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federal reserve
Bank
DALLAS. TEXAS
of
Dallas
75222
Circular No. 83-117
October 4, 1983
AUTOMATED CLEARINGHOUSE SERVICE
PROPOSED FEE SCHEDULE AND ENHANCEMENTS
TO ALL DEPOSITORY INSTITUTIONS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The Board of Governors of the Federal Reserve System has requested
comment on a restructured fee schedule and several proposed enhancements for
services supplied by Federal Reserve Banks to autom ated clearinghouses (ACHs).
A copy of the Board's press release and notice as published in the
Federal Register are attached. Any views or comments concerning the proposals
should be subm itted in writing to the Secretary, Board of Governors of the
Federal Reserve System, Washington, D.C., 20551. All m aterials submitted
should refer to Docket No. R-0482, and should be received by November 7, 1983.
Questions regarding the contents of this circular should be directed
to Robert L. Whitman, (214) 698-4357 or Thomas D. Holloway, (214) 651-6123
at the Head Office; Larry Wilson, (915) 544-4730 at the El Paso Branch;
Vernon L. Bartee, (713) 659-4433 at the Houston Branch; and John A. Bullock,
(512) 224-2141 at the San Antonio Branch.
Additional copies of this circular will be furnished upon request to
the Public Affairs Departm ent, Extension 6289.
Sincerely yours,
William H. Wallace
First Vice President
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dalfrb.org)
Banks and oth ers are encouraged to use the fo llo w in g incom ing WATS num bers in co n ta ctin g th is Bank:
1-800-442-7140 (in tra sta te ) and 1-800-527-9200 (interstate). For ca lls placed locally, please use 651 plus the
extension referred to above.
FEDERAL RESERVE press release
For immediate release
S e p t e m b e r 23, 1983
The F e d e r a l R e s e r v e B o a r d t o d a y r e q u e s t e d c o m m e n t o n a r e v i s e d
and r e s t r u c t u r e d fee s c h e d u l e for s e r v i c e s s u p p l i e d b y F e d e r a l R e s e r v e
b a n k s to a u t o m a t e d c l e a r i n g h o u s e s
(ACHs -- c o m p u t e r i z e d f a c i l i t i e s for
sorting and settling electronically originated p a y m e n t s ) .
T h e B o a r d also r e q u e s t e d c o m m e n t o n a n u m b e r o f p r o p o s e d e n h a n c e
m e n t s for F e d e r a l R e s e r v e A C H s e r v i c e s and o n the r e d u c t i o n a n d p r i c i n g of
f l o a t g e n e r a t e d in c o n n e c t i o n w i t h A C H t r a n s a ctions.
A l l c o m m e n t s h o u l d b e r e c e i v e d b y N o v e m b e r 7, 1983.
The B o a r d ' s p r o p o s a l s are b a s e d o n a r e v i e w by the F e d e r a l R e s e r v e
of A C H s e r v i c e s s u p p l i e d b y the System.
This r e v i e w r e s u l t e d in a n u m b e r
o f s u g g e s t i o n s for p o s s i b l e i m p r o v e m e n t s t h a t m a y b e n e f i t d e p o s i t o r y
i n s t i t u t i o n s t h a t use A C H services, and the p u b l i c at large.
It is e x p e c t e d t h a t the fee s c h e d u l e p r o p o s e d w o u l d go into e f f e c t
in D e c e m b e r 1983, a n d that it w o u l d r e c o v e r 60 p e r c e n t o f the actu a l cos t
o f p r o v i d i n g t hese s e r v i c e s
(including a p r i v a t e s e c t o r a d j u s t m e n t f a cto r
(PSAF) — an a d j u s t m e n t for taxes and the cost o f c a p i t a l for a p r i v a t e
p r o v i d er).
The c u r r e n t A C H fee schedule, e s t a b l i s h e d D e c e m b e r 30, 1982, a i m e d
at r e c o v e r y o f 40 p e r c e n t of such costs.
A C H p r icing.
T h e B o a r d is p h a s i n g o u t i n c e n t i v e
The B o a r d is p r i c i n g A C H and o t h e r F e d e r a l R e s e r v e servi c e s —
an d p r i c i n g o r e l i m i n a t i n g f loat — as r e q u i r e d b y the M o n e t a r y C o n t r o l A c t
o f 1980.
F l o a t is the v a l u e o f p a y m e n t s c r e d i t e d b y the F e d e r a l R e s e r v e to
the d e p o s i t o r y i n s t i t u t i o n r e c e i v i n g the p a y m e n t b u t n o t y e t c o l l e c t e d from the
i n s t i t u t i o n o r i g i n a t i n g the payment.
The B o a r d ' s p r o p o s a l s for e n h a n c e m e n t o f F e d e r a l R e s e r v e A C H
services, and p r o p o s e d r e v i s i o n s and r e s t r u c t u r i n g o f A C H fee schedules,
t o g e t h e r w i t h p r o p o s a l s for e l i m i n a t i n g o r p r i c i n g f l oat g e n e r a t e d in c o n
n e c t i o n w i t h A C H usage, are s p e l l e d o u t in the a t t a c h e d notice.
The n o t i c e
a l s o m a k e s a n u m b e r o f r e q u e s t s for c o m m e n t o n s p e c i f i c topics.
A t able
p r e s e n t i n g the p r o p o s e d fee r e v i s i o n s is a l s o attached.
Attachments
F ED ER AL
R ESERVE
SYSTEM
( D o c k e t No. R - 0 4 8 2 )
FEE SCHEDULES FOR FEDERAL RESERVE BANK SERVICES
AGENCY:
B o a r d of G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s te m.
ACTION:
P r o p o s e d F ee S c h e d u l e , F l o a t R e d u c t i o n P l a n an d
S e r v i c e E n h a n c e m e n t s for t h e A u t o m a t e d C l e a r i n g H o u s e S e r v i c e .
SUMMARY:
T h e B o a r d is r e q u e s t i n g c o m m e n t s o n a p r o p o s e d fee
s c h e d u l e for A u t o m a t e d C l e a r i n g H o u s e ("ACH") s e r v i c e s o f f e r e d
b y R e s e r v e Ba nk s.
It is a n t i c i p a t e d th a t the fee s c h e d u l e
w o u l d b e i m p l e m e n t e d in D e c e m b e r , 1983.
In c o n j u n c t i o n w i t h
the p r o p o s e d fee s c h e d u l e , the B o a r d is a l s o r e q u e s t i n g
c o m m e n t s o n c e r t a i n p r o p o s e d e n h a n c e m e n t s to the A C H se rv i c e .
DATE:
C o m m e n t s m u s t b e r e c e i v e d b y N o v e m b e r 7, 1983.
ADDRESS:
C o m m e n t s , w h i c h s h o u l d r e f e r to D o c k e t No. R - 0 4 8 2 ,
m a y b e m a i l e d to Mr. W i l l i a m W. W i l e s , S e c r e t a r y , B o a r d of
G o v e r n o r s of the F e d e r a l R e s e r v e S y st e m, 2 0 t h S t r e e t a n d
C o n s t i t u t i o n A v e n u e , N. W . , W a s h i n g t o n , D. C.
