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Circular No. 8 F E D E R A L R E S E R V E B A N K Series of 1921 OF DALLAS February 15, 1921. CHANGE IN RATE FOR PURCHASE OF MAIL TRANSFERS (S U P E R S E D IN G A L L P R E V IO U S C IR C U L A R S O N T H IS S U B J E C T ) TO THE MEMBER BANK ADDRESSED: Effective Tuesday, February 15th, subject to change without notice, exchange on banks in other Federal Reserve or Branch Federal Reserve cities may be credited upon receipt, subject to final payment (when enclosed in a separate letter and request is made that immediate credit is de sired), at a discount of 22 l-2c per day per $1,000.00 for the number of days it should require to collect the exchange, in accordance with our latest published time schedules. The amount remitted as a mail transfer to other Federal Reserve or Branch Federal Reserve Banks by a member bank for credit to its account with this bank or with either of its Branches, will, by agreement, be credited subject to final payment, upon receipt of advice that remittance has been made. Upon receipt of advice of credit from the Federal Reserve Bank or Branch to which such remittance has been sent, the account of the remitting bank will be charged with the amount of discount on the transfer at the rate of 22 l-2c per $1,000.00 for each day, including Sun days and holidays, intervening between the date of credit on our books and the date credited on the books of the receiving Federal Reserve Bank or Branch. SALES All requests for telegraphic transfer of funds to banks situated in other Federal Reserve Bank and Branch cities will receive attention on day of receipt, providing such instructions are received by us before our closing hour. In this connection, you are advised it is almost impossible to com plete telegraphic transfers in less than thirty minutes. In order to expedite the transfer of funds, and to make more certain the completion of the transaction on the same date, instructions should reach us as early in the day as possible. WIRE TRANSFERS Immediate credit at par will be given for transfers made by wire, likewise wire transfers will be made by us to banks located in other Federal Reserve or Branch Federal Reserve cities with out cost to our member banks. As has been previously advised, telegrams advising wire transfers as well as telegrams requesting wire transfers to be made, may be sent to us charges collect. WIRE TRANSFERS TO INDIVIDUALS, FIRMS OR CORPORATIONS Payment of funds will not be made direct to individuals, firms or corporations other than member banks. Instructions to make such payments through a specified member bank, either in this or other districts, will be acted upon when such instructions are received by telegram, coded, and proper test word used in connection, or by letter officially signed. The liability of this bank or its El Paso and Houston Branches, however, is limited solely to the proper transfer of the funds to the receiving bank for credit to the account of or payment to the payee. The rate of 22 l-2c per $1,000.00 per day is equivalent to interest at 8% per annum, and accord ing to Circular No. 7, the rediscount rate of this bank is 7% per annum on commercial, agricultural and live stock paper of eligible, maturity. Yours very truly, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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