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either case identifying the reason therefor and the individual. In 

 the case of a check covering payment to more than one employee or 

 beneficiary, a portion of which cannot be credited to an account 

 because of death or for any other reason, the financial organization 

 shall promptly remit to the agency responsible for making payment a 

 check in an amount equal to that portion which could not be properly 

 credited to the account, with a statement identifying the individual 

 and the reason for refund. 

 §209.10 Acquittance to the United States . 



(a) A financial organization which receives checks under the 

 procedure set cut in §§209.3, 209.4 and 209.5 shall comply with the 

 provisions of 31 CFR Part 360 - Indorsement and Payment of Checks Drawn 

 on the Treasurer of the United States, in particular 31 CFR 360.8. A 

 financial organization's endorsement shall constitute a guaranty of the 

 continued existence of the beneficiary for whom it receives payment. 



(b) Payment by the United States of a check drawn in favor 

 of and properly endorsed by the financial organization designated by 

 an employee or beneficiary to whom payment ii - . to be made shall, if the 

 check or accompanying record properly specif iss that employee's or 

 beneficiary's name and/or social security account number, constitute 



a full acquittance to the United States for tie amount of such payment. 

 §209.11 Financial organization not Governmerc depositary . 



A financial organization to which a check is drawn under the 

 procedures set out in 11209.3, 209.4 and 209.5 does not thereby become a 



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