20551, or
d e l i v e r e d to r o o m B 2 2 2 3 b e t w e e n 8 : 4 5 a.m. a n d 5:15 p.m.
C o m m e n t s r e c e i v e d m a y b e i n s p e c t e d at r o o m B 1 1 2 2 b e t w e e n 8 : 4 5
a.m. a n d 5:15 p.m., e x c e p t as p r o v i d e d in § 26 1. 6 ( a ) of the
B o a r d ' s R u l e s R e g a r d i n g the A v a i l a b i l i t y of I n f o r m a t i o n , 12 C F R
§ 261.6(a).
FOR FURTHER INFORMATION CONTACT:
E l l i o t t C. M c E n t e e , A s s o c i a t e
D i r e c t o r ( 2 0 2 / 4 5 2 - 2 2 3 1 ) or F l o r e n c e M. Y o u n g , P r o g r a m M a n a g e r
( 2 0 2 / 4 5 2 - 3 9 5 5 ) , D i v i s i o n of F e d e r a l R e s e r v e B a n k O p e r a t i o n s ;
G i l b e r t T. S c h w a r t z , A s s o c i a t e G e n e r a l C o u n s e l ( 2 0 2 /4 5 2-3625)
o r E l a i n e M. B o u t i l i e r ,
Attorney
(202/452-2418),
Legal
D i v i s i o n , B o a r d of G o v e r n o r s of the F e d e r a l R e s e r v e System,
W a s h i n g t o n , D. C.
20551.
SUPPLEMENTARY INFORMATION:
T h e M o n e t a r y C o n t r o l Ac t of 1 9 8 0
r e q u i r e s t h a t fee s c h e d u l e s be d e v e l o p e d for F e d e r a l R e s e r v e
B a n k s e r v i c e s b a s e d o n p r i c i n g p r i n c i p l e s e s t a b l i s h e d b y the
B oa rd .
In 1982, the B o a r d d e t e r m i n e d to p h a s e o u t its
i n c e n t i v e p r i c i n g p o l i c y for A C H s e r v i c e s .
A c c o r d i n g l y , the
A C H fee s c h e d u l e , e s t a b l i s h e d o n D e c e m b e r 30, 1982, p r o v i d e d
-2-
for r e c o v e r y of 40 p e r c e n t of t h e c o s t s of p r o v i d i n g t h e
se rv i c e .
T h e p r o p o s e d fee s c h e d u l e , o n w h i c h c o m m e n t is
r e q u e s t e d , w i l l p r o v i d e for r e c o v e r y of 60 p e r c e n t of
c o m m e r c i a l A C H costs, i n c l u d i n g the p r i v a t e s e c t o r a d j u s t m e n t
fac to r.
It is a n t i c i p a t e d t h a t th e r e v i s e d fee s c h e d u l e w i l l
g o i n t o e f f e c t in D e c e m b e r , 1983.
As a r e s u l t of a r e v i e w of
the A C H s er vi ce , t h e F e d e r a l R e s e r v e is c o n s i d e r i n g c e r t a i n
s e r v i c e e n h a n c e m e n t s and a r e s t r u c t u r i n g of the fee s c h e d u l e to
a s s e s s fe es o n a m o r e e q u i t a b l e b a s i s .
I.
Federal Reserve ACH Services
In a s s e s s i n g the q u a l i t y of t he F e d e r a l R e s e r v e ' s
c u r r e n t A C H s e r v i c e levels, p o t e n t i a l i m p r o v e m e n t s w e r e
i d e n t i f i e d th at m a y b e n e f i t d e p o s i t o r y i n s t i t u t i o n s that
participate
in the A C H m e c h a n i s m .
In o r d e r t o o b t a i n
a d d i t i o n a l i n f o r m a t i o n r e g a r d i n g t h e i r value, p u b l i c c o m m e n t is
r e q u e s t e d o n the f o l l o w i n g s e r v i c e l e v e l c h a n g e s .
A.
T e l e p h o n e A d v i c e for t he N i g h t C y c l e
In c o n j u n c t i o n w i t h p e r m i t t i n g all
types
of A C H
t r a n s a c t i o n s to b e d e p o s i t e d at the n i g h t t i m e d e p o s i t
d e a d l i n e , 1/ the R e s e r v e B a n k s a l s o e x t e n d e d
their
current
telephone advice services.
T h i s w a s d o n e to a c c o m m o d a t e
d e p o s i t o r y institutions that receive A CH transactions processed
at n i g h t a f t e r the s e t t l e m e n t da t e .
At p r e s e n t , t h e t e l e p h o n e
a d v i c e s e r v i c e s p r o v i d e d b y t he R e s e r v e B a n k s a r e n ot u n i f o r m .
T o e n s u r e t h a t c o m p a r a b l e s e r v i c e l e v e l s a r e o f f e r e d a n d to
p r o v i d e d e p o s i t o r y i n s t i t u t i o n s the o p t i o n of s e l e c t i n g the
t y p e of s e r v i c e t ha t b e s t m e e t s t h e i r needs, th e F e d e r a l
Reserve proposes several alternative telephone advice services
t ha t m a y be u s e d i n d i v i d u a l l y o r in c o m b i n a t i o n s .
The
a l t e r n a t i v e s e r v i c e l e v e l s t h a t ar e b e i n g p r o p o s e d i nc lu de :
(1) a d v i c e of A C H s e t t l e m e n t t o t a l s ; (2) a d v i c e of all d e b i t
t r a n s a c t i o n s ; (3) a d v i c e of d e b i t t r a n s a c t i o n s a b o v e a
±/
See I n t e r i m F e e S c h e d u l e for A u t o m a t e d C l e a r i n g H o u s e
N i g h t C y c l e D e p o s i t s , 48 F e d e r a l R e g i s t e r 40558, S e p t e m b e r 8,
1983.
-3 -
specified dollar a m o u n t ; 2 /
(4)
a d v i c e of all
credit
transactions;
(5) a d v i c e of c r e d i t t r a n s a c t i o n s a b o v e a
s p e c i f i e d d o l l a r a m o u n t :2.' (6) a d v i c e of n e x t - d a y s e t t l e m e n t
c r e d i t t r a n s a c t i o n s o nly; or (7) a c o m b i n a t i o n of t h e s e
a l t e r n a t i v e s selected b y the d e p o s i t o r y institution.
In
p r o v i d i n g t e l e p h o n e a d v i c e s er v i c e , s u f f i c i e n t i n f o r m a t i o n
about
transactions
will be g iven
so th at
depository
i n s t i t u t i o n s w i l l b e a b l e to p o s t the t r a n s a c t i o n s to t h e i r
customers' accounts.
T h e l i m i t e d t e l e p h o n e a d v i c e s e r v i c e o f f e r e d at
p r e s e n t is b e i n g p r o v i d e d at n o fee.
