Full text of District Notices (Federal Reserve Bank of Dallas) : Revision of Bulletins 7 and 9, Circular No. 77-43

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F ederal R eserve Bank o f Dallas
DALLAS, TEX A S

75222

C i r c u l a r N o . 77-43
A p r i l 1, 1977

R E V IS IO N OF B U L L E T IN S 7 A N D 9

T O A L L MEMBER BANKS
A N D OTHERS CO NCERNED IN T H E
E LE V E N TH FE DE RAL RESERVE D IS T R IC T :
Enclosed a r e copies of r e v is io n s to o p e ra tin g B u lle tin 7, "C ustody
of S e c u r i t i e s , " and B u lle tin 9, "C olle ction of Noncash Ite m s ."
T h e changes in these b u lle tin s re fle c t a new p r o c e d u re p e rta in in g
to the collection of coupons c lip p e d from s e c u ritie s held in safekeeping by
the F e d e ra l R e s e rv e Bank of Dallas and its B ra n c h e s . Such coupons w i ll be
e n te re d for c o lle c tio n , and c r e d it , subject to paym ent in a c tu a lly and f in a lly
collected fu n d s , w i ll be made one b a n k in g d a y a fte r m a tu r ity w h e re the p a y ­
ing agent is located in the c en tral fin a n c ia l d i s t r i c t of the s ending Federal
R e s e rv e B ank o r B ra n ch office. If the p a y in g agent is located e ls e w h e r e ,
this same p r o v is io n a l c r e d it w i ll be made two b a n k in g days a fte r m a tu r ity .
M em ber banks and others should in s e r t the enclosed r e v is e d
pages in the p r o p e r b u lle t in s , and the c o rre s p o n d in g pages should be r e ­
moved and d e s tr o y e d .
A d d itio n a l copies of these r e v is io n s w i ll be fu r n is h e d upon
re q u es t to the S e c r e ta r y 's O ffice of this B a n k , E x t . 6267.
S in c e r e ly y o u r s ,
R o b e rt H . B o y k in
F i r s t V ic e P re s id e n t
Enclosures

Banks and others are encouraged to use the follo w in g to ll-fr e e incoming WATS numbers in contacting this Bank:
1-80 0 -49 2 -4 40 3 (in tra s ta te ) and 1 -8 0 0 -52 7 -4 97 0 (in te rs ta te ). For c a lls placed lo c a lly , 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)

FEDERAL RESERVE BANK OF DALLAS
T h ese se r v ic e s are in ten d ed m erely as an aid to
m em ber banks and do not relieve the m em ber
bank of its o w n duty to keep its e lf inform ed of
m aturities, call dates, and other inform ation a f­
fectin g its o w n portfolio.
6.05 C o llectio n o f m aturing U n ited S ta te s G o v ­
ernm ent sec u r itie s (unpledged)
U n p ledged U nited States G overnm ent securities
and fully guaranteed obligations o f its agencies
w h ic h are payable b y this bank as fiscal agent of
the U nited States and held by it in c u sto d y w ill,
in the a b se n c e of specific instructions from the
ow ner, be w ith d r a w n prior to m aturity or re­
dem ption call date, and the p ro c e e d s credited to
the m em ber b a n k ’s acco u n t on the due date.
6.10 C o llectio n o f m aturing m u n icipal or cor­
porate secu rities (unpledged)
U p on receipt of w ritten authority furn ish ed b y
the o w n in g bank, w e w ill enter for collection,
under the term s and cond itio n s o f our current
B ulletin 9, C ollection of N o n c a sh Item s, m atur­
ing u n pledged m unicipal or corporate secu rities
payable in a city other than the dom icile o f the
o w n in g bank. S ecurities payab le in the city or
to w n in w h ic h the o w n in g bank is located, or
payable ou tsid e the co n tinental U nited States,
w ill be sh ip p ed to the o w n in g bank. The sh ip ­
ping charges for collectin g m unicipal or corpo­
rate securities w ill be charged to the o w n ing
b a n k ’s account.
6.15 E xch ange o f m aturing secu rities
(unpledged)
U nder in structions from a m em ber bank, w e w ill
effect the ex c h a n g e o f m aturing u n pled ged
U nited States G overnm ent securities for av ail­
able n e w issu e s. U pon receipt o f the n e w securi­
ties to be held in custo d y, a n e w a c k n o w le d g ­
m ent w ill be issu e d therefor.
6.20 P led ged secu rities
N o action w ill be taken by us relative to m atur­
ing or called securities w h ic h are pledged, e x cep t
upon receip t of appropriate w ritten instructions
of the o w n in g bank and the p ledgee. W h e n so
in s t r u c t e d , m a t u r in g s e c u r i t i e s , o t h e r th a n
United States G overnm ent securities, w ill be
handled for co lle c tio n under the term s and c o n ­
ditions o f our current Bulletin 9, C o llection of
N o n c a sh Item s, and U n ited States G overnm ent
securities w ill be redeem ed. D isp o sitio n o f the
proceeds, w h e n available, w ill be m ade upon
receipt of appropriate instructions.

