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Reserve bank DALLAS, TEXAS of Dallas 75222 C i r c u l a r No. 76-95 J u l y 8, 1976 American Revolution Bicentennial REVISION TO PAGE 3 OF BULLETIN 6 TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: T h e r e is e n c l o s e d a c o p y of r e v i s e d p a g e 3 of B u lle tin 6 e n t i t l e d " T r a n s f e r s of F u n d s " w h ic h is now in effe c t. T h e p a g e h a s b e e n r e v i s e d in o r d e r to u p d a t e t h e s e c t io n on A d v ic e of C r e d i t in r e g a r d to t h e t e l e p h o n e n o tific a tio n of th e t r a n s f e r s of f u n d s . M em ber b a n k s a r e e n c o u r a g e d to te l e p h o n e t h e M a n a g e r o f t h e 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 A c c o u n ti n g D e p a r t m e n t c o l le c t w h e n e v e r t h e y r e c e i v e a te l e p h o n e n o tific a tio n of a n in c o m in g t r a n s f e r o f f u n d s t h a t is u n u s u a l o r p o t e n t i a l l y q u e s t i o n a b l e in a n y m a n n e r . T h e n ew p a g e s h o u l d b e s u b s t i t u t e d im m e d ia te ly fo r th e c o r r e s p o n d i n g p a g e in y o u r c u r r e n t i s s u e of B u lle tin 6, d a t e d F e b r u a r y 6, 1976. All o t h e r r e l a t e d p a g e s s h o u l d b e r e t a i n e d . T h e s u p e r s e d e d p a g e 3 s h o u l d b e d e s t r o y e d . Q u e s tio n s r e g a r d i n g th i s r e v i s i o n s h o u l d b e d i r e c t e d to A lla n Y . N eale a t (214) 651-6334 o r C . L. V ic k a t (214) 651-6333, o r t h e A c c o u n ti n g D e p a r t m e n t a t o u r El P a s o , H o u s to n , o r S a n A n to n io B r a n c h e s . A d d iti o n a l c o p i e s o f B u ll e ti n 6 o r r e v i s e d p a g e 3 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 t h e S e c r e t a r y ' s O ffice (214) 651-6267. S in ce rely y o u rs , T . W. Plant First Vice President Enclosure This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) BULLETIN 6 FEDERAL RESERVE BANK OF DALLAS 4.10 Requests after closing hours Section 6, CHARGE AND PAYMENT Requests received after closing hours may be transm itted, at our discretion, on the day of receipt; however, consum m ation of the transfer is discretionary w ith the Federal Reserve Bank to w hich the transfer is transm itted. Such trans m ittals and consum m ations will be limited to transfers to clear overdrafts and other em er gency situations. 6.00 Authority to charge Section 5, MAIL ADVICES 5.00 Advice of credit Mail advice of credit for all telegraphic transfers of funds will be given by the Federal Reserve office receiving the transfer to the m em ber bank or nonm em ber clearing bank receiving credit therefor. In addition, im m ediate advice of credit by telephone* or otherw ise will be given w hen the bank receiving credit or the bank requesting the transfer has asked for such im m ediate ad vice, or w here the nature of the transaction, or the am ount involved, indicates that the addi tional expense is justified as to w hich the re ceiving Federal Reserve office will exercise its discretion. Mail advice will not be given to banks th at use term inals connected to our District Switch, since those banks autom atically receive an advice of credit as p art of their use of these facilities. 5.05 Advice of charge W e will confirm each transfer of funds re quested by forw arding a copy of the transfer docum ent to the requesting m em ber bank, ex cept in those cases w here requests are received by us directly from banks that use term inals connected to our District Switch. Each advice should be exam ined carefully and immediately upon receipt for correctness. Any exceptions noted should be reported to us promptly. Requests to transfer funds will be construed as authority to charge the adequate collected balance for the am ount of the funds transferred in the reserve account of the requesting m em ber bank. 6.05 Statements of account Transfers of funds functioned by us will be included on the daily Reserve A ccount State m ent w hich w e prepare. These statem ents will be dispatched to each m em ber bank after the close of business on each business day. It is the responsibility of each m em ber bank to care fully examine the entries relating to its transfers of funds as set forth in such statem ent of account imm ediately upon receipt and to prom ptly report any exceptions to us. Section 7, OUR LIABILITY We will use due diligence and care in the tra n s fer of funds to the receiving Federal Reserve Bank for credit to the account of the payee bank and in the transfer of funds m ade on our books for banks w ithin this District, but w e will not be responsible for errors or delays caused by circum stances beyond our control. We reserve the right to decline to handle any transfer which, in our opinion, is an abuse of the transfer facilities, or w hich involves the ful fillment of unusual or extraordinary conditions. Section 8, CONTRACT Any bank requesting, making, or receiving a transfer of funds through the Federal Reserve Bank of Dallas shall by such action be deemed to have agreed to the term s and conditions of this bulletin. *A bank receiving and acting on any telephone notification runs the risk that it is invalid or unauthorized. At any time during normal business hours we are prepared to corroborate any transfer of funds for w hich telephone notifi cation has been given by us and received by a mem ber bank; a collect telephone call from the receiving member bank to the M anager of the Accounting D epartm ent at the num bers shown in Section 2.00 will be prom ptly handled. Receiving mem ber banks are encouraged to utilize this service w henever a telephone notification is unusual or po tentially questionable in any manner, e.g., an unusually large or a third party transfer.
