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federal Reserve ba n k of Dallas DALLAS, TEXAS 75222 C i r c u l a r No. 81-88 A p r il 30, 1981 REVISED SCHEDULE OF OPERATING HOURS FOR THE TRANSFER AND SETTLEMENT OF FUNDS EFFECTIVE MAY 1, 1981 REVISED SCHEDULE OF OPERATING HOURS FOR NET SETTLEMENT ARRANGEMENTS EFFECTIVE MAY 1, 1981 TO THE CHIEF EXECUTIVE OFFICER OF ALL FINANCIAL INSTITUTIONS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: R e v is e d B u lle tin s 6A a n d 6C h a v e b e e n p r e p a r e d e ffectiv e May 1, 1981. T h e s e B u lle tin s h a v e b e e n u p d a te d in o r d e r to r e f l e c t th e r e v i s e d s c h e d u le of o p e r a tin g h o u r s fo r t r a n s f e r s of f u n d s a n d s e ttle m e n t of f u n d s d is p a tc h e d u n d e r th e F e d e r a l R e s e r v e S y s te m 's w i r e n e tw o r k . In a d d it i o n , th e r e is a r e v i s e d s c h e d u le of o p e r a tin g h o u r s fo r n e t s e ttle m e n t a r r a n g e m e n t s . It s h o u ld b e n o te d th a t t h e r e is a 3 0 -m in u te e x te n s io n fo r i n t e r d i s t r i c t t r a n s f e r item s ( o n - l in e i n s t r u c t i o n s ) . F o r i n t e r d i s t r i c t t r a n s f e r r e q u e s t s ( te le p h o n ic i n s t r u c t i o n s ) , t h e r e is no e x te n s i o n . T e le p h o n ic i n s t r u c t i o n s r e q u i r e the e a r l i e r c u t-o ff time in o r d e r to allow fo r a p p r o p r i a t e F e d e r a l R e s e r v e p r o c e s s in g a n d h a n d lin g p r i o r to c u t-o ff tim e . T h e r e f o r e , in o r d e r to r e c a p i tu l a te th e new h o u r s n o te d in B u lle tin 6A, w e a c c e p t i n t e r d i s t r i c t t r a n s f e r ite m s ( o n - l in e i n s t i tu t io n s ) u n til 3: 30 p . m . , C e n tr a l T im e e a c h b u s i n e s s d a y . (F o r th e El P a so T e r r i t o r y of the E le v e n th F e d e r a l R e s e r v e D i s t r i c t , th e d e a d lin e i s 2: 30 p . m . , M ountain T im e ) . We a c c e p t i n t e r d i s t r i c t t r a n s f e r r e q u e s t s ( te le p h o n ic i n s t r u c t i o n s ) u n til 3: 00 p . m . , C e n tra l T im e e a c h b u s i n e s s d a y . (F o r th e El P a so T e r r i t o r y of th e E le v e n th F e d e r a l R e s e r v e D i s t r i c t , th e d e a d lin e is 2: 00 p . m . , M ountain T im e ) . I n t r a d i s t r i c t t r a n s f e r d e a d lin e s for b o th t r a n s f e r item s ( o n - l in e ) a n d t r a n s f e r r e q u e s t s (te le p h o n ic ) a r e id e n tic a l to i n t e r d i s t r i c t t r a n s f e r d e a d l i n e s . C o n c e r n in g th e s e ttle m e n t p e r i o d , th e r e i s a tw o - h o u r e x te n s io n to allow a r e a s o n a b le s e ttle m e n t p e r i o d am ong fin a n c ia l d e p o s ito r y in s titu tio n s a n d in v o lv e s s e ttle m e n t t r a n s f e r s o n ly . (F o r th e D a lla s , H o u s to n , a n d S an A ntonio t e r r i t o r i e s , t h is e x te n s io n i s from 3: 30 p . m . to 5: 30 p . m . , C e n tr a l T im e each b u s i n e s s day; for th e El P a s o t e r r i t o r y , th e s e ttle m e n t p e r i o d h o u r s a r e from 2: 30 p . m . to 4: 30 p . m . , M ountain T im e ) . T h e s e tim es a r e a p p lic a b le to s e tt le m en t t r a n s f e r item s ( o n - lin e i n s t r u c t i o n s ) . H o w e v e r, s e ttle m e n t t r a n s f e r r e q u e s ts ( te le p h o n ic i n s t r u c t i o n s ) w ill h a v e a n e a r l i e r c u t-o ff of 5: 00 p . m . , C e n tra l Banks and others are encouraged to use the following incoming W A TS numbers in contacting this Bank: 1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the extension referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - 2 - T im e (4: 00 p .m . , M ountain T im e ) . S e ttle m e n t t r a n s f e r s a r e r e s t r i c t e d to t r a n s f e r s b e tw e e n a t r a n s f e r o r a n d t r a n s f e r e e fo r t h e i r own a c c o u n ts , o r fo r th e a c c o u n t of a n o th e r fin a n c ia l d e p o s ito r y i n s titu tio n on th e b ooks of th e t r a n s f e r o r o r t r a n s f e r e e . A s e ttle m e n t t r a n s f e r m u s t b e id e n tifie d w ith ty p e code 16 a n d m ay c o n ta in t h i r d p a r t y in fo rm a tio n r e l a t i n g o n ly to fin a n c ia l d e p o s ito ry i n s t i t u t i o n s . S e ttle m e n t t r a n s f e r s m ay b e u s e d to a d j u s t fo r n e t s e ttle m e n t t r a n s a c t i o n s . Im m e d ia te te le p h o n e a d v ic e is n o t p r o v i d e d fo r s e ttle