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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) - 2 - 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,