B e c a u s e i n c r e a s e d u s e of
the t e l e p h o n e a d v i c e s e r v i c e is e x p e c t e d d u e to t he e x p a n d e d
n i g h t c ycle, a fee for t e l e p h o n e a d v i c e s e r v i c e is p r o p o s e d .
T h i s n e w t e l e p h o n e a d v i c e s e r v i c e w o u l d b e o f f e r e d a n d a fee
e s t a b l i s h e d at t h e t i m e th e r e v i s e d A C H fee s c h e d u l e is
implemented.
B.
Same-Pay Funds Avail a b i l i t y
A CH processing schedules now permit originating
i n s t i t u t i o n s to d e p o s i t d e b i t t r a n s a c t i o n s for n e x t - d a y
s e t t l e m e n t a n d c r e d i t t r a n s a c t i o n s for n e x t - d a y or t w o - d a y
settlement.
S o m e A C H u s e r s h a v e e x p r e s s e d i n t e r e s t in
o b t a i n i n g s a m e - d a y s e t t l e m e n t for A C H t r a n s a c t i o n s .
It a p p e a r s
that o ffering a same-day settlement service may assist
d e p o s i t o r y i n s t i t u t i o n s in e x c h a n g i n g d e b i t c a r d t r a n s a c t i o n s
a n d m a y a l s o s e r v e as a n a l t e r n a t i v e for l o w d o l l a r v a l u e w i r e
t r a n s f e r s of funds.
Based on information c ur rently available
to the F e d e r a l Re se r v e , t he v o l u m e of p o t e n t i a l t r a n s a c t i o n s
a p p e a r s to b e r e l a t i v e l y low.
B e c a u s e t he u s e s of a s a m e - d a y
A C H s e r v i c e a r e not e n t i r e l y cl e ar , the F e d e r a l R e s e r v e p l a n s
to c o n d u c t a t h o r o u g h a n a l y s i s of t hi s s u g g e s t e d s e r v i c e
offering.
A c c o r d i n g l y , t h e B o a r d r e q u e s t s c o m m e n t s o n the
following questions:
1.
W h a t t y p e s o f c r e d i t or d e b i t
l i k e l y to b e d e p o s i t e d f or s a m e - d a y s e t t l e m e n t ?
j-/ A s p e c i f i c d o l l a r a m o u n t w i l l b e d e t e r m i n e d
r e p r e s e n t a t i v e s of the F e d e r a l R e s e r v e a n d e a c h
insti tuti on .
transactions
jointly by
depository
a re
-4 -
2.
What
potential users?
deposit
deadline(s)
3.
Should a same-day ACH
i n s t i t u t i o n s t ha t h a v e an e l e c t r o n i c
Reserve?
4.
What
would
be
attractive
to
s e r v i c e b e l i m i t e d to
i n t e r f a c e w i t h the F e d e r a l
fee w o u l d b e a p p r o p r i a t e
for a s a m e - d a y A C H
service?
C.
Presorted Deposit Option
A t p r e s e n t , o n l y o n e d e p o s i t o p t i o n , an u n s o r t e d A C H
deposit,
is o f f e r e d to o r i g i n a t o r s of A C H t r a n s a c t i o n s .
C o n v e r s e l y , a v a r i e t y of d e p o s i t o p t i o n s is a v a i l a b l e to
d e p o s i t o r y i n s t i t u t i o n s u s i n g th e F e d e r a l R e s e r v e ' s c h e c k
collec tio n services.
Th e b e n e f i t s of t h e s e o p t i o n s i n c l u d e
l a t e r d e p o s i t d e a d l i n e s , a n d in s o m e cases, l o w e r F e d e r a l
R e s e r v e fees.
A C H v o l u m e is g r o w i n g r a p i d l y a nd a n u m b e r of
A C H o r i g i n a t o r s n o w d e p o s i t r e l a t i v e l y h i g h v o l u m e s of A C H
t r a n s a c t i o n s on a d a i l y basis.
B e c a u s e of this i n c r e a s e d
v o l u m e it is p r o p o s e d t h a t d e p o s i t o r y i n s t i t u t i o n s b e p e r m i t t e d
to d e p o s i t w i t h t h e i r l o c a l R e s e r v e o f f i c e i n t e r r e g i o n a l A C H
t r a n s a c t i o n s th at a r e s o r t e d b y r e c e i v i n g F e d e r a l R e s e r v e
offices.
In a d d i t i o n , o r i g i n a t i n g i n s t i t u t i o n s w o u l d be
p e r m i t t e d to d e l i v e r i n t e r r e g i o n a l t r a n s a c t i o n s d i r e c t l y to the
F e d e r a l R e s e r v e o f f i c e s e r v i n g the r e c e i v i n g d e p o s i t o r y
i n s t i t u t i o n at the R e s e r v e o f f i c e s ' later, l o c a l d e p o s i t
deadline.
D.
Value-Dating
T h e c o n c e p t of v a l u e - d a t i n g is o f f e r e d in a l i m i t e d
s e n s e for A C H c r e d i t t r a n s a c t i o n s .
A n e x p a n d e d u s e of
v a l u e - d a t i n g m a y b e n e f i t o r i g i n a t o r s of A C H t r a n s a c t i o n s b y
p e r m i t t i n g t h e m to g e n e r a t e p a y m e n t s m o r e e v e n l y a c r o s s t h e i r
p r o c e s s i n g c yc le .
However, institutions receiving transactions
w i t h s e t t l e m e n t d a t e s in t h e f u t u r e m u s t d e v e l o p s y s t e m s t ha t
e n a b l e t h e m to p o s t t r a n s a c t i o n s t o c u s t o m e r a c c o u n t s o n the
s e t t l e m e n t date.
Many institutions receiving ACH transactions
ar e s m a l l a n d d o not p o s s e s s the c a p a b i l i t y to store, or
w a r e h o u s e , A C H t r a n s a c t i o n s , a n d it h a s b e e n s u g g e s t e d t h a t t he
Federal Reserve should warehouse ACH transactions.
The Federal
R e s e r v e p l a n s to e v a l u a t e the c o s t s a n d b e n e f i t s of p r o v i d i n g a
wareh o u s in g service.
T o g a i n a f u l l e r u n d e r s t a n d i n g of h o w
d e p o s i t o r y i n s t i t u t i o n s m i g h t u s e s u c h a s e r v i c e a n d w h a t t he
b e n e f i t s w o u l d be, p u b l i c c o m m e n t is r e q u e s t e d on the f o l l o w i n g
questions.
-5-
1. W h a t t y p e s o f A C H c r e d i t or d e b i t t r a n s a c t i o n s
w o u l d d e p o s i t o r y i n s t i t u t i o n s c h o o s e to w a r e h o u s e w i t h the
Federal Reserve?
b as is ,
2. W h a t v o l u m e of t r a n s a c t i o n s , o n a d a i l y a v e r a g e
w o u l d a n o r i g i n a t o r s r e q u e s t to b e w a r e h o u s e d ?
3. H o w m a n y d a y s in a d v a n c e of t he d e l i v e r y d a t e
would o r i g i n a t i n g institutions w i s h to depo s i t A C H tra n s a c t i o n s ?
