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F ederal R eserv e Bank O F DALLAS W IL L IA M H. W ALLACE October 6, 1989 DALLAS, TEXAS 75222 FIRST V IC E PR ES ID EN T AND C H IE F O PER ATING O FFIC ER C i r c u l a r 89-59 TO: The C hie f Executive O f f i c e r o f a l l f i n a n c i a l i n s t i t u t i o n s in th e Eleventh Federal Reserve D i s t r i c t SUBJECT Payment for items presented on November 10, 1989 DETAILS CASH ITEMS The Federal Reserve System’ s Regulation J e s t a b l i s h e s t h a t f o r h o l id a y s f a l l i n g on Sunday, th e fo ll o w in g Monday w i l l be observed by Federal Reserve Banks as a h o l i d a y . However, i f a h o lid a y f a l l s on Sa tu rd a y , Federal Reserve Banks w i l l not c l o s e on t h e pre ced ing F rid ay . Because November 11, 1989, f a l l s on a Sa tu rd a y , November 10 w i l l not be a h o lid a y f o r t h i s bank. Under s e c t i o n 210.9 o f Reg ul atio n J , paying on h o lid a y s not observed by th e Federal Reserve Banks must pay f o r cash items made a v a i l a b l e t o them by t h e compensate t h e Reserve Bank f o r t h e c o s t o f t h e f l o a t . h o lid a y i s mandatory under s t a t e law, paying banks do items made a v a i l a b l e by t h e Reserve Bank. banks v o l u n t a r i l y c l o s i n g (n on sta nda rd h o l id a y s ) Reserve Bank, or I f t h e non stan dard not have t o pay f o r cash Because November 10, 1989, i s a mandatory h o lid a y in Texas and New Mexico, banks l o c a t e d in th o s e s t a t e s w i l l not be charged f o r cash items made a v a i l a b l e t o them on t h a t day. No cash item l e t t e r s w i l l bed e l i v e r e d t o banks in Texas and New Mexico on November 10, 1989. The November 10 h o lid a y i s o p tio n a l in L o u isia n a . T h e r e f o r e , paying banks in Lou is ia na w i l l be charged f o r cash items made a v a i l a b l e or t h e c o s t of the f l o a t . WIRE TRANSFER AND ACH All incoming and outgoing wire t r a n s f e r s and automated c l e a r i n g h o u s e t r a n s a c t i o n s w i l l be pro cess ed and s e t t l e d in accordance with t h e usual p ro ced u re . For additional copies of any circular please conta c t the Public A ffairs D ep artm en t at (214) 651 -6 28 9 . Banks and others are encouraged to use the follow ing in coming W A TS numbers in c ontacting this Bank (800) 4 4 2 -7 1 4 0 (in trastate) and (800) 5 2 7 -9 2 0 0 (interstate). This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 2 MORE INFORMATION For a d d i t i o n a l in fo r m a ti o n on t h i s i s s u e , p l e a s e c o n t a c t Robert L. Whitman, (214) 698-4357 or Sharon A. Sweeney, (214) 651-6228, a t t h e Head O f f i c e ; Robert W. S c h u l t z , (915) 544-4730 a t t h e El Paso Branch; Luke E. R ic har ds , (713) 652-1544 a t th e Houston Branch; or Herb Barbee, (512) 224-2141 a t t h e San Antonio Branch. Sincerely yours,
@FedFRASER