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Federal R eserve Bank
OF DALLAS
WILLIAM H. WALLACE
FIR S T V IC E P R E S ID E N T
,
DALLAS, TEXAS 75222
t n n r -
December 11, 1986
Circular 86-106
TO: The Chief Executive Officer of
all depository institutions in the
Eleventh Federal Reserve District
SUBJECT
1987 fee schedule for Federal Reserve priced services and 1987
Private Sector Adjustment Factor (PSAF)
DETAILS
The Board of Governors of the Federal Reserve System has released the
1987 fee schedule for priced services provided by the Reserve Banks for
depository financial institutions. The Board also released details on the
Private Sector Adjustment Factor (PSAF) that will be used next year. The PSAF
is an allowance for the taxes that would have been paid, and the return on
capital that would have been necessary if Federal Reserve Bank priced services
were furnished by a private business firm.
ATTACHMENTS
The press release issued by the Board of Governors of the Federal
Reserve System is attached.
MORE INFORMATION
For further information, please contact William T. Green of this
Bank's Financial Planning and Control Department at (214) 698-4370.
Sincerely yours,
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)
FEDERAL RESERVE press release
For immediate release
November 6 , 1986
The Federal Reserve Board announced the 1987 fee schedules for
services provided by the Reserve Banks.
For the most part, the new fees
are the same as those for 1986.
The fee schedules apply to check collection, automated clearing
house, wire transfer of funds and net settlement, definitive securities
safekeeping and noncash collection, and book-entry securities services for
non-Treasury securities.
Fee schedules for the check collection service
will be distributed by the Reserve Banks; fee schedules for the remaining
services are attached.
In 1987, total costs for priced services Including the Private
Sector Adjustment Factor are projected to be $622.3 million.
Total revenue
is estimated at $634 million, resulting in a 101.9 percent recovery rate.
At the same time, the Board approved the 1987 Private Sector
Adjustment Factor (PSAF) for Reserve Bank priced services of $70.9 million,
an increase of 4.1 percent over the 1985 level.
The PSAF is an allowance
for the taxes that would have been paid and the return on capital that
would have been provided had the Federal Reservefs priced services been
furnished by a private business firm.
Those actions are effective January 1, 1987, except for the ACH
fee schedule which is effective next April 1.
-0 -
Attachments
42630
Federal Register / Vol. 51, No. 227 / Tuesday, November 25, 1986 / Notices
proposals regarding recovery of the
costs of automated clearing house
("ACH’) float (Docket No. R-0579). This
request set forth a proposed method of
recovering the costs of float generated
by ACH transactions processed during
the night cycle and a corresponding
reduction in the current per item
surcharge assessed on night cycle ACH
transactions. Comments were due by
November 21,1986. In response to
requests, the Secretary of the Board,
acting pursuant to delegated authority,
12 CFR 265.2(a)(6), has extended the
comment period for 30 days.
DATE: Comments must now be received
by December 22,1966.
a d d r e s s : Comments, which should refer
to Docket No. R-0579, may be mailed to
the Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue, N.W., Washington,
D.C. 20551, to the attention of Mr.
William W. Wiles, Secretary, or
delivered to room B-2223 between 8:45
a.m. and 5:15 p.m. Comments may be
inspected in room B-1122 between 8:45
ajn. and 5:15 p.m., except as provided in
§ 261.6(a) of the Board's Rules Regarding
the Availability of Information, 12 CFR
261.6(a).
FOR FURTHER INFORMATION CONTACT:
Earl G. Hamilton. Assistant Director
(202/452-3879), Florence M. Young,
Advisor (202/452-3955), or Julius F.
Oreska, Manager (202/452-3878),
Division of Federal Reserve Bank
Operations; or Telecommunications
Device for the Deaf ("TDD”) users,
Eamestine Hill or Dorothea Thompson
(202/452-3544), Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
By order of the Board of Governors of the
Federal Reserve System, November 19,1986.
William W. Wiles,
Secretary of the Board.
[FR Doc. 86-26507 Filed 11-24-86: 8:45 am]
BILLING CODE 6210-01-M
[D ocket No. R -0583]
FEDERAL RESERVE SYSTEM
Fee Schedules for Federal Reserve
Bank Services
[D ocket No. R -0579]
AGENCY:
agency:
Board of Governors of the
Federal Reserve System.
ACTION: Approval of a Private Sector
Adjustment Factor and fee schedules for
Federal Reserve Bank priced services
for 1987.
su m m a r y : On September 17,1986, the
Board requested public comment on
The Board of Governors has
approved a Private Sector Adjustment
Factor (“PSAF”) for 1987 of S70.9
million. This represents an increase of
$2.8 million, or approximately 4.1 per
Automated Clearing House Float
Recovery Proposals; Extension of
Comment Period
Board of Governors of the
Federal Reserve System.
