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X-7873 ; INTERPRETATION OF B A L I N G ACT OF 1933 i Ofl (Copies to be sent to all Federal Reserve Banks) April 24, 1934 Mr. W, W. Hoxton, Federal Reserve Agent, Federal Reserve Bank of Richmond, Richmond, Virginia. Dear Mr. Hoxton: Receipt is acknowledged of your letter of April 6, 1934, with inclosure, in which you request to be advised whether a member bank may pay interest on a deposit received on April 2, 1934, for a period beginning April 1, 1934, which was a Sunday. It is understood that your inquiry relates to deposits which constitute time or savings deposits within the meaning of the Board's Regulation Q. You are advised that the Board will offer no objection to the payment of interest at a rate not in excess of that prescribed in Regulation Q, for a period beginning with the first day of any month, in any case in which such first day falls on a Sunday or legal holiday, on any time or savings deposit received on the first business day after such Sunday or holiday and ending when the deposit is actually withdrawn or ceases to conform to the definition of a time or savings deposit as contained in the Board's Regulation Q, whichever shall first occur. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
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