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FO RM M IS C L. F E D E R A L R E SE R V E B A N K OF D A L L A S CIRCULAR NO. 4 5 . November 22.1916. CLEARING £P£RATI0£S ~~ REDUCTION OF SERVICE CHARGE The growing increase in the volume of items handled by us since the inauguration of the clearing system, and the consequent proportionate reduction in the expense of handling , enables us to announce a reduct ion of 1/24 per item in the service charge. A service charge of 1-1/24 per item will, therefore, be applied against items handled for member banks during the current month, instead of the 24 charge heretofore made. This rate per item will be in effect until further notice. As the per item cost of handling decreases in proportion to the increase in the number of items handled, a further reduction will be announced whenever volume and conditions warrant. Member banks may render material assistance toward a further reduction in the service charge by cooperating with us in accordance with the following suggestions: (1) By listing on separate letters items eligible for immediate credit and those eligible only for credit through the District Clearing House on a deferred basis. (2) By arranging the items alphabetically, according to towns, with those on the same bank together, before listing on remittance letters. (3) By enclosing drafts on firms, corporations, in dividuals, time items, and messenger items, in a collection letter instead of in District Clearing House letters. (4) By listing no more than 300 items over one total. (5 ) By carefully checking and proving their remittance letters to us, in order to insure correctness and to avoid the necessity for correction of errors after receipt by us. (6) By being sure that every item is endorsed with the District Clearing House stamp furnished for that purpose. If all of our member banks would follow all of the above sug gestions, our work would be very greatly facilitated and redound also to your benefit by a further reduction in service charge at an early date. Respectfully, Covernor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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