ACTION: Extension of the comment
period.
SUMMARY:
Federal Register / Vol. 51, No. 227 / Tuesday, November 25, 1986 / Notices
cent from the 1986 target PSAF of $68.1
million. The PSAF is a recovery of
imputed costs that takes into account
the taxes that would have been paid and
the return on capital that would have
been provided had the Federal Reserve’s
priced services been furnished by a
private business firm. The Board also
approved 1987 fee schedules for the
check collection, automated clearing
house, wire transfer of funds and net
settlement, definitive securities
safekeeping and noncash collection, and
book-entry securities services.
e f f e c t iv e DATE: The new PSAF will
take effect on January 1,1987. Fees for
the automated clearing-house service
will take effect on April 1,1987; all other
fees will take effect on January 1,1987.
FOR FURTHER INFORMATION CONTACT:
Earl G. Hamilton, Assistant Director
(202/452-3879), or Paul W. Bettge,
Analyst (202/452-3174), Division of
Federal Reserve Bank Operations;
Oliver L Ireland, Associate General
Counsel (202/452-3625), or Joseph R.
Alexander, Senior Attorney (202/4522489), Legal Division; or Eamestine Hill
or Dorothea Thompson,
Telecommunication Device for the Deaf
(202/452-3244), Board of Governors of
the Federal Reserve System,
Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
Private Sector Adjustment Factor
Section 11A of the Federal Reserve
Act, 12 U.S.C. 248a, provides that fees
for Federal Reserve services include “an
allocation of imputed costs which takes
into account the taxes that would have
been paid and the return on capital that
would have been provided had the
services been provided by a private
business firm. . . ." The Private Sector
Adjustment Factor ("PSAF”) is intended
to reflect the imputed costs related to
taxes and return on capital. As in past
years,1 the PSAF for 1987 is based on
data developed in part from a model
comprised of the nations 25 largest
bank holding companies.
Briefly stated, the methodology first
entails determining the value of Federal
Reserve assets that will be used directly
in producing priced services during the
coming year, including the net effect of
assets planned to be acquired or
disposed of during the year. Short-term
assets are assumed to be financed by
short-term liabilities; long-term assets
are assumed to be financed by a
combination of long-term debt and
equity.
1 See 4 9 FR 11.251 (M ar. 2 6 ,1 9 6 4 ); 4 9 FR 44,5 5 6
(N o v . 7 .1 9 8 4 ); 5 0 FR 47.6 24 ( N o v . 1 9 ,1 9 8 5 ).
Imputed capital costs are determined
by applying related interest rates and
rate of return on equity derived from the
bank holding company model to the
assumed debt and equity values. These
costs, together with imputations for
estimated sales taxes, FDIC insurance
assessment on clearing balances held
with the Federal Reserve to settle for
transactions, and expenses of the Board
of Governors related to priced services,
comprise the PSAF.
Details regarding the derivation of the
PSAF are as follows:
A sset Base
The estimated value of Federal
Reserve assets used in providing priced
services in 1987 is reflected in
Attachment 1. Attachment 2 shows that
the value of assets assumed to be
financed through debt and equity are
projected to total $393.8 million in 1987,
an increase of $43.3 million, or 12 per
cent, from 1986. This increase results
largely from capital expenditures for
bank premises, furniture, and equipment
planned by the Reserve Banks next
year.
Cost o f Capital and Taxes
Because of abnormal earnings
performance by bank holding companies
included in the model, the Board
approved imputing the cost of equity
capital for the PSAF in each of the last
two years using a three-year average of
rates of return on equity derived from
the model. While earnings of the largest
bank holding companies have improved
recently, the Board does not believe that
rates of return on equity have returned
to long-term historical levels. For
example, the pre-tax return on equity
(adjusting for the effect of investments
in tax-exempt securities) for the largest
bank holding companies averaged 18.59
percent for 1985, compared with a rate
of 19.13 per cent for the three-year
period 1983-1985. The Board has
therefore approved the three-year
averaging technique for 1987 and using
three-year averages for determining the
cost of equity, imputed interest costs for
long-term debt, and for income taxes.
Attachment 3 shows the interest,
equity, and tax rates to be used in 1987
and compares them with the rates used
for developing the PSAF for 1986. The
sample of 25 bank holding companies
used to calculate the rates of 1987 is the
same as that used for the 1986 PSAF.
One large bank holding company was
again removed from the sample because
of unique government oversight over
bank management decisions during the
past year, and the twenty-sixth largest
bank holding company was substituted.
