Code of Maryland Regulations
Title 25 - OFFICE OF THE STATE TREASURER
Subtitle 03 - TREASURY MANAGEMENT
Chapter 25.03.02 - Alternative Methods of Funds Transfer
Section 25.03.02.01 - General
Universal Citation: MD Code Reg 25.03.02.01
Current through Register Vol. 51, No. 19, September 20, 2024
A. Findings. Pursuant to the requirements of the State Finance and Procurement Article, § 7-227.1, Annotated Code of Maryland, the Treasurer has determined that the following alternative methods of funds transfer are means generally recognized and accepted by the banking industry for disbursing funds:
(1) The transfer of funds by use of the
Automated Clearing House (ACH) payments system; and
(2) The transfer of funds by the wire
transfer payments system.
B. Authorizations. In accordance with the determination set forth in §A of this regulation, the Treasurer authorizes the use of the alternative methods of funds transfer as follows:
(1) Use of either the ACH payments system or
the wire transfer payments system to transfer funds generally between State
accounts;
(2) Use of the ACH
payments system to make repetitive, routine payments as identified in
Regulation .02 of this chapter; and
(3) Use of the wire transfer payments system
to make specific payments when payment is due on an absolute date and time or
when time of payment is otherwise of the essence.
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