4. At w h a t fee, o n a p e r t r a n s a c t i o n ba si s, w o u l d a
w a r e h o u s i n g s e r v i c e b e a t t r a c t i v e to d e p o s i t o r y i n s t i t u t i o n s ?
5.
S h o u l d the o r i g i n a t o r or
the
receiver be assessed
the fee?
6. If the F e d e r a l R e s e r v e d e c i d e d a g a i n s t p r o v i d i n g a
w a r e h o u s i n g s e rvice,
would
originating
institutions
be
i n t e r e s t e d in an e x p a n s i o n of t h e c u r r e n t A C H v a l u e - d a t i n g
c o n c e p t for c r e d i t an d d e b i t t r a n s a c t i o n s ?
7. H o w w o u l d r e c e i v i n g d e p o s i t o r y i n s t i t u t i o n s be
a f f e c t e d if A C H c r e d i t a n d d e b i t t r a n s a c t i o n s w e r e p r o c e s s e d
w i t h s e t t l e m e n t d a t e s t h r e e d a y s or fo ur d a y s f o l l o w i n g t he
d a t e of d e p o s i t w i t h t he F e d e r a l R e s e r v e ?
E.
Interbank Clearing Mechanism
T h e F e d e r a l R e s e r v e is c o n s i d e r i n g the p o s s i b i l i t y of
m o d i f y i n g th e A C H so t h a t it m i g h t s e r v e as a m e c h a n i s m to
f a c i l i t a t e the i n t e r b a n k c l e a r i n g a n d s e t t l e m e n t of e l e c t r o n i c
payments.
In o r d e r to d e t e r m i n e t h e p o t e n t i a l for u s i n g t he
A C H as a n i n t e r b a n k c l e a r i n g and s e t t l e m e n t m e c h a n i s m , c o m m e n t s
a r e r e q u e s t e d o n the f e a t u r e s s u c h a m e c h a n i s m m i g h t
incorporate.
1. W h a t
timeframes
s e t t l e m e n t - - t h e sa me day, t h e
period?
w o uld be a c c e p t a b l e
for
f o l l o w i n g day, o r a n o t h e r t i m e
2.
Could current A C H formats be adapted
interbank clearing and settlement mechanism?
for u s e in a n
3.
H o w w o u l d a g r e e m e n t s a m o n g m e m b e r s of e l e c t r o n i c
n e t w o r k s n e e d to b e c h a n g e d if t h e A C H w e r e u s e d as the
clearing and settlement mechanism?
4.
W h a t t y pe of b e n e f i t s — b o t h t a n g i b l e an d
i n t a n g i b l e -- w o u l d d e p o s i t o r y i n s t i t u t i o n s r e a l i z e if the A C H
w e r e m o d i f i e d to f a c i l i t a t e t h e i n t e r b a n k c l e a r i n g and
s e t t l e m e n t of e l e c t r o n i c p a y m e n t s ?
-6-
F.
P a p e r A C H R e t u r n Item s
B e c a u s e t he c o s t s a s s o c i a t e d w i t h a u t o m a t i n g A C H
r e t u r n i te m s ar e r e l a t i v e l y h i g h g i v e n t he c u r r e n t A C H v o l u m e
levels, f ew A C H p a r t i c i p a n t s g e n e r a t e a u t o m a t e d A C H r e t u r n
i tems.
C o n s e q u e n t l y , p r i v a t e A C H o p e r a t o r s h a v e r e q u e s t e d the
F e d e r a l R e s e r v e to h a n d l e t h e i r p a p e r A C H r e t u r n items.
In
a d d i t i o n , t he F e d e r a l R e s e r v e .has c o n s i d e r e d c o n v e r t i n g A C H
p a p e r r e t u r n i t em s to a u t o m a t e d f o r m at the F e d e r a l R e s e r v e
o f f i c e of f i r s t d e p o s i t .
A c c o r d i n g l y , t he B o a r d r e q u e s t s
c o m m e n t s o n the f o l l o w i n g q u e s t i o n s .
1.
S h o u l d t he F e d e r a l R e s e r v e c o n v e r t A C H p a p e r
r e t u r n i t e m s to a u t o m a t e d f o r m at the F e d e r a l R e s e r v e o f f i c e of
f irst d e p o s i t ?
2.
S h o u l d the F e d e r a l R e s e r v e h a n d l e A C H p a p e r r e t u r n
i t e ms as a s e p a r a t e s e r v i c e for A C H p a r t i c i p a n t s u s i n g the
F e d e r a l R e s e r v e ' s A C H s e r v i c e s a n d / o r for p r i v a t e l y o p e r a t e d
ACHs?
3.
If A C H p a p e r r e t u r n i t e m s ar e h a n d l e d as a
s e p a r a t e s e r v i c e , w h a t r a n g e of f e e s w o u l d b e a p p r o p r i a t e ?
II.
A C H Fee S tructure
S i n c e fees w e r e i n i t i a l l y i m p l e m e n t e d for the A C H
s e r v i c e o n A u g u s t 1, 1981, A C H f e e s h a v e b e e n e s t a b l i s h e d u n d e r
an incentive pricing policy.
P u r s u a n t to t he p h a s e - o u t of the
i n c e n t i v e p r i c i n g p o l i c y a d o p t e d b y the B o a r d in Ap ri l, 1982,
t he c u r r e n t A C H fees w e r e set to r e c o v e r 40 p e r c e n t of the
c o s t s i n c u r r e d in p r o v i d i n g c o m m e r c i a l A C H s e r v i c e s , i n c l u d i n g
t he p r i v a t e s e c t o r a d j u s t m e n t f a c t o r (PSAF).
T h e n e w A C H fees
t h at w i l l be e s t a b l i s h e d l a t e r t h i s y e a r w i l l b e set to r e c o v e r
60 p e r c e n t of t he c o s t s of p r o v i d i n g c o m m e r c i a l A C H s er v i c e s ,
i n c l u d i n g the PSAF.
A.
Proposed Fee Structure
T h e p r o p o s e d A C H fee s c h e d u l e s , b a s e d o n
d i s c u s s e d b el o w, a r e p r e s e n t e d in A t t a c h m e n t 1.
the c o n c e p t s
T h e c u r r e n t A C H f ee s w e r e set o n a n a t i o n a l
b a s e d on the a v e r a g e c o s t s of p r o c e s s i n g
l o ca l
i n t e r r e g i o n a l t r a n s a c t i o n s , a d j u s t e d to r e f l e c t the
benefits realized by various ACH participants.
l e v e l a nd
and
relative
-7-
A r e v i e w of the F e d e r a l R e s e r v e ' s A C H .cost s t r u c t u r e
i n d i c a t e d t ha t f i x e d c o s t s in A C H o p e r a t i o n s ar e h i g h r e l a t i v e
to t o t a l p r o d u c t i o n c o s t s a n d t h a t c o s t s w e r e l e ss h o m o g e n e o u s
across Federal Reserve Districts than they were originally
b e l i e v e d to be.