BULLETIN 7
6.25 N o tic e o f c a lled or m aturing secu rities
N o tic e o f m aturity of all m unicipal, corporate, or
U nited States G overnm ent securities w ill be
g iv e n in advance of m aturity date. H o w e v e r , w e
do n ot m aintain a called secu rities record, and,
therefore, cannot undertake to ad vise banks
w h e n securities are called for redem ption.
6.30 M unicipal or corporate sec u r itie s re c e iv e d
for the a cco u n t o f m em b er ban k s
Under appropriate w ritten in structions fro m a
m em ber bank, w e w ill accept for the m em ber
b an k ’s a c co u n t m unicipal or corporate securities
deliv ered by brokers and others and m ake p a y ­
m ent therefor at the price stipulated in the pur­
ch asing b an k ’s letter. In handling th e se transac­
tions, this bank acts s o le ly as agent for the
m em ber bank and a ssu m e s no r e sp o n sib ility for
the g e n u in en ess, va lid ity or any alteration o f the
secu rities received.
6.35 C o llectio n o f m aturing co u p o n s
U n le ss o th e r w ise instructed, w e w ill:
(a) credit the o w n in g bank on m aturity date for
maturing cou p on s d etach ed from U nited States
G overnm ent securities and fu lly guaranteed ob­
ligations of its agen cies w h ic h are payable by
this bank as fiscal agent of the U nited States
and held in c u sto d y for its account; and
(b) enter for collection, under term s o f our cur­
rent B ulletin 9, C ollection o f N o n c a sh Items,
co u p o n s d etached from other securities held in
c u sto d y and credit the a c cou n t of the o w n in g
bank in accordan ce w ith B ulletin 9.
M unicipal or corporate cou p o n s p ayable in the
city or to w n in w h ic h the o w n in g bank is lo ­
cated, or payab le outside the co n tinental U nited
States, w ill be sh ip p ed to the o w n in g bank.
C o u p o n s a t t a c h e d to s e c u r i t i e s w h i c h are
pled g ed as collateral to a cu sto m e r ’s n ote held
under red iscoun t or as collateral to an advance
by this bank and held b y us w ill n ot be clipped
and h andled for collection, u n le ss specific in ­
structions are re c e iv e d in co n n ectio n therew ith.
6.40 U npaid co u p o n s
C oup ons entered for co lle c tio n and returned u n­
paid w ill be reattached to the securities from
w h ic h th ey w e r e detached, and the o w n in g bank
w ill be a d v ise d of the rea so n for n onpaym en t.
In the a b sen ce o f specific instructions fro m the
o w n in g bank, no further effort w ill be m ade to
collect on these and su b se q u e n t c o u p o n s at­
tached to su ch securities.

