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F ederal Reserve Bank of D allas DALLAS, TEXAS 75222 C irc u la r No. 76-10 J a n u a r y 21, 1976 A m e ric a n R e v o lu tio n B ic en ten n ia l NONCASH COLLECTION SERVICES TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Payment for Noncash Items For many y e a r s , the Federal R e se rv e Banks, in remitting to th e i r de p o sito rs the pro c ee d s for noncash items han dled for collection, have d e fe r re d c re d itin g the funds to r e s e r v e a ccounts until the payment d ra fts of the p a y o r banks have been collected. This prac tic e often has delayed payment for several d a y s after the funds have been received by the R e se rv e Banks. As a step toward e xpediting payment for noncash items, the R e se rv e Banks will u n i formly adopt a new policy to be effective F e b r u a r y 2, 1976. Under the new p r o c e d u r e , the p r o ceeds in payment of noncash items, when received at this Bank in the form of bank d r a f ts , will be made available to depositing b a nks in a c cordance with the deferm ent sched ule for cash items (Supplement A of Bulletin 10) . Eligibility of Noncash Items Since 1974, all noncash items, ex cep t those deposited by a member bank and dra w n upon a member b a n k , have been p ro c e s se d and collected th r o u g h channels other th an the Federal R e s e rv e System. In re s p o n s e to a qu e stion r a is e d , ap plicable law has been in te r p r e te d to fu r th e r exclude from eligibility for handling by the R e serve B ank s, any su c h items which a r e d ra w n to be payable at a member bank. Revised p ages of Bulletin 9, reflecting the c h a n g e s re f e r r e d to a bove, will be for w a rd e d to yo u r bank in the ne a r f u tu re . Responsibility for the Noncash Collection function at Dallas has been t r a n s f e r r e d from the Mailing Departm ent to the S ecu rities D epartm ent. Any q u e stio n s co nc e rn in g the se ch ang es should be d ire c te d to R ichard D. Ingram, A ssista nt Vice P r e s id e n t, at (214) 651-6340, or the offi cer having re sp o n sib ility for the Noncash Collection function at o u r El Paso, Houston, or San Antonio B ran ch. S incerely y o u r s , T . W. Plant F irst Vice P res id e n t This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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