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federal Re s e r v e b a n k o f Da l la s DALLAS, TEXAS October 2, 1959 AMENDMENT TO REGULATION Q To the Member Banks of the Eleventh Federal Reserve District: There is enclosed an amendment to Section 3(d) of Regu lation Q of the Board of Governors of the Federal Reserve System, effective October 1, 1959, with respect to grace periods in computing interest on savings deposits. Please insert this amendment in the ring binder containing the Regulations of the Board of Governors and the Bulletins of this bank. Yours very truly, Watrous H. Irons 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 I ssued by t h e B oard of G overnors of th e F ederal R eserve System Regulation Q is hereby amended, effective October 1, 1959, by chang ing subsection (d) of section 3 thereof to read as follow s: (d) Grace periods in computing interest on savings deposits. — A member bank may pay interest on a savings deposit received during the first 10 calendar days of any calendar month at the applicable maximum rate prescribed pursuant to subsection (a) of this section calculated from the first day of such calendar month until such de p o sit is withdrawn or ceases to constitute a savings deposit under the provisions of this regulation, whichever shall first occur; and a member bank may pay interest on a savings deposit withdrawn during its last 3 business days of any calendar month ending a regular quar terly or semi-annual interest period at the applicable maximum rate prescribed pursuant to subsection (a) calculated to the end of such calendar month.
@FedFRASER