BULLETIN 7

FEDERAL RESERVE BANK OF DALLAS

Section 7, PLEDGING SECURITIES
7.00 T o U n ited S ta tes G overnm ent
U pon w ritten in structions from the o w n in g bank
and subject to the approval of the Treasury D e ­
partm ent, w e w ill h old securities pled g ed to d e ­
partm ents, agen cies and officials o f the U nited
States as collateral to secure d ep osits u nder the
terms o f Treasury D epartm ent Circular N o. 176.
7.05 T o U n ited S ta tes D istrict C ourts
U nder design ation as cu stodian by a U nited
States D istrict Court and at the request o f the
Court and a m em ber bank, w e w ill h old as c o l­
lateral, secu rities pled g ed to secure court d e p o s ­
its. Securities h e ld as collateral to secure U nited
States D istrict Court d e p o sits can be su b stituted
for, or w ith d raw n , o n ly u nder order o f the
Court.
7.10 T o U nited S ta te s D istrict Court a p pointed
tru stees
U nder d esignation as cu sto d ia n by a U nited
States D istrict Court, w e w ill h o ld in c u sto d y
securities p led ged as collateral to secure d e p o s ­
its of trustees in bankruptcy or receivership.
S ecurities h e ld as collateral to secure d e p o sits of
Court appointed trustees can b e su b stituted for,
or w ith d ra w n , o n ly under order of the Court.
7.15 C ollateral to T reasury T a x and L oan a c ­
cou n t
W e w ill h o ld secu rities pledged b y a depositary
bank to secure its Treasury T a x and Loan a c­
c o u n t . D e p o s i t , r e l e a s e , or s u b s t i t u t i o n o f
pledged secu rities shou ld be authorized b y this
bank acting as fiscal agent for the U nited States.

Section 8, PLEDGING SECURITIES —
JOINT SAFEKEEPING
8.00 State T reasurer — State o f T e x a s
A t the request of a m em ber bank, su b ject to the
approval o f the State D ep o sito ry Board, w e w ill
hold in joint sa fe k e e p in g securities pled ged as
collateral to secure d ep o sits o f the State Trea­
surer. A p p lic a tio n for deposit, w ith d raw a l, or
su b stitution of su ch pled ged securities sh ou ld be
m ade on our appropriate form s.
8.05 P o litica l su b d iv isio n s
A t the request o f a m em ber bank and the g o vern ­
ing b o d y of a political su bdivision , w e w ill hold
in joint sa fe k e e p in g securities pled ged as collat­
eral to secure d e p o sits of the political su b d iv i­

sion. R equests for d eposits, substitu tions, or
w ith d r a w a ls should be m ade on our appropriate
form s and ex e c u te d jointly b y the depositary
bank and the g overning b od y of the political
su b d ivisio n . (This paragraph is n o t applicable in
any state w h e r e la w requires su ch p le d g e d s e ­
curities to b e d ep o sited w ith in the state.]
8.10 Trust d epartm ent o f m em ber ban k s
At the request o f a m em ber bank and the m e m ­
ber b an k ’s trust departm ent, w e w ill h o ld in
joint sa fe k e e p in g securities p led g ed as collateral
to secure d e p o sits o f u n in v e ste d fu n d s of the
m em ber b a n k ’s trust departm ent. D ep osits, w it h ­
draw als, or su b stitutions of the p led g ed se cu ri­
ties should be authorized b y the joint ex e c u tio n
by the m em ber bank and its trust departm ent on
our appropriate form s.

Section 9, SHIPMENT OF
SECURITIES
9.00 R isks o f lo s s
(a] R egardless of any other p r o v isio n s of this
bulletin, any bank or other party shipping, or
causing the sh ipm ent of, securities to this bank
shall by such action be d eem ed to h a v e agreed
that the risk of lo s s o n su ch ship m en ts occurring
prior to the actual delivery th e r e o f to us by the
p o st office, ex p r e ss com pany, or other carrier is
not a ssu m ed by us but is on the sender.
(b) L ikew ise, any bank ordering sh ip m en ts o f
securities from this bank shall b y such a ction be
d e e m e d to h a v e agreed that this bank in m aking
su ch ship m en ts undertakes m erely to m ake d e ­
livery to the p ost office, e x p ress com pany, or
other carrier, and that the risk of lo ss occurring
su b seq u en t to such d eliv ery is n ot a ssu m ed by
us but is on the party ordering su ch shipm ent.
9.05 R egistered m ail in surance
W e h old open insurance p o lic ie s u nder w h ic h
registered m ail ship m en ts o f securities m ade to
or by us m a y be insured. T h ese p o lic ie s afford
protection against lo ss from the tim e o f a c c e p ­
tance by the m e sse n g e r or carrier, w h e th e r
w ith in or w ith o u t the prem ises o f the sender,
and end w h e n actual d eliv ery has b e e n m ade to
the office o f the addressee. T h ey do not, h o w ­
ever, cover lo s s e s through theft by the e m p lo y ­
e e s of the sen d er or the addressee, or lo s s e s by
risks g enerally referred to as “w ar risk s”.
9.10 E x clu sio n
The p o lic ie s contain the fo llo w in g clause elim i­
nating such coverages:

