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F e d er a l Re se r v e Ba n k DALLAS, TEXAS of Dallas 75222 Circular No. 7^-203 July 26, 197^ To All Member Banks in the Eleventh Federal Reserve District: There is enclosed a copy of revised Bulletin 6 entitled "Trans fers of Funds" and the related Supplement A which are both effective July 29, 197U. The Bulletin and Supplement have been reprinted due to a major revision in the format. It is suggested that they be reviewed closely by the appropriate officials at your bank who are responsible for the transfers of funds operation. The revised Supplement reflects currently effective closing hours for the acceptance of requests to make tele graphic transfers of funds to other Federal Reserve banks. The new Bulletin and Supplement should be substituted for the corresponding Bulletin and Supplement bearing the dates of September 9, 1964, and March 27, 1973, respectively, previously furnished you. The superseded Bulletin and Supplement should be destroyed. Questions regarding these revisions should be directed to either Mr. E. W. Vorlop, Jr. or C. L. Vick at the Head Office or any officer at the branches. Yours very truly, P. E. Coldwell President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BULLETIN 6 Transfers of Funds FEDERAL RESERVE BANK OF DALLAS SCOPE This bulletin sets forth general information pertaining to transfers of funds through this bank. The procedures established are designed to increase the speed and efficiency of such transactions, and they may be used, among other things, for federal fund transfers and in lieu of a draft drawn on correspondent banks to cover anticipated charges to a reserve account. TABLE OF CONTENTS Section 3, TELEPHONE TRANSFERS S e c tio n 1, DEFIN ITIO N S 3.00 Telephone instructions for transfers 3.05 Persons authorized to make telephone instructions 3.10 Telephone instructions direct to wire transfer division 1.00 Bank balance 1.05 Funds 1.10 Reference to Bulletin 1 S ectio n 2, TELEGRAPHIC TR A N SFER S 2.00 Transfers of bank balances for and to member banks 2.05 Requirement of written or telegraphic instructions 2.10 Contents of written messages requesting transfers of funds 2.15 Cost of telegrams 2.20 Time limits for transfers involving only banks within a single territory 2.25 Time limits for all other transfers 2.30 Requests after closing hours 7-29-74 Section 4, M AIL ADVICES 4.00 Advice of credit 4.05 Advice of charge Section 5, CHARGE AND PAYMENT 5.00 Transfer constitutes authority to charge reserve account 5.05 Statements of account Section 6, LIABILITY OF THIS BANK i BULLETIN 6 FEDERAL RESERVE BANK OF DALLAS Section 1, DEFINITIONS 1.00 Bank balance The term “bank balance” shall be construed to mean an accumulation of funds comprising an established account maintained by a member bank with its Federal Reserve Bank or with an other member bank. 1.05 Funds “Funds” means funds in a member bank reserve account. 1.10 Reference to Bulletin 1 Several definitions, rules of construction, and other provisions applicable to this bulletin are found in our Bulletin 1 , “General Provisions,” and are incorporated herein by reference. Section 2, TELEGRAPHIC TRANSFERS 2.00 Transfers of bank balances for and to member banks Telegraphic transfers of funds betw een Federal Reserve Banks (which as herein used shall in clude branches of Federal Reserve Banks) of bank balances in any amount of $1,000 or over will be made without charge for member banks to member banks and for member banks to non member clearing banks. A charge of $1.50 will be made for such transfers in amounts of under $1 ,000. Such telegraphic transfers of bank bal ances may contain descriptive third-party infor mation not exceeding four 80-character lines of alphabetical data. While such transfers w ill be accepted only from member banks and paid only to member banks or nonmember clearing banks, through the utilization of descriptive third-party information, they may be for the use of any bank, individual, firm, or corporation. This bank reserves the right to decline to handle any transfer which, in its opinion, is an abuse of the wire transfer facilities, or w hich in volves the fulfillment of unusual or extraordinary conditions. 2.05 Requirement of written or telegraphic instructions Written or telegraphic instructions are required for requests to transfer funds for the benefit of third parties. 