The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FE D E R A L R E SE R V E B AN K OF DALLAS Dallas, Texas, May 23,1936 PAYM ENT OF INTEREST ON TIME CERTIFICATES OF DEPOSIT RENEWED WITHIN TEN DAYS AFTER MATURITY To the Member Bank Addressed: In our circular letter dated April 17, 1936, we advised you that the Board of Governors of the Federal Reserve System would offer no objection to the payment by a member bank of interest on a time certificate of deposit for the period between its maturity date and the date of its renewal, provided such certificate is renewed within ten days after maturity and the certificate is dated back to the date of maturity of the original certifi cate. The Board of Governors, after reconsidering this matter, has reached the conclusion that, in cases where a member bank pays interest after maturity on a time certificate of deposit which is renewed within ten days after maturity, it will not be necessary to date the renewal certificate back to the date of maturity of the original certificate. Yours very truly, B. A. McKINNEY, President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)