BULLETIN 9

FEDERAL RESERVE BANK OF DALLAS

TABLE OF CONTENTS
S ectio n 1, GENERAL
1.00 C o llection contract
1.05 A uthority
S e c tio n 2, D EFIN ITIO NS A N D REFERENCES
2.00 D efinitions, refe r e n c es to R egulation J
2.05 R e fe r e n c e s to B ulletin 1
S e c tio n 3, N O N C A S H ITEMS
3.00 Item s w h ic h w ill be h an d led as n onca sh
ite m s
3.05 T im e item s
3.10 D em a n d item s
3.15 Other dem and item s
3.20 Item s not r e c e iv e d from sender
3.25 Item s w h ic h w ill n o t b e han d led as
n o n c a sh item s
3.30 U nm atured tim e item s
S e c tio n 4, DIRECT SEN D IN G
4.00 D irect sen d in g o f n o n c a s h ite m s to
other Federal R ese r v e districts
4.05 Right to refu se interdistrict item s
authorized for direct sen d in g
4.10 D irect sen d in g of n o n c a sh item s to
other offices o f this Bank
4.15 Right to re fu se intradistrict item s
a uthorized for direct sen d in g
S e c tio n 5, TERM S A N D C O N D IT IO N S OF
COLLECTION
5.00
5.05
5.10
5.15
5.20

R egulation J
B ulletins
Item s paya b le ou tsid e this District
Right to c la ssify and require d eposits
Effect of sp ecial instructions

S e c tio n 6, H A N D L IN G BY TH IS B A N K
6.00
6.05
6.10
6.15
6.20

P resen tm en t for p a ym ent
P rocedure
T im e item s and m aturity date
E ndorsem ents
Item s w ith o u t en d o rsem ent

S e c tio n 7, COLLECTION LETTERS
7.00 Preparation of co llectio n letters by
sender
7.05 Sp ecia l instructions
7.10 D irect sen d in g urged
7.15 C oupon s
7.20 C oupon e n v e lo p e s

7.25 C oupon o w n ersh ip certificates
7.30 Other securities
S e c tio n 8, PR O TEST A N D A D V IC E OF
NONPAYM ENT
8.00 U niform in stru ctions
8.05 Item s w ith U.S. Treasury and similar
en d o r se m e n ts
8.10 R e sp o n sib ility for p rotest
8.15 D eterm ination o f resp on sib ility
8.20 C om m u n ica tio n s by w ire; co sts and
charges
8.25 Interpretation o f term s req u estin g w ir e
a d vice
S ectio n 9, A V A ILABILITY OF PROCEEDS
OF N O N C A S H ITEM S
9.00
9.05
9.10
9.15

G eneral
Ban kers’ a c c e p ta n ces
M aturing coup o n s in our sa fek eep in g
Late claim s for error adjustm ents

Section 10, COLLECTION CHARGES
10.00 Charges on bonds, debentures, and
cou p on s
10.05 Charges on checks
10.10 Charges by Federal R eserv e Banks
S ectio n 11, RETURN OF N O N C A S H ITEM S
11.00 General
11.05 N o n c a s h ite m s to b e p re se n te d for
accep tan ce
11.10 Effect o f s e c tio n 11.05
S ectio n 12, PH O TO G R A PH IC COPIES
12.00 R equirem ents for handling
A PPE N D IX A , P a y m en t V ou ch ers on Letters
o f Credit
A -1.00
A -2.00
A -3.0 0
A -4.00