The bank holding companies with the
42631
highest and lowest rates of return on
equity before taxes were also excluded,
consistent with the methodology for
determining the PSAF for the past three
years. Calculations were then based on
the remaining 23 bank holding
companies.
Other Imputed Costs
As shown in Attachment 3, other
required PSAF recoveries for 1987 for
sales taxes, FDIC insurance, and Board
expenses total $10.6 million, down $0.4
million from 1986. Most of the decrease
is in imputed sales taxes, which is
attributable primarily to the projected
reduction in capital expenditures
planned for 1987 over 1986. The decline
is partially offset by an increase in
imputed costs for FDIC insurance,
resulting from the expected rise in
clearing balances reflected in
Attachment 1.
1987 Fee Schedules
The fees for priced services that were
approved by the Board for 1986 were set
to recover 102.7 per cent of the cost of
providing such services, including the
PSAF and cost of float. Through the first
eight months of 1986, the System
experienced a recovery rate of 104.0 per
ce n t The Board estimates that total
costs including the PSAF for 1986 will be
$600.4 million and revenue will be $623.1
million, resulting in a recovery rate of
103.8 per cen t
In 1987, the Board projectes that total
costs for priced services including the
PSAF will be $622.3 million and total
revenue will be $834.0 million, resulting
in a 101.9 per cent recovery rate. The
majority of the 1987 fees are the same as
those in effect for 1986. In 1987, all
Reserve Banks will be recovering actual
costs and making some contribution to
the PSAF for all locally priced services.
Discussion of the fee schedules for
individual service categories follow:
Commercial Check Collection
Ninety-three per cent of the proposed
1987 prices for die check service are the
same as those currently in effect. Fees
for the Interdistrict Transportation
System (“ITS”) will remain unchanged,
and these fees are projected to recover
the ITS costs.
The proposed 1987 check collection
fee schedules are contained in
Attachment 4.
Automated Clearing-House ("ACH")
Attachment 5 shows the ACH fees
approved by the Board to take effect on
April 1,1987.
In proposing these fees, the Reserve
Banks projected that they would bring
Federal Register / Vol. 51, No. 227 / Tuesday, November 25. 1986 / Notices
42632
revenues of approximately S33.9 million.
98.5 per cent of the projected $34.4
million in costs (including PSAF)
associated with the services. The Board,
however, believes that Reserve Bank
estimates of revenue and volume may
be conservative and that full recovery is
likely.2
The current basic transaction fees for
processing automated transactions will
be retained in 1987, and over 809 percent
of the fees for nonautomated services
will also remain. The Board has
determined that automated return items,
automated notifications of change, and
prenotifications, which are not priced
currently, will be priced beginning on
April 1,1987. This date is consistent
with implementation of new ACH
software at the Reserve Banks, which is
necessary to implement fees for these
services. All other ACH fees will also
take effect on April 1,1987.
In order to bring the fees for the
various nonautomated services in line
with costs, the Board has approved a
$.50 increase in all such fees.
Finally, fees for dedicated leased line
and multi-drop electronic connections
have been adjusted to reflect data
communications costs more accurately.
The dedicated connection fee has been
increased from $300 to $400, and the
multi-drop connection fee from $225 to
$250. The dial connection type will
continue to be priced at $60, as this fee
covers costs.
Attachment 6 shows the proposed
funds transfer and net settlement fees
for 1987.
Definitive Securities Safekeeping and
Noncash Collection
Definitive securities safekeeping and
noncash collection costs are expected to
remain about the same in 1987. At the
same time, total revenue is expected to
decline slightly as a result of volume
decreases. Definitive safekeeping
volume is projected to decrease by
about 3.5 percent and noncash collection
volume by about 3.9 percent.
Because of these factors, the Board
has approved the revised fee schedules
for these services set out in Attachment
7.
The weighted average fee increase for
definitive safekeeping in 1987 is 3.0
percent, with the majority of definitive
safekeeping fees (85 percent) remaining
unchanged. In three of the eleven
Districts offering definitive safekeeping,
Fund's Transfer and Net Settlement
In 1987, funds transfer costs, including
the PSAF, are projected to increase by
$2.1 million or 3.0 percent over 1986. The
volume of basic funds transfers
originated is expected to increase by 6.9
percent in 1987.
Based upon Reserve Bank cost and
volume estimates for 1987, retaining the
basic funds transfer fee of $.55 would
result in a recover rate of about 104
percent. In view cf this projection, the
Board has reduced the basic transfer fee
to $.50.3
A t t a c h m e n t 1 .— C o m p a r i s o n
of
P r o Form a B alance S h e e t s
fo r
fee increases range from $.05 ot $6.00.
