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FEDERAL RESERVE BOARD WASHINGTON address official correspondence t o the federal reserve board X-7671 November 6, 1933. SUBJECT: Withdrawals of Savings D e p o s i t s • Bear S i r : The F e d e r a l Reserve Board has had under c o n s i d e r a t i o n t h e q u e s t i o n "whether, under t h e p r o v i s i o n s of S e c t i o n 19 of t h e Fede r a l Reserve Act and Section. VI of t h e Board's R e g u l a t i o n Q, a member bank may waive n o t i c e of i n t e n d e d w i t h d r a w a l of a s p e c i f i e d amount of a savings d e p o s i t d u r i n g any g i v e n p e r i o d provided t h a t d u r i n g such p e r i o d i t waive n o t i c e of i n t e n d e d withdrawal of t h e same amount of a l l o t h e r savings d e p o s i t s which a r e s u b j e c t t o t h e same requirement* A f t e r c a r e f u l c o n s i d e r a t i o n of t h i s q u e s t i o n , t h e F e d e r a l Reserve Board has s t a t e d t h a t t h e word " p o r t i o n " as used i n S e c t i o n VI of R e g u l a t i o n Q i s t o be i n t e r p r e t e d as i n c l u d i n g a s p e c i f i e d amount and t h a t a member bank may pay any s p e c i f i e d amount of the s a v i n g s d e p o s i t of any d e p o s i t o r w i t h o u t r e q u i r i n g n o t i c e of i n tended w i t h d r a w a l provided t h a t , upon r e q u e s t and w i t h o u t r e q u i r i n g such n o t i c e , i t s h a l l pay t h e same s p e c i f i e d amount of t h e savings d e p o s i t s of every o t h e r d e p o s i t o r .-which a r e s u b j e c t t o t h e same r e quirement. The p e r i o d during which such s p e c i f i e d amount may be -2 X-7671 withdrawn under the c o n d i t i o n s s t a t e d may be p r e s c r i b e d by t h e bank b u t t h e r e q u i r e m e n t s of paragraphs (b) and ( c ) of S e c t i o n VI of the r e g u l a t i o n r e l a t i n g t o changes i n the p r a c t i c e of a member bank w i t h r e s p e c t t o t h e withdrawal of savings d e p o s i t s , as w e l l as t h e o t h e r p r o v i s i o n s of t h i s s e c t i o n , must be o b s e r v e d . Very t r u l y y o u r s , Chester M o r r i l l , Secretary, TO ALL FEDERAL RESERVE AGENTS«
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