In o r d e r to a s s e s s A C H f e e s to u s e r s of A C H s e r v i c e s
so th at the fees m o r e a c c u r a t e l y r e f l e c t t he c o s t s of the
s e r v i c e s used, t h e B o a r d p r o p o s e s that:
(1) f i x e d d e p o s i t fees
be a s s e s s e d to o r i g i n a t o r s of A C H t r a n s a c t i o n s ; (2) f ix e d
h a n d l i n g fees b e a s s e s s e d to r e c e i v e r s of A C H t r a n s a c t i o n s ; and
(3) f i x e d t e l e p h o n e a d v i c e fees b e a s s e s s e d to d e p o s i t o r y
institutions requesting this service.
T h e B o a r d a l s o p r o p o s e s t h a t t h e n a t i o n a l fee
structure be modi f i e d to reflect regional or district cost
differences.
U n d e r th is p r o p o s a l e a c h F e d e r a l R e s e r v e D i s t r i c t
w i l l set its o w n d e p o s i t h a n d l i n g fee, d e l i v e r y h a n d l i n g fee,
t e l e p h o n e a d v i c e fee, a n d p e r t r a n s a c t i o n fee.
All other
t r a n s a c t i o n fees, s u c h as, n i g h t t i m e o r i g i n a t i o n s u r c h a r g e s and
i n t e r r e g i o n a l s u r c h a r g e s , w i l l b e set at the n a t i o n a l level.
A r e v i e w of t he b e n e f i t s - b a s e d c o n c e p t th at a s s e s s e s
fees to A C H p a r t i c i p a n t s b a s e d o n the r e l a t i v e b e n e f i t s t h e y
r e a l i z e t h r o u g h p a r t i c i p a t i n g in t he A C H i n d i c a t e d t h a t the
c o n c e p t c o n t i n u e s to h a v e v a l u e in p r o m o t i n g A C H v o l u m e
growth.
In a d d i t i o n , it a p p e a r s th at the r e l a t i v e b e n e f i t s
a c h i e v e d b y the v a r i o u s A C H p a r t i c i p a n t s a r e the same as t h e y
w e r e w h e n f ee s w e r e set in 1982.
At the s am e time, t h r e e o t h e r b e n e f i t s - r e l a t e d f a c t o r s
w e r e c o n s i d e r e d d u r i n g t he r e c e n t r e v ie w.
First, u n d e r t he
c u r r e n t fee s ch e d u l e ,
t he i n t e r r e g i o n a l d i f f e r e n t i a l is
a s s e s s e d to o r i g i n a t o r s of d e b i t t r a n s a c t i o n s a n d r e c e i v e r s of
credit transactions.
B e c a u s e o r i g i n a t i n g i n s t i t u t i o n s and
t h e i r c u s t o m e r s d e t e r m i n e w h e r e p a y m e n t s a r e to be sent, the
B o a r d p r o p o s e s t ha t o n l y o r i g i n a t i n g d e p o s i t o r y i n s t i t u t i o n s be
charged
for
the a d d e d
costs
involved
in p r o c e s s i n g
interregional transactions.
S e c o n d , the F e d e r a l R e s e r v e i n c u r s
c o n s i d e r a b l e e x p e n s e in d e l i v e r i n g A C H t r a n s a c t i o n s to the
l a r g e n u m b e r of d e p o s i t o r y i n s t i t u t i o n s s e r v e d b y g r o u n d
transportation.
T h i s b r o a d b a s e of r e c e i v i n g i n s t i t u t i o n s
e n a b l e s o r i g i n a t i n g i n s t i t u t i o n s to p r o v i d e s e r v i c e s to
n a t i o n a l c o r p o r a t i o n s t h a t c o u l d not b e o f f e r e d o t h e r w i s e .
Because origi n a t i n g d e p o s i t o r y institutions benefit from having
the a b i l i t y to r e a c h a l a r g e n u m b e r of i n s t i t u t i o n s t h at
r e c e i v e l o w v o l u m e s of A C H t r a n s a c t i o n s , t h e B o a r d p r o p o s e s
t ha t a s u r c h a r g e b e a s s e s s e d to o r i g i n a t o r s of A C H t r a n s a c t i o n s
-8-
d e s t i n e d for low v o l u m e r e c e i v i n g i n s t i t u t i o n s .3/
T hird, as
i n d i c a t e d a b o v e it is p r o p o s e d t ha t d e p o s i t o r y i n s t i t u t i o n s be
p e r m i t t e d to deposit with their local Federal Reserve office
AC H t r a n s a c t i o n s that are sorted b y receiving Federal Reserve
o f f i c e s or to d e l i v e r i n t e r r e g i o n a l t r a n s a c t i o n s d i r e c t l y to
the F e d e r a l R e s e r v e o f f i c e s e r v i n g t he r e c e i v i n g d e p o s i t o r y
institutions.
B e c a u s e th e F e d e r a l R e s e r v e w i l l i n c u r l o w e r
costs
in p r o c e s s i n g
presorted
and directly delivered
t r a n s a c t i o n s , th e B o a r d p r o p o s e s t h a t i n s t i t u t i o n s o r i g i n a t i n g
p r e s o r t e d d e p o s i t s o r t h a t d e l i v e r d e p o s i t s d i r e c t l y to the
p r o c e s s i n g Federal- R e s e r v e o f f i c e be a s s e s s e d a l o w e r f i x e d
d e p o s i t fee an d i n t e r r e g i o n a l s u r c h a r g e t h a n i n s t i t u t i o n s
depositing mixed deposits.
B.
Privately Operated ACHs
T h e c o s t s of p r o v i d i n g s e r v i c e s to the N e w Y o r k
A u t o m a t e d C l e a r i n g H o u s e A s s o c i a t i o n (NYACH), c u r r e n t l y the
o n l y p r i v a t e l y o p e r a t e d ACH, a r e r e c o v e r e d t h r o u g h t r a n s a c t i o n
fees t h a t a r e b a s e d o n the s a m e c o n c e p t s u n d e r l y i n g the
n a t i o n a l A C H fee s c h e d u l e .
Some A C H services used by N Y A C H are
c o m p a r a b l e to the s e r v i c e s u s e d b y d e p o s i t o r y i n s t i t u t i o n s .
T h e B o a r d p r o p o s e s th a t w h e n p r i v a t e l y o p e r a t e d A C H s us e the
s a m e s e r v i c e s t h a t a r e o f f e r e d to d e p o s i t o r y i n s t i t u t i o n s , t h e y
b e a s s e s s e d the s a m e fees.
T h e F e d e r a l R e s e r v e B a n k of N e w Y o r k a l s o p r o v i d e s a
c o m b i n e d s e t t l e m e n t an d l o c a l d e l i v e r y s e r v i c e to N Y A C H .
