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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 7 0 6 5 ~ l L December 22, 1972 J COLLECTION OF CASH ITEMS Changes in New York Head Office and Buffalo Branch Time Schedules To the Member Banlcs and Nonmem ber Clearing Banks of the Second Federal Reserve D istrict: Enclosed are copies of the following docum ents: First Supplement, Effective January 2, 1973, to Appendix No. 1 (New York Head Office Time Schedule) to Operating Circular No. 5; Appendix No. 2 (Buffalo Branch Time Schedule), Revised effective January 2, 1973, to Operating Circular No. 5. In p arag rap h 2 of both Appendix No. 1 and Appendix No. 2, (a) the entry in the table therein referring to deposits of cash letters containing checks on the T reasu rer of the U nited States in amounts of $5,000 and over was deleted, and (b) the closing time for separate cash letters containing checks on the T reasu rer of the U nited States and postal money orders has been changed — for the H ead Office, from 1 :30 p.m. to 3 :00 p.m., and for the Buffalo Branch, from 2 :30 p.m. to 3 :00 p.m. The changes in closing times have been made to conform to the current T reasury policy th a t the closing times for receipt of such deposits be established no earlier than 3 :00 p.m. In p arag rap h 3(a) of the revised Appendix No. 2, the credit availability schedule for unsorted items and items payable in the Buffalo Branch te rrito ry has been deleted as a result of the participation of all eligible banks in the W estern New York Regional Check Processing Center. Credit for such items is now governed by the provisions of Appendix No. 2-A, effective October 18, 1972, to Operating Circular No. 5, which was sent to you with our Circular No. 7019, dated October 17, 1972. Also, in the first footnote on page 3 of the revised Appendix No. 2, the change in credit availability for certain items draw n on banks p articipating in the Baltimore Regional Check Clearing Center from one calendar day a fte r receipt to two calendar days after receipt results from our not being able to collect such items in time to give one-calendar-day credit under th at C enter’s close-off hour for deposit of such items. Additional copies of the enclosures will be furnished upon request. A lfr ed H ay es, President. fed er a l Reserve bank OF N EW YORK First Supplement to Appendix No. 1 to Operating Circular No. 5 (Revised effective September 20, 1972) Effective January 2, 1973 NEW YO RK HEAD OFFICE TIME SCHEDULE To the Member Banlcs and Nonmem ber Clearing B anks o f the Second Federal Reserve D istrict: Paragraph 2 of Appendix No. 1 to Operating Circular No. 5, Revised effective September 20, 1972, is amended to read as follow s: 2 . Im m ediate credit will be given fo r the following items received on Mondays through F ridays th a t are not public holidays: Item s Closing times Item s on banks in New York City and N orthern New Jersey with routing symbols 0210, 0260, 0270, and 0280*; checks on the T reasurer of the U nited States and postal money orders (routing symbol ) if not deposited w ith a separate cash letter and to tal fo r each class. I f fully M ICE qualified and computer-acceptable I f com puter-rejected I f not M ICE amount-encoded (or later, if the items are cleared on the day of receipt) Cheeks on the T reasurer of the U nited States and postal money orders I f deposited w ith a separate cash letter and to ta l fo r each class 3:00 p.m. Redeemed U. S. D epartm ent of A g ri culture food coupons M ust be deposited w ith a separate cash letter and to tal 1:30 p.m. I f deposited w ith a separate cash letter and to tal fo r each class 3 :30 p.m. 00 00 Checks on Federal Reserve Bank of New York (including Buffalo B ranch), and Officers’ checks of other F ederal Re serve Banks :0 0 5 a.m. 3:00 a.m. 3:00 a.m. * Banks that are participants in the Long Island Regional Check Processing Center should clear 0280 items, as well as items drawn on other participating banks, through that facility. A lfred H a y es, President. F e d e r a l R eser ve Ba n k o f n e w York Appendix No. 2 to Operating Circular No. 5 Revised effective January 2, 1973 BUFFALO BRANCH TIME SCHEDULE To the Member B anks and Nonmem ber Clearing Banks of the Second Federal Reserve D istrict: 1. Credit for cash items received and accepted at our Buffalo Branch will be given, subject to applicable closing times and to sorting and other requirements, as shown below. Immediate credit 2. Immediate