Retainer Depositary Law and Legal Definition

According to 31 CFR 203.2 [Title 31 -- Money and Finance: Treasury; Subtitle B -- Regulations Relating to Money and Finance; Chapter Ii -- Fiscal Service, Department of the Treasury; Subchapter A -- Financial Management Service; Part 203 -- Payment of Federal Taxes and the Treasury Tax and Loan Program; Subpart A -- General Information], retainer depositary means “a TT&L (Treasury Tax and Loan Service)depositary that accepts electronic and/or paper Federal tax payments from its business customers and retains a portion of the Federal tax deposits in its TIP (Treasury Investment Program) main account balance, depending on its balance limit, account balance, and collateral value. A retainer depositary may also accept term investments.”