This
s e r v i c e is e s s e n t i a l l y a f i x e d c o s t s e r v i c e t h a t n e c e s s i t a t e s
m a n u a l p r o c e d u r e s for c o n t r o l l i n g a n d r o u t i n g d e l i v e r i e s ,
r e q u i r e s g r o u n d t r a n s p o r t a t i o n to e f f e c t d e l i v e r i e s , a n d uses
f i x ed a c c o u n t i n g r e s o u r c e s .
The Board proposes that pr ivately
o p e r a t e d A C H s be a s s e s s e d f i x e d fe e s for s e t t l e m e n t a n d local
del i v e r y services based on handling, delivery, and settlement
c osts.
If p r i v a t e l y o p e r a t e d A C H s r e q u e s t o n l y n et s e t t l e m e n t
s e r v i c e s , the B o a r d p r o p o s e s t h a t t h e y b e a s s e s s e d the F e d e r a l
R e s e r v e ' s c u r r e n t fees f or t h e net s e t t l e m e n t s e r v i c e s . ! /
1/
A list of d e p o s i t o r y i n s t i t u t i o n s th at r e c e i v e 500 or
m o r e A C H t r a n s a c t i o n s p e r d a y is p r e s e n t e d in A t t a c h m e n t 2.
4/
CURRENT NET SETTL EM EN T FEE SCHEDULE
Net Settlements Originated Off-Line
Net Settlement Entries
T e l e p h o n e A d v i c e of N e t S e t t l e m e n t E n t r i e s
T h e R e s e r v e B a n k s m a y a s s e s s h i g h e r f ee s
for net
s e t t l e m e n t a r r a n g e m e n t s if s p e c i a l s e r v i c e s a re
r e q u e s t e d t ha t r e s u l t in h i g h e r costs.
$5.00
$1.30
$2.25
-9 -
C.
ACH-84
U n d e r a 1 9 8 1 a g r e e m e n t a m o n g t h e R e s e r v e B a n k s , t he
N a t i o n a l A u t o m a t e d Clear i n g House A s s o c i a t i o n (N A C H A ) , and
l o c a l A C H a s s o c i a t i o n s a f f i l i a t e d w i t h N A C H A , th e F e d e r a l
R e s e r v e a g r e e d t o p r o v i d e its c o m p u t e r s o f t w a r e , k n o w n as
ACH - 7 6 software, at no char ge to N A C H A and local ACH
a s s o c i a t i o n s that o p e ra te an ACH.
This agreement was based on
the fact that the A C H - 7 6 s o f t w a r e was j o i n t l y d e s i g n e d b y the
F e d e r a l R e s e r v e a n d N A C H A , a l t h o u g h it w a s d e v e l o p e d b y F e d e r a l
Reserve personnel.
The Reserve Banks have designed a new ACH software
p a c k a g e , k n o w n as A C H - 8 4 , a n d a r e c u r r e n t l y in t h e p r o c e s s of
c o m p l e t i n g its d e v e l o p m e n t .
The costs a s s o c i a t e d with this
e f f o r t and the m a i n t e n a n c e of the A C H - 7 6 s o f t w a r e are b e i n g
r e c o v e r e d t h r o u g h t h e F e d e r a l R e s e r v e ' s t r a n s a c t i o n fees.
As a
r e s u l t , u s e r s of t h e F e d e r a l R e s e r v e ' s A C H s e r v i c e s ar e
a b s o r b i n g the full c o sts of A C H s o f t w a r e d e v e l o p m e n t and
m a i n t e n a n c e b e c a u s e t h e c u r r e n t A C H s o f t w a r e is p r o v i d e d t o A C H
a s s o c i a t i o n s that o p e r a t e an A C H at no charge.
B e c a u s e t he
F e d e r a l R e s e r v e h a s b e e n f u l l y r e s p o n s i b l e for t h e d e v e l o p m e n t
of t h e A C H - 8 4 s o f t w a r e a n d b e c a u s e it is i n e q u i t a b l e t o a s s e s s
u s e r s of F e d e r a l R e s e r v e A C H s e r v i c e s c o s t s a s s o c i a t e d w i t h
developing and m a intaining software that may be used by A CH
associations,
the
Federal
Reserve
proposes
that
ACH
a s s o c i a t i o n s t h a t o p e r a t e a n A C H b e a s s e s s e d a l i c e n s i n g fee
f o r t h e A C H - 8 4 s o f t w a r e w h e n it is a v a i l a b l e for i m p l e m e n t a t i o n
and that those A C H associations licensing A CH-84 software also
b e a s s e s s e d a n a n n u a l m a i n t e n a n c e fee.
D.
ACH Float
A C H f l o a t is g e n e r a t e d w h e n e v e r r e s e r v e o r c l e a r i n g
a c c o u n t s of o r i g i n a t o r s of A C H t r a n s a c t i o n s are c r e d i t e d or
d e b i t e d b e f o r e t h e o f f s e t t i n g d e b i t o r c r e d i t is p o s t e d to t h e
receiving depository institution's account.
The Monetary
C o n t r o l A c t of 1 9 8 0 r e q u i r e s
the Board to price all float
resulting from the p r o v i s i o n
of F e d e r a l R e s e r v e p r i c e d
services.
D u r i n g t h e f i r s t h a l f o f 1983, A C H f l o a t a m o u n t e d to
a p p r o x i m a t e l y $50 million on a d a i l y average basis.
T h e m a j o r c ause of A C H float h a s b e e n d e l a y e d
t r a n s m i s s i o n s of i n t e r r e g i o n a l t r a n s a c t i o n s b e t w e e n F e d e r a l
Reserve offices.
T h e R e s e r v e B a n k s a r e in t h e p r o c e s s of
i m p l e m e n t i n g o p e r a t i n g i m p ro ve me nt s that are e xp ec te d to reduce
d a i l y a v e r a g e float r e s u l t i n g f r o m d e l a y e d t r a n s m i s s i o n s to
a p p r o x i m a t e l y $ 6 . 9 m i l l i o n b y t h e f o u r t h q u a r t e r of 1984.
The
Board p r o p o s e s to i n c o rporate
the value of projected, fourth
q u a r t e r , 1 9 8 4 d e l a y e d t r a n s m i s s i o n f l o a t in t h e c o s t b a s e u s e d
t o d e r i v e t h e r e v i s e d A C H fees .
-1 0 -
A C H f l o a t is a l s o g e n e r a t e d b e c a u s e :
(1) a l l A C H
p a p e r r e t u r n items ca nno t be p r o c e s s e d w i t h i n the Reserve
B a n k s ' c u r r e n t a v a i l a b i l i t y s c h e d u l e s ; a n d (2) t h e R e s e r v e
B a n k s c a n n o t p o s t A C H t r a n s a c t i o n s t o t h e a c c o u n t s of
d epository institutions that are closed on nonstandard holidays
or that are c l o s e d d u r i n g the m i d d l e of the week.
