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F ederal R eserve Bank
OF DALLAS
WILLIA M
H. WALLACE
DALLAS. TEXAS 7 5 2 2 2
FIRST V IC E PR ES ID EN T
AND C H IE F O PER ATING O FFICER
January 8, 1988
Circular 88-2
TO:
All financial institutions in the
Eleventh Federal Reserve District
SUBJECT
R e v is io n s to B u l l e t i n s 6 and 11
DETAILS
Enclosed are revised copies of Bulletin 6, "Wire Transfer of Funds"
and Bulletin 11, "Automated Clearing House Items." The revisions affect
liability provisions and certain other technical matters, as noted below.
Previously, the Board of Governors amended Regulation J to limit
Reserve Bank liability in handling transfers of funds to direct damages. As
required by the Board, a similar amendment has been made with respect to the
handling of ACH items. Liability in handling ACH items may differ between
credit and debit items. At the same time, an amendment has been made to
clarify the measure of damages provisions in both the ACH circular and the
funds transfer circular in regard to non-value messages, such as
prenotifications and notifications of change in the ACH and requests for
payment and service messages in Fedwire.
Both bulletins have been revised to clarify that depository
institutions should be prepared to resend items if notified by a Reserve Bank
that the items were lost during processing, for example, if a computer outage
occurred.
Finally, various technical changes have been made to the ACH bulletin
to clarify the distinction between remotely originated and presort files. An
agreement directly between an originator and a remote Reserve Bank will no
longer be necessary for remote origination if an agreement exists with the
originator's local Reserve Bank.
ENCLOSURES
Revised Bulletins 6 and 11 are enclosed.
your Regulations Binders.
Please include these in
For addition al copies of any circular please contact the Public A ffairs D ep artm en t at (214) 6 5 1 -6 2 89 . Banks and others are
encouraged to use the follow ing incom ing W A TS numbers in contacting 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)
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2
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MORE INFORMATION
For more information please contact John Rogers, Legal Department, at
(214) 651-6228; Lyne Carter, Electronic Payments Department, at (214) 651-6175;
or Larry Ripley, Electronic Payments Department at (214) 651-6118.
Sincerely yours,
BULLETIN 6
Wire 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 funds transfers and in lieu of a draft drawn on correspondent institutions
to cover anticipated charges to an account on our books.
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 6
BULLETIN 6
WIRE TRANSFERS OF FUNDS
TABLE OF CONTENTS
Paragraphs
08-87
Statutes and Regulations..............................................................................
1-3
Issuance of Transfer Items and Transfer Requests...................................
4-8
Transfer Requests...........................................................................................
9-10
Requests for Paym ent....................................................................................
11
Handling of Transfer Items and Requests..................................................
12-13
Closing H ours.................................................................................................
14
Advices of Credit and D ebit.........................................................................
15-17
Charges.............................................................................................................
18
Final Payment; Right to Use Funds;Transferee's A greem ent................
19-22
Revocation of Transfer Item s.......................................................................
23-25
Service M essages...........................................................................................
26
G eneral................................................................................... .........................
27-28
Right to Amend..............................................................................................
29
i
BULLETIN 6
FEDERAL RESERVE BANK OF DALLAS
5. A transfer item or request must be in the for
mat prescribed by us.
STATUTES AND REGULATIONS
1. Subpart B of Regulation J ("Regulation J") of
the Board of Governors of the Federal Reserve
System and this bulletin and time schedule ap
ply to wire transfers of funds handled by this
Bank.
This bulletin is issued pursuant to
Sections 4, 11A, 13, 14, 16, and 19 of the Federal
Reserve Act and related statutes in conformity
with Regulation J. It is binding on transferors,
transferees, beneficiaries, and other parties in
terested in an item.
6. The text of a transfer item may not exceed 380
characters including punctuation, third party in
formation, and any other instructions, except
with our approval.
7. We only accept a transfer item or request that
instructs us to transfer funds on our banking day
of receipt or, with our approval, on the next
banking day.
2. Each Reserve Bank has issued a bulletin sub
stantially similar to this one. When we send a
transfer item to another Reserve Bank, that Re
serve Bank handles the item under its bulletin.