The $6.00 increase involves one
District’s purchases and sales fee and
brings it more in line with the average
fee charged in the System for this
activity. The weighted average fee
increase in the noncash collection
activity is 3.8 percent, with the majority
of the fees (80 percent) remaining
unchanged.
Book-Entry Securities Services
Although the 1986 book-entry
recovery rate is expected to be 125.7 per
cent, the Board has postponed any
changes to the book-entry fee schedule
until the second quarter of 1987 because
recent operational changes, such as the
mid-1986 expansion of book-entry
mortgage-backed securities to all
Reserve Banks, have increased the cost
of the book-entry service. The Reserve
Banks believe that some of these costs
may be due to the start up of new
activities and may decline as they gain
experience in handling these types of
securities. The Board does not believe
that the costs data available are
adequate for making pricing decisions
for all of 1987, and will review the bookentry fee schedule in the second quarter
of 1987. Pending that review, fees for
book-entry services will remain
unchanged. The current book-entry fee
schedule is shown in Attachment 8.
By order of the Board of Governors of the
Federal Reserve System, November 5,1986.
William W. Wiles,
Secretary of the Board.
F e d e r a l R e s e r v e P r ic e d S e r v i c e s
[Millions of dollars—average for year]
1986
1987
Short-term assets:
Imputed reserve requirements on clearing balances................................................................................................................
Investment in marketable secunties...........................
.
.
..............................................
Receivables 1................................
Materials and supplies 1..............
..............
Prepaid e x p e n s e s 1.......................................................
.
Net items in process of collection (flo a t)..........................................
Total short-term assets............................................
..............................................
........................................................................
.
. . . .
.............
$239.2
1,753.8
26.8
4.4
4.2
363.5
$204.0
1.496.0
25.9
4.2
4.2
334.0
2,391.9
2,068.3
229.6
126.8
1.8
2.0
191.0
123.4
0.2
1.8
360.2
316.4
Long-term assets:
Premises1 2 ....................................
Furniture and equipment1 ..........................................................
Capital ie a s e s ......................................................................................
Leasehold improvements 1 .................................
Total long-term a ss e ts .................................................................
8 For e x a m p le , th e R e s e r v e B a n k s f o r e c a s t e d o n ly
a 27.5 p er c e n t in c r e a s e in c o m m e r c ia l v o lu m e ,
w h il e a 3G p er c e n t i n c r e a s e is lik e ly in 1986. A ls o ,
t h e B a n k s a n t ic ip a t e a s ig n if ic a n t (12 p e r ce n t)
d e c r e a s e in p a p e r r e t u n r a n d n o t ific a t io n o f c h a n g e
........................................................................
v o lu m e s . T h e s e tr a n sa c t io n s a c c o u n t for
a p p r o x im a t e ly 23 p er c e n t o f t o ta l A C H r e v e n u e .
T h e R e s e r v e B a n k s e s t i m a t e s a r e c o n s e r v a t i v e in
v i e w o f th e a lm o s t 30 p e r c e n t i n c r e a s e in A C H
v o l u m e a n t ic ip a t e d in 1987.
8 T h e b a s i c f u n d s tra n sfe r f e e is a s s e s s e d to b o th
th e in s titu tio n o r ig in a tin g a n d th e in stitu tio n
r e c e iv in g th e fu n d s tra n sfer. C u rren tly, b o th
o r ig in a to r a n d r e c e iv e r p a y $ .55 for a f u n d s tran sfer.
E a c h w o u ld p a y $ .50 l e s s u n d er th e r e v is e d f ee
s c h e d u le .
Federal Register / Vol. 51, No. 227 / Tuesday, November 25, 1986 / Notices
At t a c h m e n t 1 — C o m pa r iso n
of
P ro Fo r m a Balance S h e e t s
for
42633
F ederal R eser ve Pr ic ed S e r vic es —
Continued
[Millions of dollars—average for year]
...............
■
I
j
1987
1986
Total a ss e ts............................................................................................................................................................................
2.752.1
2,384.7
Short-term liabilities:
Clearing balances..........................................................................................................................................................................
Balances arising from early credit of uncollected items.......................................................................................................
Short-term debt 3.„................................................................................. ............................. .........................................................
1.993.0
363.5
35.4
1,700.0
334.0
34.2
Total short-term liabilities..................................... ..............................................................................................................
2,391.9
2,068.3
Long-term liabilities:
Obligations under capital le a s e s ................................................................................................................................................
Long-term debt 3 ............................................................................................................................................................................
1.8
126.2
0.2
94.9
Total long-term liabilities................................ ......................................................................................................................