H an dled as n o n c a sh item
E ffectuation o f p a y m en t
N onpaym ent
C laim s for refund

A PPE N D IX B, C oup ons R e c e iv e d for
P a y m en t
B-1.00
B-2.00
B-3.00
B-4.00
B-5.00

General
Procedure
O w n ersh ip certificate form s
C o upons n o t ha n d led
Im m ediate credit

L F e d e r a l r e s e r v e b a n k o f Da l l a s

BULLETIN 9

Section 8, PROTEST AND ADVICE
OF NONPAYMENT

If there is no p ayin g hank, the r e sp o n sib ility
shall be that o f th e su b se q u e n t co llectin g bank,
if any, e x c e p t as m ay be o th e r w is e prov id ed by
a pplicable clearing h o u se rules or p ractices or
by agreem ent b e t w e e n u s and su ch collectin g
bank. If there is no p ayin g bank or su b seq u en t
c o lle c tin g bank, w e w ill m ake or prov id e for
any n e c e ss a r y protest.

8.00 U niform in stru ctio n s
In the a b se n c e o f specific in stru ction s to the
contrary in the se n d e r ’s co lle c tio n letter and
e x c e p t as p ro v id ed in se c tio n 8.05 h ereof, w e
w ill receiv e, handle, and forw ard n o n c a s h ite m s
su b ject to the fo llo w in g uniform in structions
regarding protest:

8.15 D eterm in ation o f r e sp o n sib ility
W e h a v e no r e sp o n sib ility for determ ining
w h e th e r an other bank resp o n sib le therefor has:
(1) m ade or p rov id ed for the p rotest o f any d is­
h on o red n o n c a sh item in accordance w ith sp e ­
cific in stru ction s in the se n d e r ’s co lle c tio n letter
or in accord a n ce w ith the p r o v isio n s o f this
bulletin, or (2) g iv e n any w ir e a d vice requested
w ith r e sp e c t to any n o n c a sh item .

(1) PRO TEST any disho n ored item o f $2,500 or
over, e x c e p t a bond, debenture, coupon, or other
sim ilar security:
[a) W h ich appears on its fa c e to h a v e been
draw n at a place w h ic h is n o t w ith in any state,4
u n less it bears on its fa c e the A B A no-protest
sym b o l o f a Federal R eserve Bank or o f a pre­
c eding b ank endorser, or

8.20 C om m u n ication s con cern in g n o n ca sh item s

(b) W h ic h bears on its fa c e the legend, “PRO­
TEST REQUIRED,” of a Federal R eserve Bank
or of a precedin g bank endorser.

W h e n instru cted to do so b y a sender, this Bank
w ill give w ire a d v ic e 5 of credit to such sender
w ith o u t charge fo r any n o n c a s h ite m in an
a m ount o f $1,000 or over; if, w h e n instru cted
to do so b y a sender, this Bank g iv e s w ir e a d v ice
o f credit for any n o n c a sh item in an am o u n t of
le s s than $1,000, a $1.50 se r v ic e charge w ill be
m a d e against the sen d e r ’s account. N o charge
w ill be m ade fo r w ir e a d v ic e s o f n o n p a y m e n t or
for m e s sa g e s pertaining to tracing n o n c a sh item s.

(2) DO N O T PROTEST:
[a] A n y item of le ss than $2,500, or
(b) A n y item of $2,500 or over u n le ss it is protestab le u nder subparagraph (1).
8.05 Item s w ith U .S. T reasury and sim ilar e n ­
d o rsem en ts

8.25 R eq u estin g w ir e a d v ice

D O N O T PROTEST A N D D O N O T WIRE
A D V IC E 5 o f n o n p a y m e n t o f any ch e c k handled
as a n o n c a s h item , regardless o f am ount,
e n d o rsed by the U n ited States Treasury, or en ­
d orsed for credit to the U n ited S ta tes Treasury,
or bearing on its face or in an e n d o r se m e n t the
le g e n d “This ch eck is in p a y m e n t o f an obliga­
tion to the U nited States and m u st be p aid at
par. N.P. Do n o t w ir e n o n p a y m e n t” or w o r d s of
sim ilar import.

