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federal reserve Ba n k DALLAS. TEXAS of Dallas 75222 Circular No. 82-102 August 20, 1982 BULLETIN 6 Wire Transfers of Funds TO ALL FINANCIAL INSTITUTIONS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: The "Notes" portion of Bulletin 6, Wire Transfers of Funds, has been revised in order to re fle c t the following changes: 1. Note 2 re fle c ts a change in the telephone numbers to be used by depository institutions in making telephone requests or transfers of funds in the territo ry served by the Houston Branch. 2. Note 4 re fle c ts a change in the persons to be contacted when making inquiries concerning telephonic notification for the depository institutions in the Houston territory . Questions regarding the changes should be directed to Jonnie Miller, (214) 651-6290 and Bob Boyanton, (214) 698-4346 a t the Head Office; Ralph Olivas and Javier Jim enez a t the El Paso Branch, (915) 544-4370; Jan Williams and Rodney Franklin a t the Houston Branch, (713) 659-4433; or Dorothy Jasso and Jack Sprawling a t the San Antonio Branch, (512) 224-2141. Additional copies of this circular and enclosure will be furnished upon request to the D epartm ent of Communications, Financial and Community A ffairs, Extension 6289. Sincerely yours, William H. Wallace First Vice President Enclosure Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BULLETIN 6 FEDERAL RESERVE BANK OF DALLAS right to w ithdraw or use funds that have been credited to its account, subject to the right of a Reserve Bank to apply the funds to an obligation owed to it by the transferee. transfer of funds, w e may, on our own initiative or at the request of another Reserve Bank, ask the transferee to return funds previously transferred. 22A. By requesting a revocation, unless the re quest states "NO INDEMNITY,” the transferor agrees that the transferor will indemnify the transferee for any loss or exp en se sustained (in cluding attorneys’ fees and exp en ses of litigation] resulting from the return of the funds by the transferee, excep t any loss or expense resulting from the transferee's lack of good faith or failure to exercise ordinary care. 20. As provided by Section 210.30 of Regula tion J, a transferee that receives from us a transfer item, or advice of credit of a transfer item, designating a beneficiary, agrees: (a) to credit promptly the b eneficiary’s account or otherw ise make the amount of the item available to the beneficiary; or (b) to notify promptly the office of this Bank with w hich it m aintains or uses an account if it is unable to do so b ecau se of circum stances beyond its control. W e will then notify our transferor. SERVICE MESSAGES 22B. W e handle for a transferor or transferee a service m essage in a prescribed format concerning a previously sent or received transfer of fvmds. REVOCATION OF TRANSFER ITEMS GENERAL 21. A transferor may ask the office of this Bank to w hich it has sent a transfer item or request to revoke a transfer item or request. The transferor must authenticate the request for revocation by codes or procedures w e prescribe. W e may cease acting on the item or request if w e receive the re quest for revocation in time as to give us a reasonable opportunity to comply. If the request is received too late, w e may, on request from the transferor: 23. A transferor sending a transfer item by electronic m eans should determ ine that the transfer item has been accepted by our telecom munications and processing equipment. 24. A transferor or transferee must prevent the disclosure outside of it, or within it excep t on a “need to know” b asis, of any of the codes or other security procedures relating to transfers of funds. The transferor or transferee should notify us immediately if the confidentiality of these pro cedures is compromised, and act to prevent any further disclosure. (a) ask the transferee to return the transferred funds; or (b) in an interoffice transaction, ask the tran sferee’s Reserve Bank to ask the transferee to return the funds. 22. To correct an erroneous 8-82 RIGHT TO AMEND 25. W e reserve the right to amend this bulletin at any time. or irregular 3 BULLETIN 6 FEDERAL RESERVE BANK OF DALLAS NOTES: 1. (Refer to item 8) The rental price for dial-up communications terminal equipment is $97.84 per month, excluding tran sp o rta tion, rigging, drayage, local telephone business line equipment, and taxes. Contact the H ead Office or ap propriate Branch for further details. 2. (Refer to item 9) (a) W e will accept telephone requests for tran sfers of funds in accordance with the Code W ord A uthentica tion Procedure outlined in note 3. Telephone requests may be communicated by depository institutions as follows: Office Dallas A rea Code Telephone Number Extension N um ber 800 800 442-7278* 442-7276* (intrastate) 527-9200* [interstate) 6110 6110 800 El Paso 800 800 800 442-7278* 442-7276* (intrastate) 527-9200* (interstate) 6110 6110 6110 6110 Houston 800 800 442-7278* 442-7276* (intrastate) 6110 6110 San Antonio 800 292-5810* 435, 436 *Toll-free incoming WATS number. 3. (Refer to item 9) (a) A Code W ord Authentication Procedure is utilized between depository institutions and our offices. It is designed to detect and prevent the processing of unauthorized telephone tran sfers of funds requests. (b) (1) W e will furnish code w ord authentication lists to each depository institution as the need arises. A replacem ent will be supplied by us as needed based upon usage. To insure th at code w ord lists do not become outdated through disuse or fluctua tion in activity, all code w ord authentication lists, if not earlier exhausted, will become null and void a t the end of exactly six calendar months from the initiation date shown on the lists. (2) The use by any person of a code w ord which passes our code w ord authentication check shall be deem ed to be a person authorized by the depository institution to req u est tran sfers of funds on its behalf. 8-82 (3) D e p o sito ry in s titu tio n s sh o u ld p ro m p tly acknowledge receipt of the code w ord authentica tion lists. A list will not be activated by us until we have received a signed acknowledgement by an officer of a depository institution whose signature is on file with us. (c) Each tran sfers of funds request will require a sep arate sequence num ber and code w ord and these m ust be the next sequential, unused sequence num ber and code w ord shown on the code w ord authentication list. Otherwise, it will not pass our code w ord authentication check. (d) At the bottom of each listing, it is noted th a t the list is for authorized use only. Since the sequence number and code w ord will be the only method of verifying the authenticity of a tran sfer request, it is strongly suggested th at only those individuals authorized to tra n sfe r funds at each depository institution have ac cess to the code w ords. This will help insure the con fidentiality of the depository institution's list and in tegrity of the authentication procedure. (e) All telephone requests for tran sfers of funds will be automatically recorded on recording devices and any depository institution utilizing this method to tran sfer funds hereby consents to the recording of such con versations. A w ritten letter confirming a tran sfer of funds will not be required unless specifically re quested by this Bank. (f) Requests for tran sfers of funds utilizing the mails, W estern Union w ires, TWX messages, and TELEX m essages normally will not be honored. Requests utilizing these means of transm ission should not be made and will be accepted only w here prior a r rangem ents have been made or in em ergency situa tions. (g) W e intend to verify by call-back selected tran sfers of funds involving th ird -p arty inform ation. Your cooperation in expediting this verification will facilitate timely processing of such transfers. (h) Telephone tra n sfe r requests not utilizing the Code W ord A uthentication Procedure may be handled on an exception basis at our discretion. Such tran sfer requests will be authenticated on a call-back basis. 4. (Refer to item 14) A depository institution receiving and acting on any telephone notification runs the risk th at it is invalid or unauthorized. At any time during normal business hours, we a re p rep ared to corroborate any tran sfer of funds for which telephone notification has been given by us and received by a depository institution. A telephone call from the receiving depository institution to the m anager or supervisor of the T ransfers of Funds Division for Head Office, El Paso, and Houston territory inquires; the m anager or assistan t m anager of the Accounting Departm ent for the San Antonio territory inquires will be promptly handled. Receiving depository institutions are encouraged to utilize this service, especially for third-party advices received by telephone.
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