128.0
95.1
Total liabilities........................................................................................................................................................................
2,519.9
232.2
2.163.4
221.3
Total liabilities and equity....................................................................................................................................................
2,752.1
2,384.7
1 Financed through PSAF; other a ssets are self-financing.
2 Includes allocations in Board of Governors’ assets to priced services of $600 thousand for 1987 and $500 thousand for 1986.
3 Imputed figures; represent the source of financing for certain priced services assets.
N o t e .— Details may not add to totals due to rounding.
figure for pre-tax equity and the tax rate are
4 The pre-tax rate of return on equity is
A tta c h m e n t 2.— D erivatio n o f th e
based upon a three-year average of these
based on average after-tax rates of return on
1987 PSAF
rates.
equity for the bank holding company sample,
5 Systemwide 1987 budgeted priced service
adjusted by the effective tax rate to yield the
[Millions of dollars]
expenses less shipping were $450.3 million.
pre-tax rate of return on equity. The 1987
A. A ssets to be Financed:1
A tta c h m e n t 3.—Changes B etw een 1987 and 1986 PSAF Components
Short-term.........................................
$5.4
358.4
1987
1986
393.8
B. Weighted Average C ost
A. A ssets to be Financed (millions of dollars):
1. Capital Structure: 3
$35.4
$34.3
Short-term....................... - ......................- .......- ...................................... ..........
9.0%
Short-term Debt — .....
316.2
358.4
32.0%
Equity............................................ 59.9%
393.8
350.5
2. Financing Rates/Costs 3 Av
B. Cost of Capita*:
erage rates paid by the bank
10.3%
8.5%
holding companies included
10.3%
10.2%
in the sample:
19.8%
19.1%
Pre-tax Return on Equity 1................................... .................. .........................
8.5%
16.3%
15.3%
10.2%
33.9%
37.6%
19.1%
D. Capital Structure:
3. Elements of Capital Costs:
9.0%
9.8%
$3.0
Short-term Debt $35.4*8.5%....
27.1%
32.0%
Long-term Debt 126.2*10.3%..
12.9
63.1%
59.0%
44.4
Equity 232.2*19.1%...................
E. Other Required PSAF Recoveries (millions of dollars):
$7.3
$7.9
Sales Taxes............... ...........................................................- .............................
60.3
1.4
1.6
Federal Deposit Insurance A ssessm ent.........................................................
C. Other Required PSAF Recov1.7
1.7
Board of Governors Expenses..........................................................................
enes:
7.3
Sales Taxes.....................................
11.0
10.6
Federal Deposit Insurance As
F. Total PSAF:
1.6
sessm ent.......................................
$70.9
$68.1
Required Recovery............... ........................................................................—
1.7
Board of Governors Expenses....
19.4%
18.0%
As Percent of Capital.........................................................................................
10.6
15.7%
A « P p r r e n t of F xnenses............. ....................................................................
15.8%
7 0 . 9 ----------------------------------------------------------------------------------------------------1 The 1987 figures for pre-tax equity and the tax rate are based on a three-year average of
As a percent of capital....................... 18.0%
these rates:
As a percent of expenses s .............. 15.8%
Average
1985
1984
1983
(per
(per
(per
(per
1 Priced service asset base is based on
cent)
cent)
cent)
cent)
direct determination of a ssets method.
2 Consists of total long-term assets less
capital leases that are self-financing.
19.1
18.0
18.8
20.6
3 All short-term assets are assumed to be
33.9
30.8
31.7
39.1
Tax rate----------- ------ -------- ---- - ---- -------------------financed by short-term debt Of the total long
term assets, 35.2 percent are assumed to be
financed by long-term debt and 64.8 percent
BILLING CODE 6210-01-M
by equity.
D. Total PSAF Recoveries...
ATTACHMENT 4
Federal Reserve System Check Collection
Service and Fee Schedules
This attachment is available from Federal Reserve
Banks and will also be reprinted in full in the Federal
Register.
Federal Register / Vol. 51, No. 227 / Tuesday, November 25, 1986 / Notices
At t a c h m e n t
5 .— F e d e r a l
Reserve
S y s t e m , A u t o m a t e d C l e a r in g H o u s e
S e r v ic e a n d F e e S c h e d u l e , N a t io n
a l l y E s t a b l is h e d A u t o m a t e d F e e s ,
E f f e c t iv e A p r il 1 9 8 7 1 2
Atta c h m e n t
5.— F e d e r a l
Reserve
S y s t e m , A u t o m a t e d C l e a r in g H o u s e
S e r v ic e a n d F e e S c h e d u l e , N a t io n
a ll y E s t a b l is h e d A u t o m a t e d F e e s ,
E f f e c t iv e A p r il 19871 2—Continued
Transaction
fees (cents)
Origination:
Intra-ACH..................................