T he term liste d b e lo w , w h e n u se d in in stru c­
tions, a d vices, or co m m u n ica tio n s, w ill be u n ­
d e r s t o o d to h a v e t h e m e a n i n g i n d i c a t e d , as
fo llo w s:
“WIRE F A T E ” w h e n w ire a d v ice o f credit or
w ire a d v ice o f n o n p a y m e n t is desired. A w ire
a d v ice o f credit m e s sa g e in d ic a te s that a credit
has b e e n p o ste d to the reserve or other acco u n t
o f the sender o f the item; w ith re sp e c t to a
b an k ers’ accep tan ce d raw n upon a deposito r in
a Federal R eserve Bank, h o w e v e r , w h e n a F ed ­
eral R eserve B ank g iv e s w ir e a d vice o f credit,
it d o e s n ot n e c e ssa r ily im p ly that actually and
finally c o llected funds are in its p o sse ssio n .
A Federal R eserve Bank w ill h av e no r e sp o n si­
bility for any other instructions given b y a sender
regarding w ir e a d v ic e o f credit or w ire a d v ice
o f nonp ay m en t.

8.10 R esp o n sib ility fo r p rotest
T he payin g bank, if any, shall b e resp o n sib le for
m aking or providing for any p rotest of a n o n ­
cash item p rotestable under the p r o v isio n s of
this bulletin, e x c e p t as m a y be o th e r w ise pro­
v id e d by the rules or practices o f any clearing
h o u s e through w h ic h the item w a s p re se n te d or
by agreem ent b e t w e e n u s and the pay in g bank.

‘ The term "state” is defined in section 210.2(h) of Regulation J to mean any state of the United States, the District
of Columbia, or Puerto Rico, or any territory, possession or dependency of the United States.
5 For the purposes of this bulletin, the term “wire" includes telephone, telegraph, and cable.

5
4-1-77

BULLETIN 3 J

FEDERAL RESERVE BANK OF DALLAS
9.15

Section 9, AVAILABILITY OF
PROCEEDS OF NONCASH ITEMS

W e w ill sen d to m em b er banks and other d e ­
positors m aintaining an acco u n t on our b o oks
statem en ts of account, w h ic h m a y be supported
by advices, w ith respect to entries in such an
account m ade b y us in accordance w ith the
p rov isio n s of Regulation J and our operating
bulletins. If, w ith in one calendar year from the
date o f an entry in such an account, such a d e­
p ositor fails to ad vise us in w riting o f its objec­
tion to such an entry, the depositor, and any
sender, collecting bank, or payin g bank using
the accou n t m aintained by the depositor w h ic h
has h andled the item to w h ic h the entry relates,
shall be d eem ed to h a v e approved the entry and
the statem ent of account shall be d eem ed finally
adjusted. T he foregoing shall not relieve su ch a
depositor from the duty of ex ercisin g due dili­
g en ce to e xa m in e statem ents o f a c co u n t sent to
it and of n o tify in g us im m ed ia tely upon d is­
c o v e r y o f an y error, nor shall it apply to claim s
ba sed upon the breach of a w arranty in respect
o f an item to w h ic h an entry relates b y a
Federal R eserve Bank.

