and conditions for establishing and operating excess balance accounts, including terms and conditions relating to fees for services, requirements and restrictions for agents, charges for noncompliance, and account termination. The Federal Reserve Banks will calculate and pay interest on the average, aggregate balance in an excess balance account over a one-week reserve maintenance period. The Federal Reserve Banks may, at their discretion, request records pertaining to an excess balance account from the agent that manages it.