Intra-Addenda...........................
Inter-ACH
Unsorted................................
Presort Consolidated..........
Presort Direct Send.............
Inter-Addenda...........................
Receipt
Intra-ACH..................................
Transaction
fees (cents)
Intra-Addenda...........................
Inter-A C H ...................................
Inter-Addenda............................
New Y o rk ...................................
1.0
.2
1.8
1.2
1.0
.3
.2
1.8
.3
1.2
42651
1 Effective April 1987, the following Auto
mated Clearing House transactions will be
biiled as regular items: Corporate Trade Pay
ments (CTP). Corporate Trade Exchange
(CTX), Depository Institution Automated Re
turns (RET), Depository Institution Automated
Notification of Changes (COR), and Prenottfications.
2 Night cycle processing surcharges are cur
rently 6.0* for debit transactions and 3.0c for
next day credits. These fees may be lowered
at a later date to reflect float recovery through
som e other means, e.g., a float factor.
Other fees
File processing..............................
$1.00
1.0
A t t a c h m e n t 5.— F e d e r a l R e s e r v e S y s t e m , A u t o m a t e d C l e a r in g H o u s e S e r v ic e a n d F e e S c h e d u l e , L o c a l l y E s t a b l is h e d
N o n a u t o m a t e d F e e s , E f f e c t iv e A p r il 1987
Tapes billed
fee
Boston...............................................................................
New York.........................................................................
Philadelphia.....................................................................
Cleveland.........................................................................
Richmond.........................................................................
Atlanta..............................................................................
Chicago.............................................................................
St. Louis...........................................................................
Minneapolis......................................................................
Kansas City................................... ..................................
Dallas.................................................................................
San Francisco.................................................................
Non
electronic
delivery fee
$3.00
3.00
3.00
3.50
3.50
3.00
3.50
3.50
3.50
3.50
3.50
3.50
Messenger
pickup fee
$3.50
3.50
3.50
4 50
4.00
3.50
4.50
4.50
4.00
3.50
4.50
4.50
$2.50
3.00
2.50
4.50
3.00
2.50
3.00
3.00
3.00
2.50
3.00
3.00
Telephone*
advice fee
Common
paper returns
& NOC fee
$2.50
2.50
2.50
3.00
2.50
3.50
3.00
3.50
3.50
3.00
3.50
3.50
Diskette
output fee
$2.00
$3.50
3.00
2.75
3 50
3.00
2.75
3.50
2.75
3.50
3.00
3.50
3.50
2.50
3.00
3.00
2.00
1Additional pieces of telephone information have been uniformly priced at 5.0<fr.
At t a c h m e n t 6
Atta c h m en t
6.—Continued
At t a c h m e n t
6 —Continued
■F e d e r a l R e s e r v e S y s t e m , W ir e T r a n s
f e r a n d N e t S e t t l e m e n t S e r v ic e
1987 F e e S c h e d u l e
F ees
Wire transfer of funds:
Basic transfer
originated.
Basic transfer
received.
$0.50.
$0.50.
F ees
F ees
Off-line origination.
Telephone advice
Net settlem ent1
Settlement entry.......
QffJjng cafilflmant....
$6.00.
$3.50.
$250 per month.
$60 per month.
$1.30.
$8.00.
Telephone advice..... $3.50.
Electronic connections:
Dedicated leased
line.
Multi-drop leased
line.
$400 per month.
1 In ca se s where net settlement arrange
ments resulted in higher operating costs than
those incurred for standard arrangements, the
Reserve Banks may establish higher fees.