credit will be given for the following items received on Mondays through Fridays that are not public holidays: Item s Closing times Item s on banks in Buffalo (routing symbol 0220) ; checks on the T reas urer of the U nited States and postal money orders (routing sym bol ) if not deposited with a separate cash letter and to tal for each class I f fully MICR qualified and computer-acceptable I f computer-rejected I f not MICR amount-encoded (or later, if the items are cleared on the day of receipt) Checks on the T reasurer of the U nited States and postal money orders I f deposited with a separate cash letter and to tal for each class 3 Redeemed U. S. D epartm ent of A g ri cultural food coupons M ust be deposited w ith a separate cash lette r and to tal 2:30 p.m. Checks on Federal Reserve B ank of New York (including Buffalo B ranch), and Officers’ checks of other F ederal Re serve Banks I f deposited w ith a separate cash letter and to tal fo r each class 3:30 p.m. 00 00 Item s on banks w ith routing symbol 0223 (item s payable through the W estern New York Regional Check Processing Center) 8 0a.m. :0 0 6 0a.m. :0 a.m. 6 :0 :0 p.m. 0 See A ppendix No. 2-A Deferred credit 3. Deferred credit for all items, other than those specified in para graph 2 and transfer drafts (see paragraph 11 of Operating Circular No. 5), that are received on Mondays through Fridays (not public holidays) will be given as indicated below: (a) Items payable in the New York Head Office territory — TWO BUSINESS DAYS AFTER R EC EIPT Ite m s Closing times Item s on banks with routing symbols 0211 through 0217 I f fully MICR qualified and computer-acceptable p.m. I f com puter-rejected 12:00 noon I f not MICR amount-encoded 12:00 noon 20 :0 (b) Items payable in the following Federal Reserve Bank or Branch cities* — ONE CALENDAR DAY A FTER R EC EIPT Atlanta Baltimore** Birmingham Boston Charlotte Chicago Cincinnati Cleveland Dallas Denver*** Detroit Houston J acksonville Kansas City, Kan. Kansas City, Mo. Little Rock Louisville Memphis Minneapolis Nashville New Orleans New York City Oklahoma City Omaha Philadelphia Pittsburgh Portland, Ore. Richmond St. Louis St. Paul, Minn. Salt Lake City San Antonio San Francisco Seattle TWO CALENDAR DAYS AFTER R EC EIPT El Paso Miami Helena TWO BUSINESS DAYS A FTER R EC EIPT Los Angeles (c) Items payable at banks on the Par List in other Federal Reserve Districts, outside Federal Reserve Bank or Branch cities — * For purposes of this circular, the term “Federal Reserve Bank or Branch cities” ineludes Kansas City, Kan.; St. Paul, M inn.; and Miami, Fla. ** Items drawn on banks participating in the Baltimore regional check clearing center bearing routing symbols 0520, 0540, 0550, and 0560 will, however, receive credit two calendar days after receipt. *** Item s drawn on banks in Cheyenne and Laramie, Wyoming, and on those banks in Colorado (list furnished on request) that participate in the Colorado and Wyoming regional cheek-clearing facility bearing routing symbol 1070 will, however, receive credit two calendar days after receipt. TWO BUSINESS DAYS AFTER R EC EIPT The closing times for the items listed in subparagraphs (b) and (c) above are as follow s: Mondays through F ridays I f fully M ICE qualified and computer-acceptable I f computer-rejected I f not MICR amount-encoded 12: 0 noon 0 10:0 a.m. 0 10 0a.m. :0 Sorting requirements 4. Except as provided in paragraphs 4, 6, 7, and 11 of Operating Circular No. 5, the general sorting requirements set forth below will apply. lmmediate-credit items 5. All immediate-credit items (routing symbol 0220) may be de posited in a single sort, including checks on the Treasurer of the United States and postal money orders (routing symbol 0000). Deferred-credit items 6. All deferred-credit items (all routing symbols other than those indicated in paragraph 5 above), including items payable in other Federal Reserve Districts, may be deposited in a single sort. How ever, we may require, where volume warrants, that such items payable in other Federal Reserve Districts, the territory served by the Head Office, and the area served by any Regional Check Processing Center of this Bank be sent direct. Effect of this appendix upon previous appendix 7. This appendix supersedes Appendix No. 2, Revised effective September 20, 1972, to Operating Circular No. 5, and the First Supple ment to that Appendix, dated October 18, 1972. A lfred H a y e s, President.
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