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l l5K Federal Reserve Bank of Dallas HELEN E. HOLCOMB DALLAS, TEXAS 75265-5906 FIRST VICE PRESIDENT AND CHIEF OPERATING OFFICER July 16, 2001 Notice 01-55 TO: All Fedwire Funds Transfer Service Customers in the Eleventh Federal Reserve District SUBJECT Price Reduction to the Tier 3 Online Fedwire Funds Transfer Fee DETAILS The Federal Reserve System is pleased to announce the first ever midyear price reduction to the Fedwire funds transfer fees. On August 1, 2001, the Reserve Banks will reduce the Tier 3 online transfer fee by one cent, from $.17 to $.16. This reduction is the result of continued aggressive management of service costs and demonstrates our responsiveness to the needs of our customers in a demanding competitive environment. Fedwire Funds Transfer Service Pricing Structure Current Prices Prices effective 8/1/01 Basic Transfer Fee Online Originations/Received Tier 1 (< 2,500 transfers/month) Tier 2 (< 80,000 transfers/month) Tier 3 (> 80,000 transfers/month) Offline surcharge $0.33 $0.24 $0.17 $15.00 $0.33 $0.24 $0.16 $15.00 Over the past five years, the System has achieved significant reductions in Fedwire operating costs. These cost reductions have enabled us to lower the average online transfer fee every year since 1996. Customers have benefited from cumulative price reductions of almost 60 percent during this period. The following chart illustrates the trend: For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. -2- Funds Transfer System Pricing History 1995-2001 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $1995 1996 1997 1998 1999 * 2000 * 2001 * $0.53 $0.50 $0.45 $0.40 $0.2554 $0.2223 $0.2205 *1999-2001 Reflects an average price of all tiers. 1999 – Tiered Pricing introduced in February 1999 2000 – Price reduction in all three tiers effective April 2000 2001 – An average of YTD May 2001 MORE INFORMATION For additional information regarding the reduction of Fedwire funds transfer fees, visit the Financial Services Internet site at www.frbservices.org or contact your Account Executive at the Federal Reserve Bank of Dallas. For additional copies of this Bank’s notice, contact the Public Affairs Department at (214) 922-5254 or access District Notices on our web site at http://www.dallasfed.org/banking/notices/index.html. Sincerely, “Fedwire” is a registered service mark of the Federal Reserve Banks.