Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 31 - Money and Finance: Treasury |
Subtitle B - Regulations Relating to Money and Finance |
Chapter V - Office of Foreign Assets Control, Department of the Treasury |
Part 585 - Hong Kong-Related Sanctions Regulations |
Subpart E - Licenses, Authorizations, and Statements of Licensing Policy |
§ 585.520 - Entries in certain accounts for normal service charges authorized.
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(a) U.S. financial institutions are hereby authorized to:
(1) Debit any blocked account on their books in payment or reimbursement for normal service charges owed to such U.S. financial institution by the owner of such blocked account; and
(2) Make book entries against any foreign currency account maintained by it with a financial institution in the FRY (S&M) for the purpose of responding to debits to such account for normal service charges in connection therewith.
(b) As used in this section, the term
normal service charge shall include charges in payment or reimbursement for interest due; cable, telegraph, or telephone charges; postage costs; custody fees; small adjustment charges to correct bookkeeping errors; and, but not by way of limitation, minimum balance charges, notary and protest fees, and charges for reference books, photocopies, credit reports, transcripts of statements, registered mail insurance, stationery and supplies, check books, and other similar items.