(a)     Orders for Deposit of Funds Into the Registry. When the clerk is to hold any money pursuant to a directive by the court in connection with any pending case or proceeding, the order directing the establishment of the registry account shall specify:

                    (1)     the amount of the funds to be deposited;

                    (2)     the name and location of the depository institution to receive the funds;

                    (3)     the type of account in which the monies are to be deposited and the current interest payable on the account;

                    (4)     the term of the deposit tailored to individual circumstances and maximized to avoid repeated renewals; and

                    (5)     that deposits and withdrawals from the account can only be made upon further order of the court except for the imposition and collection of the registry fee.

          (b)     Deposits In Excess of $100,000. If the amount of the deposit is in excess of $100,000, the clerk's office must have 30 days advance notice prior to the receipt of the monies in order to arrange proper collateralization.

          (c)     Registry Fee. The clerk shall deduct from any interest paid on registry funds a registry fee as authorized by the Judicial Conference of the United States and set by the Director of the Administrative Office. The fee shall be collected periodically as interest accrues and shall be immediately deposited upon collection in the United States Treasury.

          (d)     Orders For Withdrawal of Registry Funds. At the time of intended disbursement of registry monies, an order is to be submitted to the court which shall contain the following information:

                    (1)     the name and address of the person(s) to receive the monies;

                    (2)     the amount of principal and interest each is to receive; and

                    (3)     the social security number or taxpayer ID number for each recipient of funds.
 
 

          This rule helps to implement FRBP 7067 pertaining to the deposit of money into court. Since the Federal Deposit Insurance Corporation only insures deposits up to $100,000, if the deposit exceeds that sum the depository designated must have sufficient collateral to pledge as outlined in 31 C.F.R. Part 202 (Treasury Circular 176).

          The fee charged against interest earned on the registry funds has been 10% since December 1, 1990. It is subject to change and is published periodically by the Director of the Administrative Office in the Federal Register.

          Social security and/or taxpayer ID numbers of the payees are required in the order of disbursement for the depository institution's tax reporting records.