BILUNG CODE 6210-01-M
ATTACHMENT 7
1987 P r ic e S chedule \
D e f i n i t i v e S afek eep in g
B oston
12.50
12.5 0
12.50
12.5 0
2 .9 0
2 .9 0
2 .2 0
2 .2 0
15.00
15.00
12.50
12.50
New York
4 0.00
4 0 .0 0
4 0 .0 0
4 0.00
5.35
5.35
4.75
4.75
23.00
23.00
40.00
40.00
0.0050
P h ila d e lp h ia 2 /
16.00
16.00
16.00
1 6 .0 0
3.25
3 .2 5
2.25
2.25
20.00
20.0 0
20.00
20.00
-
C lev e la n d
15.00
15 .0 0
15.00
15.00
2.0 0
2 .0 0
1.50
1.50
2 5 .00
25.00
15.00
15.00
0.0 050
Richmond
15.00
15.00
15.00
15.00
1.95
1.95
1.45
1.45
20.00
20.0 0
15.00
15.00
-
0 .0 0
0 .0 0
7 .0 0
7 .0 0
0 .0 0
0 .0 0
5 .0 0
5.0 0
-
Chicago
15.00
15.00
15.0 0
15.00
4 .0 0
4 .0 0
3,00
3.0 0
22.00
22.0 0
15.00
15.00
-
4/
D e tro it ~
15.00
15.00
15.00
15.00
3 .0 0
3 .0 0
2.7 5
2.75
0 .0 0
0 .0 0
15.00
15.00
-
S t . L ou is
18.00
18.00
18.00
18.00
2 .5 0
3 .1 0
1.50
1.55
0 .0 0
0 .0 0
20.00
20.00
-
M in n ea p o lis
11.50
13.50
11.50
13.50
1.85
2 .5 0
0 .7 5
1.5 0
15.00
21.00
11.50
13.50
-
Kansas C ity
15.00
15.00
15.00
15.00
2.5 0
3 .0 0
2.25
2 .50
2 0.00
25.00
15.00
15.00
-
D a lla s
10.00
10.00
10.00
10.00
2.25
2 .2 5
2.0 0
2.00
26.50
26.50
10.00
10.00
0.0080
A tla n ta
3/
• s e e below
* see below
ReR e g is tra tio n s
1986
1987
P er Month
Per $1,000
P ar V alue
1986 __ 1 M V
A pplied to coupon b e a r in g s e c u r i t i e s only*
2/
P h ila d e lp h ia im poses a $2.23 r e c e i p t fe e f o r a l l r e g i s t e r e d s e c u r i t i e s .
c o s ts of r e g i s t e r e d s e c u r i t i e s v e r s u s b e a r e r s e c u r i t i e s .
3/
A tla n ta h as a th r e e t i e r s t r u c t u r e :
1000+ a t $1.50 in 1986/1987.
4/
For d e p o s ito r y i n s t i t u t i o n s m a in ta in in g more th a n 100 r e c e i p t s , D e tr o it fe e s a re as fo llo w s and in c lu d e th e
c o l l e c t i o n o f coupons: 1-100 r e c e i p t s a t $3.50 in 1986/1987; ov er 100 r e c e i p t s a t $3.00 in 1986/1987.
T h is i s to re c o g n iz e th e low er h a n d lin g
1-500 r e c e i p t s a t $2.5 0 in 1986/1987; 500-1000 a t $2.00 in 1986/1987; and
0.0050
0.0080
/ Notices
1/
0.0050
/ Vol. 51, No. 227 / Tuesday, November 25,1986
W ithdraw als
1986 _ 1987
P u rc h a se s
And S a le s
1986 ... 1987
Federal Register
D e p o s its
1986
1987
R e c e ip ts /Is s u e s
P er Month
400+
1-400 1-400 400+
1986
1987. 1986
3-987
ATTACHMENT 7
1987 Price Schedule
Noncash Collection
(For Banks Not Offering A Mixed Deposit Product)
In te rd is tric t
Coupons
1986
1987
P o s ta g e and
In su ran ce U
1986
1987
R e tu r n
I te m s
1986
1987
Bond R edem ptioi
And S a l e s <
1986
1981
$ 2 .0 0
$ 2 .0 0
$ 2 .0 0
$ 2 .7 5
$ 2 .7 5
$ 1 .0 0
$ 1 .0 0
$ 3 .0 0
$ 3 .0 0
$ 1 2 .5 0
$ 1 2 .5 0
New Y ork
3 .0 0
3 .0 0
4 .5 0
4 .5 0
5 .5 0
5 .5 0
0 .7 5
0 .7 5
1 0 .0 0
1 0 .0 0
4 0 .0 0
4 0 .0 0
P h ila d e lp h ia
2 .9 0
2 .9 0
2 .9 0
2 .9 0
3 .4 5
3 .4 5
1 .0 0
1 .0 0
1 0 .0 0
1 0 .0 0
2 0 .0 0
2 0 .0 0
Richmond
2 .0 0
2 .0 0
2 .0 0
2 .0 0
3 .5 0
3 .5 0
1 .0 0
1 .0 0
5 .0 0
1 0 .0 0
2 0 .0 0
2 0 .0 0
5 .0 0
5 .0 0
5 .0 0
5 .0 0
3 .2 5
3 .2 5
1 .0 0 /
2 .0 0
1 .0 0 /
2 .0 0
1 0 .0 0
1 0 .0 0
2 0 .0 0
2 0 .0 0
2 .7 5
2 .7 5
3 .5 0
3 .5 0
3 .0 0
3 .0 0
0 .0 0
0 .0 0
1 0 .0 0
1 0 .0 0
1 5 .0 0
1 5 .0 0
2 .5 0
4 .2 5
2 .5 0
4 .2 5
3 .5 0
4 .4 0
0 .6 0
0 .0 0
1 0 .0 0
1 0 .0 0
1 1 .5 0
1 5 .0 0
K an sas C i t y
3 .5 0
4 .0 0
3 .5 0
4 .0 0
3 .5 0
3 .5 0
1 .0 0
1 .0 0
1 0 .0 0
1 0 .0 0
2 0 .0 0
2 5 .0 0
4/
San F r a n c i s c o -
5 .0 0
N/A
5 .0 0
N/A
N/A
N/A
N/A
N/A
1 0 .0 0
N/A
3 5 .0 0
N/A
C h ic a g o 3 /
D e tro it
M in n e a p o lis
4/
2/
Plus out-of-pocket expenses if any.