9.00 G eneral
E x c e p t as h ereinafter p ro v id ed w ith resp ect to
ba n k e r s’ a c c e p ta n c e s draw n u p o n d ep o sitors in
a Federal R eserve Bank and due and past due
c o u p on s, credit fo r the p r o c e e d s o f n o n c a sh
item s, w it h the u su a l advice, w ill be giv en as
directed in a reserv e account, or other appro­
priate account, u p o n receipt b y u s of p a y m e n t in
a ctually and finally c o lle c te d fu n d s or u p on re­
ceipt o f a d v ice from another Federal R eserve
Bank o f su ch p a y m e n t e x c e p t that credit, w h e n
pay m en t or rem ittance is b y bank draft or by
ch e c k drawn upon a bank other than the paying
bank, w ill be given, subject to p a y m e n t in
actually and finally c o llected funds, in a c cord ­
ance w ith the tim e sc h e d u le s issu e d by us under
our operating Bulletin 8 entitled, “C ollection of
Cash Item s.”
9.05 B an k ers’ a ccep ta n ces
Credit for b a n k ers’ acc e p ta n c e s draw n u p o n d e ­
p o sito rs in a Federal R eserv e Bank w ill be given,
subject to p ay m en t in actually and finally c o l­
le c te d fun ds, in acco rd ance w ith the fo llo w in g
sc h e d u le , if r e c e iv e d b y u s sufficiently in ad ­
v a n c e to perm it fo rw arding in tim e to reach the
place o f p a ym en t at le a st o ne banking day b e ­
fore maturity.
P lace P ayab le
Federal R eserv e Bank or
Branch cities
E lse w h e r e

S ectio n 10, COLLECTION CHARGES
10.00 C harges on b on d s, deben tu res, and
cou p o n s
E x cep t as p rovided in se ctio n 10.10, the F ed ­
eral R eserve Banks m ake no charge for their
se r vices in collecting n o n c a sh item s. N o charge
m ay be m ade by a bank (or a n o n b ank payor) in
c o n n ectio n w ith the co lle c tio n or p ay m en t of
any bond, debenture, coupo n or other sim ilar
security r e ceived from or through a Federal R e­
serve Bank. It is recog n ized that a bank a c t i n g
as agent to c o lle c t any other n o n c a sh item ren­
ders a serv ice in presenting, collecting, and re­
mitting, for w h ic h a reasonable charge m ay be
m ade if it cares to do so; and w h e n such a charge
is m ade and d e d u cted from the p a y m e n t or re­
m ittance r e c e iv e d by us for the item , w e w ill
g ive credit to the sen d er for the n e t proceeds.

C redit A v a ila b le
On maturity
date
1 banking day
after m aturity

9.10 M aturing c o u p o n s in our sa fek eep in g
Credit for m aturing cou p o n s w h ic h are released
from our sa fek eep in g w ill be available, subject
to p a ym en t in actually and finally co llected
funds, as fo llo w s:
P lace P ayable

Credit A v a ila b le

M em ber bank located in
central financial dis­
trict of Dallas, El Paso,
H ouston, or San
A n to n io

1 banking day after
maturity, provided
our office and
p lace payable are
in sam e city

E lsew h ere

2 banking days after
m aturity

10.05 C harges on c h e c k s
N o charge m ay be m ade by a pay in g bank or
co lle c tin g bank in c o n n e c tio n w ith the co lle c tio n
or p a y m e n t o f any ch e c k that m a y be han d led
as a n o n c a sh item; provided, h o w e v e r , that a
c o llectin g bank or payin g bank m a y m ake a
c o llectio n charge in co n n ectio n w ith su ch item
if su ch charge reflects e x p e n s e s actually in ­

6
4 - 1-77

Late claim s for error ad ju stm en ts

FEDERAL RESERVE BANK OF DALLAS
curred b y it in c o lle c tin g su ch ch e c k as a n o n ­
c ash item w h ic h it w o u ld n o t h a v e incurred had
the ch eck b e e n h a n d le d as a ca sh item and if
su ch charge is clearly n o t an ex c h a n g e charge
nor in the nature of a charge for pay m en t. W h en
su c h a charge is m ade and d e d u c te d from the
p a y m e n t or rem ittance r e ceiv ed b y u s for the
item , w e w ill give credit to the sen d er for the
n e t p roceeds.
10.10 C harges b y Federal R eserv e Banks
Item s se n t to the Federal R eserve Banks for

BULLETIN 9
co lle c tio n are subject to the fo llo w in g charges:
[1) Charges m ade b y co llectin g banks or paying
banks referred to in se ction s 10.00 and 10.05 of
this bulletin; and
(2) Charges m ade by the Federal R eserve Banks:
(a) A charge, at their discretion, for handling
and collecting securities;
(bj A se rv ice charge, at their discretion, o f $.50
per item on all n o n c a sh item s returned unpaid
and unprotested;