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Federal R eserve Bank
OF DALLAS
W ILLIAM H. W ALLACE

DALLAS, TEXAS 7 5 2 2 2

FI RS T VI CE p r e s i d e n t

February ? 1 5 1985
Circular 85-27

TO:

All depository financial institutions
in the Eleventh Federal Reserve District
SUBJECT
Modifications to the Interdistrict Revenue and Volume Exchange
DETAILS

The Federal Reserve System will modify a portion of its billing
procedures effective February 2 8 , 1985. The procedure, known as the
Interdist.rict Revenue and Volume Exchange (IRVE), is used to account for
charges a depository financial institution is assessed by one Federal Reserve
Bank, that is billed by another Federal Reserve Bank.
For example, when an
Eleventh District depository financial institution sends a "direct-send cash
letter" to another Federal Reserve office, the service charge is determined by
the fees of the processing Federal Reserve office, but billing and settlement
for the transaction are handled by the local Federal Reserve office. Eleventh
District depository financial institutions send their local Federal Reserve
office a "point sheet" when direct sends are initiated. The billing Federal
Reserve office uses the "point sheet" information to credit a depository
financial institution for the deposit on the appropriate date and to determine
service charges. Currently, all depository financial institutions inquiries
regarding billing are resolved using local Federal Reserve office information.
Effective February 28, 1985, this process will be reversed. Billing
for interdistrict transactions will be based on the processed volumes of the
"processing" Federal Reserve Bank. The Federal Reserve offices will send
billing information to the local Federal Reserve office daily on a lagged
basis. Depository financial institutions will continue to be billed for all
service charges by their local Federal Reserve office.
You must continue to send "point sheets" to your local Federal
Reserve office for interdistrict transactions in order to receive credit for
deposits in a timely manner. Requests for billing adjustments should continue
to be made to the service area of your local Federal Reserve office. These
requests will then be forwarded to the appropriate "processing" Federal
Reserve office for adjustment.
For additional copies of any circular please contact the Public Affairs Department at (214) 651-6289. Banks and others are
encouraged to use the following incoming WATS numbers in contacting this Bank (800) 442-7140 (intrastate) and (800)
527-9200 (interstate).

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

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The advice of service charges, for all services, will be removed from
the daily "Reserve Account Statement." A new weekly advice will be sent on a
delayed basis. The new weekly advice will contain a detailed listing of all
charges by service. These reports should be used to reconcile your
institution's billing charges on a weekly basis. While the Preliminary and
Final Statements of service charges will remain unchanged at this time, in the
near future these two billing reports will be substantially revised and will
indicate summary totals only. The daily respondent statement will remain as
it is.
MORE INFORMATION
For further information regarding this change in billing procedures,
n!ease contact Brian R. McKee at (214) 651-6176.
Sincerely yours,

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