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Federal Reserve Bank OF DALLAS T O N Y J . S A L V A G G IO F IR S T V IC E PR E S ID E N T December 30, 1994 DALLAS, TEXAS 75265-5906 Notice 94-132 TO: The Chief Operating Officer of each financial institution in the Eleventh Federal Reserve District SUBJECT Appendix 2 of Operating Circular 11 (Automated Clearinghouse Operations) DETAILS In the revision to Operating Circular 11 (Automated Clearinghouse O pera tions) last December, a statement was omitted in Appendix 2. We apologize for any inconvenience this may have caused. ENCLOSURE Enclosed is a corrected copy of Appendix 2 of Operating Circular 11. Please file the appendix in your Operating Circulars (Bulletins) binder. MORE INFORMATION For more information, please contact Billy Musgrave at (214) 922-6488. For additional copies of this Bank’s notice or Appendix 2 of Operating Circular 11, please contact the Public Affairs Department at (214) 922-5254. Sincerely, For additional copies, bankets and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank o f 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. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Operating Circular A P P E N D IX 2 TIME SCHEDULE FOR AUTOMATED CLEARINGHOUSE ITEMS CUTOFF HOURS This tim e schedule shows the closing hours for this Bank's receipt of ACH formatted files containing debit and/or credit items of various classes, including paper returns and notifications of change (NOCs), as well as return debit items of $2,500 or more. CLOSING TIMES (EASTERN T IM E )1 Interregional items Mixed Presort Intraregional items Exchange 1 Exchange 2 Exchange 3 Exchange 4 9:30 a.m. 10:00 a.m. 11:00 a.m. 12:30 p.m. 1:00 p.m. 2:00 p.m. 6:30 p.m. 7:00 p.m. 8:00 p.m. 1:30 a.m 2:00 a.m 3:00 a.m Paper returns (other than debit items of $2,500 or more) and NOCs 8:00 a.m. Contested returns 8:00 a.m. 6:00 p.m. Automated return debit items of $2,500 or more Applicable Exchange 4 closing tim e corresponding to the receiving institution’s banking day follow ing the settlement date or follow ing receipt of the item, whichever is later Paper return debit items of $2,500 or more 8:00 p.m. on the receiving institution's banking day follow ing the settlement date or follow ing receipt of the item, whichever is later Submitted By paper By telephone 8:00 a.m. Noon 1Closing times represent the end of the deposit window. Files must be completely received (that is, data transmission must be fully concluded) by the closing time. Sending institutions using data transmission, especially those having large and/or variable volumes of deposits, should coordinate the beginning of their transmission within the w ind ow to ensure file completion by the closing time. Presort deposits of 500,000 items or more per exchange must be received one-half hour earlier than the indicated deadline. (Appendix 2 continued on the next page) 1 2 -9 4 F e d e r a l R e s e r v e B a n k of D a l l a s 11 Operating Circular 11 A P P E N D IX 2 (continued) EFFECTIVE DATE WINDOWS Items— other than returns, NOCs, and NACS (National Association for Check Safekeeping) items— should specify an effective date within the follow ing effective date windows, computed from our processing date. Class E ffe c tiv e D a te W in d o w Credit items One ( D o r tw o (2) banking days Debit items One (1) banking day only Items with an effective date later than the effective date w in d o w w ill be returned to the sender. SETTLEMENT DATES If an effective date is not specified or if an item specifies an effective date the same as or earlier than this Bank's processing date, the settlement date is the banking day follow ing our processing date. The settlement date for immediate settlement items (returns and NACS items) is the banking day of processing if received by the applicable Exchange 2 closing tim e or the next banking day if received by the third or fourth exchange. In the event of Reserve Bank operating problems, some other items may also be included as immediate settlement items. If an item specifies a settlement date that is a standard Reserve Bank holiday, the settle ment date is the next banking day for this Bank. If an item specifies a settlement date that is not a banking day for the sending institution or the receiving institution, settlement is effected, with respect to that party, as follows: ACH DEBIT ITEM S Sending institution closed: Credit sending institution's account on settlement date. Receiving institution closed: Debit receiving institution's account on settlement date, or receiving institution may choose next-day debit with as-of adjustment or explicit charge for float, provided we have received written notification of each election 10 business days in advance of the settlement date that is not a banking day for the receiver. ACH CREDIT ITEM S Sending institution closed: Debit sending institution's account on settlement date. Receiving institution closed: Credit receiving institution's account on settlement date. The receiving institution is not considered to receive an item made available to it on a day it is closed until its next banking day for purposes of determining the deadline for return. F e d e ra l R es e rv e B a n k of D allas 1 2 -9 4
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