m e n t t r a n s f e r s . T h e e x te n d e d tw o - h o u r s e ttle m e n t p e r i o d w ill fa c ilita te r e s e r v e a c c o u n t m a n a g e m e n t a n d e n a b le d e p o s ito r y in s t i tu t io n s to h a v e a c c e s s to a n a tio n a l m a r k e t to b u y a n d se ll F e d e r a l F unds. E x c e p t fo r m ajo r F e d e r a l R e s e r v e C o m m u n icatio n s S y ste m f a i l u r e s , th e r e w ill b e no e x te n s io n of tim e d e a d li n e s . I n s titu tio n s s h o u ld e s ta b lis h i n t e r n a l p r o c e d u r e s to i n s u r e t h a t a ll m e s s a g e s h a v e b e e n t r a n s m itte d p r i o r to th e a p p r o p r i a t e c u t- o f f . A co p y of th e r e v i s e d B u lle tin s e ffe c tiv e May 1, 1981 a r e a tta c h e d . T h e y s h o u ld b e file d w ith B u lle tin 6 in th e R e g u la tio n s B in d e r f u r n i s h e d b y th is B a n k . A d d itio n a l c o p ie s of th e B u lle tin s w ill b e f u r n i s h e d u p o n r e q u e s t to th e D e p a rtm e n t of C o m m u n ic a tio n s , F in a n c ia l a n d C om m unity A f f a ir s , E x t. 6266. Q u e s tio n s r e g a r d i n g th is c i r c u l a r s h o u ld b e d i r e c te d to R ic h a r d D . I n g r a m , A s s i s t a n t V ice P r e s i d e n t , E x t. 6333, a t th e D allas Office; W illiam L . W ilson, A s s i s t a n t V ice P r e s i d e n t , (915) 544-4730 at th e El P a so Office; C . O . H olt, J r . , A s s i s t a n t V ice P r e s i d e n t , (713) 659-4433 at th e H o u sto n Office; o r T o n y V a le n c ia , A s s i s t a n t V ice P r e s i d e n t , (512) 224-2141 a t th e S an A ntonio O ffice. S in c e r e ly y o u r s , W illiam H . W allace F i r s t V ice P r e s i d e n t A tta c h m e n ts FEDERAL RESERVE BANK OF DALLAS BULLETIN 6A SCHEDULE OF TIME LIMITS (Closing Hours for Telegraphic T ransfers of Funds for Consummation on Day of Receipt) I. Closing Hours A. Interdistrict T ransfers We accept interdistrict tra n sfe r items (on-line instructions) until 3:30 p.m., and interdistrict transfer requests (telephonic instructions) until 3:00 p.m., Central Time each business day. (For the El Paso Territory of the Eleventh Federal Reserve District, the times a re 2:30 p.m. and 2:00 p.m., respective ly, Mountain Time). In our discretion, we may accept interdistrict tra n sfe r items and requests after these times, but the completion of such transfers is also at the discretion of the tra n sfe re e ’s Reserve Bank. B. Intradistrict T ran sfers We accept intradistrict transfer items (on-line instructions) until 3:30 p.m., and intradistrict tra n sfe r requests (telephonic instructions) until 3:00 p.m., Central Time each business day. (For the El Paso Territory of the Eleventh Federal Reserve District, the times a re 2:30 p.m. and 2:00 p.m., respective ly, M ountain Time). In our discretion, we may accept intradistrict tra n sfe r items and requests after these times. n . Settlement Period We accept settlem ent tra n sfe r items (on-line instructions) until 5:30 p.m., and settlement tra n sfe r requests (telephonic instructions) until 5:00 p.m., Central Time each business day. (For the El Paso Ter ritory of the Eleventh Federal Reserve District, times are 4:30 p.m. and 4:00 p.m., respectively, Mountain Time). A settlement transfer is a tra n sfe r betw een a transferor and transferee for their own accounts, or for the account of another financial depository institution on the books of the transferor or transferee. A settlement tra n sfe r must be identified with type code 16, and may contain third p arty information relating only to financial depository institutions. Settlement tra n sfe rs may be used to adjust for net settle ment transactions. Immediate telephone advice is not provided for settlement transfers. BULLETIN 6C FEDERAL RESERVE BANK OF DALLAS FEE SCHEDULE FOR NET SETTLEMENT SERVICES (Effective January 29, 1981) NET SETTLEMENT Basic Settlement Charge Per Entry $ .80 Surcharges: Settlement Originated Off-Line Telephone Advice Requested 2.70 1.80* *Fees for advices requested by an originator became effective M arch 26, 1981. SCHEDULE OF TIME LIMITS NET SETTLEMENT Organizations participating in net settlem ent arrangem ents must begin to submit settlement tra n s action detail to us by 4:00 p.m. Central Time, or at such earlier time as in the judgment of this Reserve Bank as will insure completion of all transactions by 5:00 p.m. Central Time. (For the El Paso Territory of the Eleventh Federal Reserve District, times are 3:00 p.m. and 4:00 p.m., respectively, Mountain Time).