2.10 Contents of written messages requesting transfers of funds Telegrams requesting transfers of bank balances to a Federal Reserve Bank, member bank, or nonmember clearing bank must contain the fol lowing descriptive data accompanied by appro priate ABA code numbers and check digits: 1. Name of sending member bank, 2 . Name of member bank or nonmember clear ing bank receiving credit, and 3. Amount of bank balances to be transferred. Instructions should be in writing, officially signed, or sent by telegraph in A BA code prop erly tested. Telegraph instructions must be con firmed immediately in writing by an authorized official. 2.15 Cost of telegrams This bank w ill absorb the cost of telegrams re ceived from member banks requesting transfers of bank balances for even thousands of dollars for use of member banks. 2.20 Time limits for transfers involving only banks within a single territory In cases involving transfers betw een banks both located within a single territory, requests for telegraphic transfers of funds for consummation on day of receipt must be received by 3:00 p.m. local time of the office of this bank through which the transfer is made. 2.25 Time limits for all other transfers Except for those cases covered by paragraph 2.20, requests for telegraphic transfers of funds for consummation on date of receipt should be sent to us by 3:00 p.m. local time of the office of the Federal Reserve Bank to w hich the transfer BULLETIN 6 FEDERAL RESERVE BANK OF DALLAS is to be made. Transfers of funds for credit to banks served by us, whether or not from mem ber banks in the Eleventh Federal Reserve Dis trict, will be accepted by this bank until 3:00 p.m. local time. The offices in Dallas, Houston, and San Antonio observe Central Time, and the office in El Paso observes Mountain Time. A detailed presentation of closing hours for this bank for transfers to which this paragraph applies is contained in Supplement A of this bulletin. 2.30 Requests after closing hours Requests received after closing hours may, at our discretion, be transmitted on the day of re ceipt with consummation of the transfer discre tionary with the Federal Reserve Bank to which the transfer is transmitted. Such transmittals and consummations w ill be limited to transfers to clear overdrafts and other emergency situations. Section 3, TELEPHONE TRANSFERS 3.00 Telephone instructions for transfers W e will accept collect telephone instructions for transfers of funds in multiples of $ 1,000 from officers of member banks w ho have previously been authorized to issue such instructions. These transfers should be to member banks and for their use only. An officially signed written con firmation, specifically identified as such, should follow immediately each telephone instruction; the confirmation should contain as a minimum the data outlined in paragraph 2.10 above. The time limits set out in paragraphs 2.20, 2.25, and 2.30 of this bulletin will also apply to telephone instructions. 3.05 Persons authorized to make telephone instructions A written agreement authorizing specific op erating officers of the member bank to issue telephone transfer instructions to us should be furnished us by a member bank. The number of officers authorized should be limited to those fe w w ho perform this function on a routine basis. A member bank may designate individuals other than officers to issue telephone transfer instructions, but such designations must be au thorized by a resolution of the Board of Directors of the member bank authorizing the designated individuals to direct such transfer of funds and relieving us from any liability when acting upon such instructions. Telephone instructions from member banks which have not made previous arrangements should be communicated by an officer of the member bank to the officer in charge of our Accounting Department at the head office or any officer of a branch. 3.10 Telephone instructions direct to wire transfer division Telephone instructions by authorized personnel may be communicated directly to the wire trans fer division of our Accounting Department at the head office by dialing Area Code 214 tele phone number 651-6156 or 651-6317. The tele phone numbers for the branches are as follows: El Paso 915 544-4730 Ext. 34 Houston 713 224-4433 Ext. 52 or San Antonio 800 292-5810 Ext. 23 54 Section 4, MAIL ADVICES 4.00 Advice of credit Mail advice of credit for all telegraphic transfers of funds will be given by the Federal Reserve Bank receiving the transfer to the member or nonmember clearing bank receiving credit there for1 and, in addition, immediate advice of credit, by telegraph, telephone, or otherwise, w ill be given when the bank receiving credit or the bank requesting the transfer has asked for such im mediate advice, or where the nature of the trans action, or the amount involved, indicates that the additional expense is justified, as to which the receiving Federal Reserve Bank will exercise its discretion. ‘Mail advice will not be given to banks that use termi nals