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Federal R eserve Bank
OF DALLAS
WILLIAM H. WALLACE
F IR S T V IC E P R E S ID E N T

DALLAS, TEXAS 75222

January 9, 1987
Circular 87-3

TO:

The Chief Executive Officer of all
financial institutions in the
Eleventh Federal Reserve District
SUBJECT
Payment for items presented on July 3, 1987
DETAILS

Questions have been received regarding the Federal Reserve Bank of
Dallas' recent announcement of the adoption of a uniform holiday schedule for
1987 (Circular 86-98) and the procedures to be followed by the Federal Reserve
Bank of Dallas in charging for items made available to paying banks on Friday,
July 3, 1987.
A recent amendment to the Federal Reserve System's Regulation J
establishes that for holidays falling on Sunday, the following Monday will be
observed by Federal Reserve Banks as a holiday. However, if a holiday falls
on Saturday, Federal Reserve Banks will not close on the preceding Friday.
Because July 4, 1987, falls on a Saturday, July 3 will not be a holiday for
this Bank.
Under the newly revised section 210.9 of Regulation J, paying banks
voluntarily closing on holidays not observed by the Federal Reserve Banks
(nonstandard holidays) must pay for cash items made available to them by the
Reserve Bank, or compensate the Reserve Bank for the cost of the float.
If
the nonstandard holiday is mandatory under state law, paying banks do not have
to pay for cash items made available by the Reserve Bank.
Because July 3, 1987, is a mandatory holiday in Texas and New Mexico,
banks located in those states will not be charged for cash items made
available to them on that day. No cash item letters will be delivered to
banks in Texas and New Mexico on July 3, 1987.
The July 3 holiday is optional in Louisiana. Therefore, paying banks
in Louisiana will be charged for cash items made available or the cost of the
float.

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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All automated clearinghouse transactions will be processed and
settled in accordance with usual procedure.
Incoming wire transfers will be
credited to the transferee's account in accordance with usual procedure.

MORE INFORMATION
For additional information on this issue, please contact Robert L.
Whitman, (214) 698-4357 at the Head Office; Robert W. Schultz, (915) 544-4730
at the El Paso Branch; Vernon L. Bartee, (713) 659-4433 at the Houston Branch;
or John A. Bullock, (512) 224-2141 at the San Antonio Branch.
Sincerely yours,

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