Funds-Account Law and Legal Definition

According to 31 CFR 354.1 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter II -- Fiscal Service, Department of the Treasury; Subchapter B -- Bureau of the Public Debt; Part 354 -- Regulations Governing Book-Entry Securities of the Student Loan Marketing Association (Sallie Mae)], funds account means “a reserve and/or clearing account at a Federal Reserve Bank to which debits or credits are posted for transfers against payment, book-entry securities transaction fees, or principal and interest payments.”