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FEDERAL RESERVE BANK
OF N E W YORK
Department

I Circular No. 264 1
L March 18, 1920 J

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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.




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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.

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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





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102