The Board
p r o p o s e s t o e l i m i n a t e f l o a t r e s u l t i n g f r o m t h e s e c a u s e s b y (1)
c h a n g i n g the c u r r e n t a v a i l a b i l i t y s c h e d u l e for i n t e r r egi on al
A C H paper r e turn items from same-day to n e x t - d a y settlement,
a n d (2) d e b i t i n g o r c r e d i t i n g t h e r e s e r v e o r c l e a r i n g a c c o u n t s
o f c l o s e d i n s t i t u t i o n s f o r A C H t r a n s a c t i o n s as t h o u g h t h e
i n s t i t u t i o n s w e r e o p e n fo r b u s i n e s s .
The
above
causes
of A C H
float
account
for
a p p r o x i m a t e l y 75 p e r c e n t o f a l l A C H f l o a t . T h e r e m a i n i n g
ACH
f l o a t is d u e t o R e s e r v e B a n k o p e r a t i n g p r o c e d u r e s , p r o c e s s i n g
or t r a n s p o r t a t i o n delays, and r e s e r v e a d j u s t m e n t s .
It is
p r o p o s e d that float g e n e r a t e d in t hese wa y s be re d u c e d by
implementing operational improvements and that any residual
f l o a t t h a t c a n n o t b e e l i m i n a t e d b e i n c l u d e d in t h e A C H c o s t
b a s e w h e n n e w A C H f e e s a r e s e t in 1 9 8 4.
E.
P r o j e c t e d Cost,
Volume and Revenue
Based on preliminary projections,
the total cost
of
provi d in g A C H services, including the p r i va t e sector adjustment
f a c t o r ( P S A F) , f o r t h e F e d e r a l R e s e r v e is e x p e c t e d t o a m o u n t to
£ 4 2 . 4 m i l l i o n , a n i n c r e a s e of e i g h t p e r c e n t o v e r e s t i m a t e d 1983
expenditures.
T o t a l 1 9 8 4 A C H v o l u m e is e s t i m a t e d a t 44 7
m i l l i o n t r a n s a c t i o n s , a n i n c r e a s e of n e a r l y 18 p e r c e n t a b o v e
estimated 1983 v olume levels.
T h e s e p r o j e c t i o n s a r e for b o t h
commercial and government transactions.
It is e s t i m a t e d t h a t c o m m e r c i a l A C H v o l u m e s h o u l d
a m o u n t to 192 m i l l i o n t r a n s a c t i o n s d u r i n g 1984.
The projected
c os ts a t t r i b u t a b l e to p r o v i d i n g c o m m e r c i a l A C H se rv i c e s are
a p p r o x i m a t e l y $ 1 6 . 3 m i l l i o n , i n c l u d i n g t h e e s t i m a t e d v a l u e of
A C H f l o a t r e s u l t i n g f r o m d e l a y e d i n t e r r e g i o n a l t r a n s m i s s i o n s of
approximately $690 thousand.
The System's r e v e n u e target based
o n its c o m m i t m e n t t o s e t n e w A C H f e e s s o t h a t t h e y r e c o v e r 60
p e r c e n t o f c o m m e r c i a l A C H p r o c e s s i n g c o s t s , p l u s t h e PSAF, is
approximately $9.8 million.
T h e p r o p o s e d A C H fe e s c h e d u l e is
expected to generate revenues of $9.9 million.
B y o r d e r o f t h e B o a r d of
R e s e r v e S y s t e m , S e p t e m b e r 23, 1 9 8 3 .
Governors
of
the
Federal
(signed)
J a m e s M c A f e e __________
James McAfee
A s s o c i a t e S e c r e t a r y of the Board
[SEAL]
Enclosures
Attachment 1
PROPOSED ACH FEE SCHEDULES
Deposit Fee
Receiver Handling Fee
Presorted
Ground
Deli very
$2.00
$1.00
$D.50
--
$2.50
Philadelphia
$3.00
$1.50
$1.00
Cleveland
$4.00
$2.00
Ri chmond
$2.00
Atlanta
Mi xed
Boston
Electronic
De 1 i ve ry
$0.25
Transactions Fees
Intra-ACH
Inter-ACH
Debi ts
Debi ts
Originated
Originated!/
Credi ts
Recei ved
1.0*
1.0*
2.0*.
--
1.0*
2.0*1/
$0.50
1.5*
1.5*
3.0*
$2.00
$1.00
1.0*
1.0*
2.0*
$1.00
$0.50
$n.25
1.0*
1.0*
2.0*
$2.00
$1.00
$0.50
$n.25
1.5*
1.5*
3.0*
Chicago
$3. no
$1.50
$1.50
$n.75
1.0*
1.0*
2.0*
St. Louis
$2.00
$1.00
$i.on
$0.50
1.5*
1.5*
3.0*
Minneapolis
$2.00
$i.nn
$1.50
$0.75
1.5*
1.5*
3.0*
Kansas City
$2.00
$i .nn
$1.50
$0.75
1.5*
1.5*
3.0*
Dal las
$2.no
$i.on
$0.50
$0.25
1.0*
l.n*
2.0 *
San Francisco
$2 .on
$i.nn
$1.00
$0.50
1.0*
l.n*
2.0*
New York
--
--
1/
Institutions originating interregional debit transactions will be assessed the receiving
Federal Reserve District's debit origination fee.
Zj
In the Mew York District the fee for credits received will be assessed for interregional
credits received only.
Attachment 1
(conti nued)
PROPOSED ACH FEE SCHEDULES
OTHER FEES
Originator Surcharges
Telephones Advices
Interregional Surcharges:
o Mixed Deposits
o Presorted Deposits
1.5£
0.5?!
Telephone Advices,
Including Ten Transactions 3/
Each Additional Transaction —
Low-volume Receiver Surcharge
2.0£
New York Settlement and Local Delivery Fees
Nighttime Deposit Surcharges:
o
Debits
o Next-day Settlement Credits
4.0^
2.0 t
Fixed Settlement Fee,
per Settlement
Settlement Entries,
per Entry 4/
Settlement Entry and
Delivery Fee, per
Receiving Institution
$ 1 ,00-$3.00
5 0
.£
$3.00
$0.80
$5.80
3/ Requests for an ACH settlement total would be counted as one transaction.
4/ Settlement entry fees will be charged when the Federal Reserve does not incur handling
and delivery costs.
ATTACHMENT 2
Commercial ACH
High Volume Receivers
District & Name of Institutions
Routing Number
Boston (8)
Bay Bank Middlesex
Connecticut Bank & Trust, N.A.
Union Trust Company
Bay Bank Harvard
Connecticut National Bank
Bay Bank Norfolk County
First National Bank of Boston
Boston 5 t Savings Bank
0113 0235-7
0119 0057-1
0111 0010-2
0113 0060-5
0119 0044-5
0113 0243-8
0110 0039-0
2110 7017-5
Philadelphia (6)
Girard Bank
Philadelphia National Bank
Provident National Bank
American Bank and Trust
Fidelity Bank
Hamilton Bank
0310-0003-7
0310-0001-1
0310-0005-3
0310-0046-5
0310-0050-3
0313-0154-5
Cleveland (22)
Ameritrust Company
National City Bank
First National Bank of Akron
Toledo Trust Company
Central National Bank
BancOhio of Akron
Society National Bank
Ohio Citizens - Toledo
First National Bank of Toledo
Huntington National Bank
Bank One, N.A.
