The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF N E W YORK Department I Circular No. 264 1 L March 18, 1920 J fry CAAUJIQAJ •t-JZ' Telegraphic Transfers To all Member Banks in the Second Federal Reserve District Due to the many changes which have recently been made in the latest hours at which we can receive instructions to make transfers of funds by telegraph to Federal Reserve Banks and their branches, we are revising our schedule of time limits, and in the following pages are sending to the member banks all of our current rules and regulations on telegraphic transfer operations, which supersede the provisions of previous circulars and letters issued on this subject. Transfers at P a r Without Cost The funds of each member bank on deposit with us may be made immediately available in any other Federal Reserve District by telegraphic transfer at par, free of charge. Advice of Debit or Credit The account of the sending member bank is charged with the amount of a transfer from the Federal Reserve Bank of New York on the day transmitted and the member bank advised of the charge. On telegraphic transfers to the Federal Reserve Bank of New York, the banking institution for whose account the transfer is made is credited within banking hours on the receipt of the telegram and a letter of advice (or, in case of credit to an out-of-town bank, a telegram) is sent covering the details of the credit. F o r Account of B a n k or Trust Company Only Wire transfers of funds through the Federal Reserve Banks shall be strictly limited to those ordering payments or credits to banks or bankers. Direct payments by Federal Reserve Banks to individuals, firms, or corporations other than banks, will not be permitted, b u t such transfers can be effected through their banks. 3-4 V ' Cf>CCU^c<u.cf Liability The liability of this bank will be limited solely to the proper transfer of such funds to the receiving Federal Reserve Bank for credit to the account of, or for payment to, the payee bank. This bank shall not be liable in any case for delays arising from unavoidable interruption in the working of the telegraph lines it utilizes, or for other contingencies beyond its control. Time Limits In order to effect such transfers by telegraph to another Federal Reserve District in time for the transactions to be completed on the same day by a Federal Reserve Bank or a branch, banks in this district should arrange to have their instructions reach us as indicated in the attached schedule. Requests to transfer funds by telegraph received after the hours specified will be accepted for transfer on the following day. Yours very truly, J. H. CASE, Acting Governor. j 2 £ gj - d^Vt^K-**^ Telegraphic Transfers Schedule of Time Limits (Eastern Time) District No. Locality Transfer of Funds to Instructions to reach Federal Reserve Bank of New York not later than Saturdays Other Days Boston . 1 Federal Reserve Bank of Boston 12:00 3:00 Philadelphia 3 Federal Reserve Bank of Philadelphia 12:00 3:00 Cleveland . 4 Federal Reserve Bank of Cleveland . 11:00 2:00 Richmond . 5 Federal Reserve Bank of Richmond . Baltimore Branch . 12:00 12:00 3:00 3:00 Atlanta . 6 Federal Reserve Bank of Atlanta New Orleans Branch 12:00 12:00 3:00 3:00 Chicago 7 Federal Reserve Bank of Chicago Detroit Branch 12:00 11:00 3:00 2:00 St. Louis 8 Federal Reserve Bank of St. Louis . Little Rock Branch Louisville Branch . Memphis Branch 12:00 12:00 12:00 12:00 2:00 2:00 2:00 2:00 Minneapolis 9 Federal Reserve Bank of Minneapolis 12:00 3:00 Kansas City 10 Federal Reserve Bank of Kansas City Denver Branch Omaha Branch 12:00 12:00 12:00 3:00 3:00 3:00 Dallas 11 Federal Reserve Bank of Dallas El Paso Branch Houston Branch 12:00 12:00 12:00 3:00 3:00 3:00 12 Federal Reserve Bank of San Francisco Seattle Branch Spokane Branch Portland Branch Salt Lake City Branch Los Angeles Branch 12:00 12:00 12:00 12:00 12:00 12:00 3:00 3:00 3:00 3:00 3:00 3:00 . . San Francisco