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federal reserve bank OF DALLAS Dallas, Texas, June 26, 1952 AMENDMENT TO REGULATION Q OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM To the Member Banks in the Eleventh Federal Reserve District: Enclosed is an amendment to Regulation Q, Payment of Interest on Deposits, effective July 1, 1952, which changes sub-section (d) of Section 3 with respect to the allowance of days of grace in the computation by mem ber banks of interest on savings deposits. Under this amendment a member bank will be permitted to allow a grace period of 10 business days at the beginning of any calendar month commencing a regular quarterly or semiannual interest period, a grace period of 5 business days at the beginning of any other calendar month, and a grace period of 3 business days at the end of any calendar month ending a quarterly or semiannual interest period. The Federal Deposit Insurance Corporation has adopted an identical amendment, also effective July 1, 1952, to its regulations relating to pay ment of interest on deposits by insured nonmember banks. Member banks are requested to file the amendment in the ring binder containing the regulations of the Board of Governors of the Federal Reserve System and the bulletins of this bank. V e ry tru ly yours, R. R. GILBERT, President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) PAYMENT OF INTEREST ON DEPOSITS AMENDMENT TO REGULATION Q ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Regulation Q is hereby amended, effective July 1, 1952, by changing subsection (d ) of section 3 thereof to read as follows: (d) Grace periods in computing interest on savings deposits.— A member bank may pay interest on a savings deposit received during its first 10 business days of any calendar month commenc ing a regular quarterly or semiannual interest period and during its first 5 business days of any other calendar month at the appli cable maximum rate prescribed pursuant to subsection (a) of this section calculated from the first day of such calendar month until such deposit is withdrawn or ceases to constitute a savings deposit under the provisions of this regulation, whichever shall first occur; and a member bank may pay interest on a savings deposit withdrawn during its last 3 business days of any calendar month ending a regular quarterly or semiannual interest period at the applicable maximum rate prescribed pursuant to subsection (a) calculated to the end of such calendar month.
@FedFRASER