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FE D E R A L R ESER VE BANK O F N EW YO RK r Circular No. 8 0 8 0 *] L March 29, 1977 J UNSORTED DEPOSITS OF CERTAIN CASH ITEMS To A ll Member Banks in the Second Federal Reserve District, and Others Concerned: We are pleased to announce that, effective April 1, 1977, any member bank that has for collection a daily average of up to 5,000 immediate- and deferred-credit checks payable outside of the city or town in which it is located, will be permitted, after notifying us, to send such checks to offices of this Bank in one unsorted cash letter. Formerly, only 2,000 items would be accepted in an unsorted cash letter. Enclosed is the Fourth Supplement to this Bank’s Operating Circular No. 5, reflecting this change. In the Head Office territory, credit for unsorted cash letters will be given one business day after receipt. In the Buffalo Branch territory, credit will be given for unsorted cash letters on the basis of our ability to collect the individual items in accordance with the Buffalo time schedules. We expect, in the near future, to implement a similar capability at our offices in the Head Office territory and we will inform you when this procedure is available. If you have any questions on this matter, you may contact any of the following: Head Office John F. Sobala, Manager, Check Processing Department (Tel. No. 212-791-5321) Buffalo Branch Robert J. McDonnell, Assistant Cashier (Tel. No. 716-849-5022) Cranford Office Whitney R. Irwin, Assistant Vice President (Tel. No. 201-272-9000) Jericho Office Joseph M. O’Connell, Assistant Vice President (Tel. No. 516-997-4500) Utica Office Robert C. Thoman, Vice President (Tel. No. 315-736-8321) Additional copies of the enclosure will be furnished upon request. P aul A. V olcker , President. FEDERAL RESERVE BANK OF NEW YORK Fourth Supplement to Operating: Circular No. 5 (Revised effective July 1, 1974) Effective April 1, 1»77 TIME SCHEDULES AVAILABILITY OF CREDIT FOR CASH ITEMS To A ll Member Banks in the Second Federal Reserve District, and Others Concerned: 1. Paragraph 7 of Operating Circular No. 5, Revised effective July 1, 1974, is amended as follows: Special sorting requirements 7. Any sender that has for collection a daily average of not more than 5,000 immediate-credit and deferred-credit items (excluding food coupons) payable outside of the city or town in which such bank is located may be permitted, upon application, to send such items to us unsorted with one cash letter: Provided, That the items sent to us by such bank on any one day shall include all such items processed by it on that day. Credit for such deposits will be given in accordance with the schedules set forth in the appendices hereto. 2. Appendices No. 1, 1-A, 1-B, 1-D, and 2-A, revised November 9, 1976, and Appendix No. 1-C, revised November 18, 1976, have been amended to reflect the increased number of items which may be deposited in an unsorted cash letter from 2,000 to 5,000 items. P aul A. V olcker, President. [Enc. Cir. No. 8080]
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