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F ed er a l R e s e r v e B a nk O F DALLAS W ILL IA M H. W ALLACE FIRST VIC E PR E S ID E N T AND CH IE F O P ER ATIN G O FFIC E R AUgUSt 9, 1990 DALLAS, TEXAS 7 5 2 2 2 Circular 90-55 TO: The Chief Operating Officer of each financial institution in the Eleventh Federal Reserve District SUBJECT Changes to Operating Hours f o r the Wire Transfer o f Funds: Revisions to Appendix A of B u l l e t i n 6 DETAILS Effective August 1, 1990, the Federal Reserve will implement new standard hours for the opening of Fedwire and the closing of t h ird-party funds transfer processing. ATTACHMENT A copy of the revised Appendix A to Bulletin 6 is attached. M ORE INFORMATION For more information, please contact Larry Ripley at (214) 6516118 or Jonnie Miller at (214) 651-6290. For additional copies of this circular, please contact the Public Affairs Department at (214) 651-6289. Sincerely yours, For additional copies of any circular, please contact the Public Affairs Departm ent at (214) 651-6289. Bankers and others are encouraged to use the following toll-free num ber in contacting the Federal R eserve Bank of Dallas: (800) 333-4460. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Appendix A SCHEDULE OF TIME LIMITS (Transaction Hours fo r Telegraphic Transfers o f Funds f o r Consummation on Day of Receipt) I . Closing Hours A. I n t e r d i s t r i c t Transfers We accept transfer items (online instructions) until 5:00 p.m. and interdistrict transfer requests (telephonic instructions) until 4:30 p.m., Central time, each business day. (For the El Paso T e r ritory of the Eleventh Federal Reserve District, the times are 4:00 p.m. and 3:30 p.m., respectively, Mountain time.) At our discretion, we may accept interdistrict transfer items and requests after these times, but the completion of such transfers is also at the discretion of the t r a n s f e r e e ’s Reserve Bank. B. I n t r a d i s t r i c t Transfers We accept intradistrict transfer items (online instructions) until 5:00 p.m. and intradistrict transfer requests (telephonic instructions) until 4:30 p.m., Central time, each business day. (For the El Paso T e r r itory of the Eleventh Federal Reserve District, the times are 4:00 p.m. and 3:30 p.m., respectively, Mountain time.) At our discretion, we may accept intradistrict transfer items and requests after these times. C. Requests f o r Payment We accept requests for payment (Subtype Code 31) from online financial deposi t o r y institutions until the respective closing hours for interdistrict, intradistrict, and net settlement transfer items. Originators of such requests are responsible for allowing sufficient time for receivers to respond within the closing hours specified. II. Settlement Period We accept settlement transfer items (online instructions) until 5:30 p.m. and settlement transfer requests (telephonic instructions) until 5:00 p.m., Central time, each business day. (For the El Paso Territory of the Eleventh Federal Reserve District, the times are 4:30 p.m. and 4:00 p.m., respectively, Mountain time.) A settlement transfer is a transfer between a t ransferor and a transferee for their own accounts or for the account, on the books of the t ransferor or transferee, of a respondent subject to the Federal Reserve requirements (whether or not such respondent actually maintains reserves). A settlement transfer must be identified with Type Code 16 and may contain third-party information relating only to such respondents or to the transferor or transferee. Settlement transfers may be used to make or to adjust for net settlement transactions. We reserve the right, at our discretion, to refuse to handle a transfer that is received during the settlement period but that does not comply with the requirements for transfers during such period. We also may, at our discretion, accept settlement transfer items and requests after these times, but the completion of interdistrict settlement transfers is also at the discretion of the t r a n s f e r e e ’s Reserve Bank. Telephone advice to offline transferees is not provided for settlement transfers unless requested by the transferee. III. Net Settlement Organizations participating in net settlement arrangements must begin to submit settlement transaction detail to us by such time as, in the judgment of this Reserve Bank, will ensure completion of all transactions by 5:00 p.m., Central time. (For the El Paso Territory of the Eleventh Federal Reserve District, the time is 4:00 p.m., Mountain time.) IV . Opening Hours We accept transfer items and requests (interdistrict and intradistrict) beginning at 7:30 a.m., Central time. (For the El Paso T e r r itory of the Eleventh Federal Reserve District, the time is 6:30 a.m., Mountain time.) In unusual circumstances and at our discretion, we may accept transfer items and requests before this time. 08-90
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