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Originally Posted by gregtu
Anybody know what a TT&L account is?
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I believe that is a Treasury Trust & Loan account. Someone correct me if I'm wrong. On some of the BOE'S I've seen the department that handles the TT&L accounts is given instructions as to how to process the Preauthorized Transfer electronically. The instructions read like this:
Financial Institution
Deposit the credits in your customer's account, with a hold during the processing time. The department that handles the TT&L account for the bank must process this preauthorized transfer electronically. It is a prepaid exchange item that must be processed through FEDWire directly to the Department of the Treasury. Drawer's private asset account is the pass-through to the approval of the use of the drawer's exemption. This is an accrual entry. No other approval is required to honor this preauthorized transfer. If you do not obtain evidence of the Trustee's dishonor of this instrument within fifteen(15) days, release the hold on the credits, making them available to your customer. If you do obtain evidence of the Trustee's dishonor, please notify your customer immediately. If there are any processing fees associated with this exchange you may direct-bill drawer for any such fees.
I don't know if they pay any attention to these instructions or not. I think this is the information you want. I'm new to this process, but I know I've seen these instructions either on the BOE or accompanying it.
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