3/
Chicago - Postage and Insurance $1.00 local, $2.00 interdistrict.
4/
Minneapolis charges a fee of $4.00 (including postage and insurance) to collect 12th District coupons in 1986 and
$4.40 in 1987 and a fee of $11.50 to collect 12th District bonds in 1986 and $15.00 in 1987.
42653
Per $1,000 value shipped.
/ Notices
1/
/ Vol. 51, No. 227 / Tuesday, November 25, 1986
$ 2 .0 0
B o sto n
Federal Register
Add-On Fee for
L o c a l Coupons
C o u n try
C ity
1986
1987
1986
1987
ATTACHMENT 7
I
1987 P r ic e Schedule
Noncash C o lle c tio n
(F o r Banks O ffe rin g A Mixed D e p o sit P ro d u c t)
L ocal Coupons From
O u t- O f - D is tr ic t D I'S
C ity
Country
Return Items
i m ___ 198 L.
Bond
Redemptions
And S a le s
1986
1987
im_ mi
im_ mi
im __m i im —.mz
I n t e r - D i s t r i c t Coupons
F in e S o r t
Mixed
1986
1987
1986
1987
C le v e la n d
2.75
2.7 5
3.0 0
3.00
3.25
3.25
3.50
3 .5 0
4 .2 5
4 .2 5
5.2 5
5.25
10.00
10.00
15.00
15.00
A tl a n ta
1.75
1.75
2 .5 0
2.5 0
2 .4 0
2 .4 0
3.15
3.15
2 .7 5
2 .7 5
3.7 5
3.75
0 .0 0
3 .00
7 .5 0
7.5 0
3 .6 0
4 .0 0
3.6 0
4 .0 0
3 .6 0
4 .0 0
3.6 0
4 .0 0
3 .6 0
4 .0 0
3 .60
4 .0 0
0 .0 0
10.00
15.00
15.00
3 .00
3 .00
3 .0 0
3.00
3 .5 0
3 .5 0
3 .50
3.50
3.2 5
3.2 5
4 .5 0
4 .5 0
10.00
10.00
20.00
20.00
S t . L o u is
D a lla s
S t . L ouis i n t r a - d i s t r i c t f i n e s o r t coupons $1.75 p e r envelope i n 1986 and $2.0 0 i n 1987.
BILLING CODE 6210-01-C
/ Notices
1/
1/
Federal Register / Vol. 51, No. 227 / Tuesday, November 25,1986
L o cal Coupons From
I n - O l s t r l c t D I'S
C ity
Country
Federal Register / Vol. 51. No. 227 / Tuesday, November 25, 1986 / Notices
A t t a c h m e n t 8 .— F e d e r a l R e s e r v e S y s t e m , B o o k -E n tr y S e r v ic e
S chedule 1
and
Component
Transaction
On-line transfers originated New York.....
9*00 a m.-12'00 noon
12:01 p m.-2:00 p.m...................................
2' 01 -Closing
Off-line transfers originated .....................
OfMine transfers received ................ .....................
Account maintenance....... ............ ............ .......
Issues in accounts maintained.........................
Funds s e t t l e m e n t . .................. ....................... ..
Per transfer.......................................... .
Per transfer.............................................
Per transfer........................ _ ......... .......
Per transfer................... .............. ..........
Per transfer.................... ........................
Per transfer...................... ............. ........
Per account/per month........................
Per issue/per month....................... .
Per transfer................ ............... - ..........
1 T hese fe es a re in place currently.
ir e Doc. 86-25408 Filed 11-24-86: 8:45 amf
BtLLMG CODE S2TO-0T-*
F ee
F ees
$3.00
1.00
3.00
5.00
10.00
10.00
15.00
.50
.75
42655
@FedFRASER