12 USC § 392 - Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries

---
identifier: "/us/usc/t12/s392"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 392 - Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "392"
section_name: "Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries"
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "XI"
subchapter_name: "DEPOSITARIES AND FISCAL AGENTS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352.)"
---


# § 392. Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries

*Provided, however*

No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: , That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352.)

## Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under  and Tables.

### Codification

Words “of the Philippine Islands, or” after “No public funds” were deleted on authority of 1946 Proc. No. 2695, which granted independence to the Philippine Islands pursuant to . Proc. No. 2695 is set out as a note under , Foreign Relations and Intercourse.

Section is comprised of second par. of section 15 of act . Par. 1 of section 15 and par. 3 of section 15, as added , title IV, § 406, , are classified to sections 391 and 393, respectively, of this title.