connected to our District Switch, since those banks automatically receive an advice of credit as part of their use of these facilities. FEDERAL RESERVE BANK OF DALLAS 4.05 Advice of charge This bank will confirm each transfer of funds requested by forwarding a copy of the transfer to the member bank, except in those cases where requests are received by us directly from banks that use terminals connected to our District Switch since those banks automatically receive an advice of charge as part of their use of these facilities. Each advice should be examined care fully immediately upon receipt for correctness and any exceptions noted should be reported to this bank promptly. BULLETIN 6 member bank for the amount of funds trans ferred. 5.05 Statements of account Transfers of funds functioned by this bank w ill be included on the daily Reserve Account State ment prepared by this bank w hich will be dis patched, after the close of business on each business day, to each member bank. It is the responsibility of each member bank to carefully examine the entries relating to its transfers of funds as set forth in such statement of account immediately upon receipt and to report any e x ceptions thereto to this bank promptly. Section 5, CHARGE A N D PAYMENT Section 6, LIABILITY OF THIS BANK 5.00 Transfer constitutes authority to charge reserve account This bank will use due diligence and care in the transfers of funds by telegraph to the receiving Federal Reserve Bank for credit to the account of the payee bank, but will not be responsible for errors or delays caused by circumstances beyond its control. Requests to transfer funds will be construed as authority to charge the adequate collected bal ance of the reserve account of the requesting FEDERAL RESERVE BANK OF DALLAS BULLETIN 6 SUPPLEMENT A CLOSING HOURS FOR THE ACCEPTANCE OF REQUESTS TO MAKE TELEGRAPHIC TRANSFERS OF FUNDS FOR CONSUMMATION ON DAY OF RECEIPT Requests must be received not later than time shown below Dallas, Houston, San Antonio Central Time FOR TRANSFERS THROUGH: BOSTON........................................................ NEW YORK................................................... Buffalo........................................................ PHILADELPHIA......................................... C LEVELAND.............................................. C i n c i n n a t i .............................................. P i t t s b u r g h .............................................. R I C H M O N D .............................................. Baltimore................................................... C harlotte................................................... A T L A N T A ................................................... Birmingham.............................................. Jacksonville . . . .......................... N a sh v ille ................................................... New Orleans . . ......................... C H I C A G O ................................................... D etroit........................................................ ST. L O U I S ................................................... Little R o c k .............................................. Louisville................................................... M e m p h is................................................... M IN N E A P O L IS ......................................... H elen a ........................................................ KANSAS C I T Y ......................................... D enver........................................................ Oklahoma C it y ......................................... Omaha........................................................ DALLAS........................................................ El Paso ................................................... H o u s t o n ................................................... San A ntonio.............................................. SAN F R A N C ISC O .................................... Los A n g eles.............................................. P o r t la n d ................................................... Salt Lake C i t y ......................................... S ea ttle........................................................ Standard Time n.nn n r».nn T» * K o .nn D XK o . n n D XK n . n n T) * A o .n n p \ * o . n n D A* o . n n D X* o . n n T) * If o .n n D U q -n n D \/f q . n n T) A X 3-00 P M o .n n D x j .....................3:00 P.M. 3 ’00 P M .....................3:00 P.M. q -nn 13 A/f .....................3:00 P.M. q .nn D \/f Q -nn D \/f .....................3:00 P.M. q -no p M .....................3:00 P.M. .....................3:00 P.M. 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