The Fifth Third Bank
The Central Trust Company, N.A.
The Third National Bank
The First National Bank
Mellon Bank, N.A.
Pittsburgh National Bank
Union National Bank
Equibank
BancOhio National Bank
Huntington National Bank
Bank One of Columbus
0410 0068-7
0410 0012-4
0412 0055-4
0412 0008-9
0410 0004-3
0412 0058-4
0410 0103-9
0412 0014-4
0412 0005-0
0410 0015-3
0422 0030-5
0420 0031-4
0420 0039-8
0422 0029-5
0422 0027-9
0430 0026-1
0430 0009-6
0430 0012-2
0430 0113-4
0440 0001-1
0440 0002-4
0440- 0003-7
Richmond (33)
Virginia National Bank
First & Merchants National Bank
United Virginia Bank
Bank of Virginia
First National Exchange Bank
Fidelity American Bank
0514-0036-1
0510-0001-7
0510-0002-0
0510-0677-8
0514-0054-9
0514-0073-0
-
District & Name of Institutions
Routinq Number
Richmond (33) cont.
First Service Corporation
Maryland National Bank
Equitable Trust Bank
Union Trust of Maryland
Suburban Trust Company
First National Bank of Maryland
Citizens Bank & Trust Company
First American Bank
First Virginia Bank
Riggs National Bank
United Virginia Bank
Union First National Bank
North Carolina National Bank
First Union National Bank
First Citizens Bank & Trust
Wachovia Bank & Trust Company
Northwestern Bank
State Employees Credit Union
Branch Banking & Trust Company
Central Carolina Bank & Trust Company
Southern National Bank of North Carolina
Ohio Valley Data Control
6560 6009-6
0520 0016-8
05200089-6
0520 0001-6
0550 0234-1
0520 0011-3
0550 0296-9
0560 0424-1
0560 0111-8
0540 0003-0
0560 0107-9
0540 0004-3
0530 0019-6
0530 0021-9
0531 0030-0
0531 0049-4
0531 0216-2
2531 7704-9
0531 0112-1
0531 0046-5
0531 0197-2
6442- 6102-7
Atlanta (16)
Citizens and Savings Atlanta
First National Atlanta
Trust Company of Georgia
Bank of the South
Atlantic National Bank
First National Bank of Florida
Barnett Computing Company
Sun Bank Data Corporation
Southwest Data Services,. Inc.
Southeast Data Corporation
Florida Information Management
Hollywood Federal Savings & Loan
Flagship National
Barnett Bank
Deposit Guaranty National
First National
0610 0005-2
0610 0001-0
0610 0010-4
0610 0007-8
0630 0002-1
0631 0026-4
6630 6020-9
6631 6021-9
6670 6008-5
6660 6002-1
6631 6007-3
2670 8364-0
6660 6005-4
6670 6018-5
0653 0543-6
0653- 0027-9
Chicago (13)
First National Bank
Continental Illinois National Bank
National Bank
Comerica Bank
Manufacturers National Bank
First of America Bank
Merchants National
United Central Bank
0710 0001-3
0710 0003-9
0720 0032-6
0720 0009-6
0720 0033-9
0724 0042-1
0739 0001-4
0730- 0017-6
- 3 -
District & Name of
Institutions
Routing Number
Chicago (13) cont.
National Bank
Nortwest Bank
American Fletcher National Bank
Indiana National Bank
Merchants National Bank
0739-0043-8
G730-0022-8
0740-0001-0
0740-0005-2
0740-0006-5
St. Louis (7)
Centerre Bank
Mercantile Trust Company
Commerce Bank - St. Louis
First National Bank
First Tennessee
Union Planters
Deposit Guaranty
0310-0005-8
0810-0021-0
0810-0058-2
0830-0005-6
0840-0002-6
0840-0008-4
0653-0543-6
Minneapolis (6)
Norwest Bank Minneapolis, N.A.
First National Bank of Minneapolis
F & M Marquette National Bank
The First National Bank of St. Paul
Midway National Bank
Twin City Federal Savings & Loan Association
0910-0001-9
0910-0002-2
0910-0004-8'
0960-0001-4
0960-0060-3
2910-7000-1
Kansas City (24)
Mid America Automated Clearing House
Fourth National Bank & Trust of Wichita
Data Center Inc.
First N.A. Bank of Kansas City
ADP Computer Services Corp.
United Missouri Bank of Kansas City
Commercial National Bank
First N.A. of Wichita
Colorado Computer Service
Intra West Bank of Denver
United Bank of Denver
Affiliated Bank Services
First Intra State Services
Colorado National
Albuquerque National
Sun Country Financial Services
Central Bank of Denver
First N.A. of
Albuquerque
First N.A. of
Oklahoma City
First N.A. of
Omaha
Omaha N.A. Bank
Norwest Bank of Omaha
First N.A. Bank of Lincoln
Bank of Bellevue
9018-0013-4
1011-0004-5
7011-6030-4
1010-0003-7
7010-6001-9
1010-0069-5
1010-0007-7
1011-0002-9
7020-6001-8
1020 0001-8
1020-0007-6
1020-9000-2
7020-6007-6
1020 0002-1
1070-0032-7
7070-6060-2
1020-0053-9
1070-0027-5
1030-0001-7
1040-0001-6
1040-0002-9
1040-0005-8
1040-0003-2
1049-1380-2
Dallas (2)
Interfirst Bank Dallas, N.A.
Republic Bank, Dallas, N.A.
-
-
1110 0001-2
1110-0062-7
-
- 4 -
District & Name of Institutions
San Francisco (30)
Crocker National Bank
Wei 1s Fargo Bank
Bank of America
Barclays Bank
Central Bank
Bay View Federal Savings & Loan
Bank of Hawaii
Bank of the West
Fairchild Electric Federal Credit Union
EAC Federal Credit Union
American Electric Association Credit Union
Decimus
Gesco
Pacific IBM Employee Credit Union
Security Pacific Bank
First Interstate Bank, Los Angeles
Bank of America
Crocker National Bank
Sea First'National Bank
San Diego Trust and Savings
First Interstate Bank, Arizona
Valley Arizona Bank
Arizona Bank
First Interstate Bank
U. S. National Bank
Commercial Bank
Seattle First National
Rainier National Bank
Peoples National Bank
First Interstate Bank
Routing Number
1210-0017-0
1 2 ] n - o o i a -8
1210-0035-8
1210-0036-1
1211-2067-8
3210-7016-2
7213-6001-6
1211-0078-2
3211-7367-4
3211-8045-0
3211-8051-5
7210-6004-4
7210-6006-0
3211-7683-3
1220-0004-3
1220 0021-8
1220-0066-1
1220-0008-5
1222-0049-0
1222-0052-6
1221 0001-1
1221-0002-4
1221-0170-6
1230-0012-3
1230-0022-0
1232-0008-8
1250-0002-4
1250-0003-7
1250-0010-5
1250-0028-6
-
-
@FedFRASER