8. A transferor may send a transfer item to us by
electronic means under arrangements with us,
or, in unusual circumstances and in our dis
cretion, in other media approved by Section
210.28 of Regulation J. The transferor must
authenticate a transfer item at the time it is sent
by codes or procedures we prescribe. A transfer
item contained in a letter, memorandum, or sim
ilar writing must be signed by an authorized of
ficer of the transferor whose signature is on file
with us.
3. All terms defined in Regulation J have the
same meaning in this bulletin. Some terms used
in this bulletin, including terms not defined in
Regulation J, have specialized meanings that
have developed through law, custom and com
mercial usage. Unless otherwise stated, all ref
erences to this Bank will include our Head
Office and our El Paso, Houston, and San
Antonio Branches.
TRANSFER REQUESTS
9. A "transfer request", as defined in Regulation
J refers to a transfer of funds initiated by tele
phone, and differs from a request for payment
described in paragraph 11. A transfer request
may be made by telephone under arrangements
with us (see note 1).
The transferor must
authenticate a transfer request at the time it is
made by codes or procedures we prescribe (see
note 2). We may record a transfer request. We
reserve the right to require a transferor to con
firm a transfer request by a letter of confirmation
over authorized signature(s). We assume no li
ability for loss resulting from a transfer of funds
based on a communication that is in the form of
a transfer item and that does not expressly indi
cate that it is a confirmation.
ISSUANCE OF TRANSFER ITEMS
AND TRANSFER REQUESTS
4. A transferor maintaining or using an account
with an office of this Bank may send a transfer
item to or make a transfer request of that office.
We may refuse to act on, or may impose condi
tions to acting on, a transfer item or request if
we have reason to believe that the balance in the
transferor's account is not sufficient to cover the
item. A transferor, other than a Reserve Bank,
that uses our wire transfer of funds facilities shall
maintain with us a balance of actually and
finally collected funds in accordance with Sec
tion 210.31(a) of Regulation J.
08-87
1
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 6
CLOSING HOURS
10. We reserve the right to refuse to handle a
transfer item or request under conditions differ
ent from those imposed by this bulletin or Reg
ulation J.
14. Our time schedule shows the latest hours on
each banking day ("closing hours") at which we
will accept a transfer item or request (Appendix
A). If we receive a transfer item or request after
the closing hour we may either refuse to handle
it or handle it on the following banking day, ex
cept that we may complete a same-day transfer
on the day of receipt. In the case of an interdis
trict transaction received after our closing hour,
completion of the transfer on that day is also
discretionary with the transferee's Reserve Bank.
REQUESTS FOR PAYMENT
11. A request for payment is a message sent by
an institution authorized to be a transferee, re
questing an institution authorized to be a
transferor to send a transfer item to the
transferor's Reserve Bank for credit to the insti
tution requesting the payment. We handle a re
quest for payment, or a negative response,
involving only on-line institutions, subject to our
time and fee schedules, and without transferring
funds. A request for payment is not an item, and
in itself, imposes no obligation on the recipient
to respond.
ADVICES OF CREDIT AND DEBIT
15. We provide to a transferee maintaining or
using an account with us, an advice of credit for
a transfer of funds. This advice may be com
bined with other advices of credit in a statement.
We give advice of credit by telephone, tele
graph, or other form of electronic telecommuni
cations when we deem that the nature of the
transaction justifies it or when the transferor or
transferee requests it. The transferee should as
certain the authenticity of an advice of credit at
the time of its receipt by codes or procedures
we prescribe (see note 3). We do not give tele
phone advice of credit for a transfer, identified
as a settlement transfer, between a transferor or
transferee for their own accounts, or for the ac
count of another institution authorized to be a
transferor, unless the transferee has made a
standing order for advice of all transfers of funds.
HANDLING OF TRANSFER ITEMS
AND REQUESTS
12. We will notify a transferor of a significant
delay in executing transfers of funds within a
reasonable time after we learn of the delay.
13. We expect to handle a transfer item or re
quest promptly and to complete a transfer of
funds on the banking day requested if we re
ceive the item or request before the closing
hours established in our time schedule. We do
not guarantee that we or another Reserve Bank
will complete a transfer of funds on the day re
quested. We are not responsible to the transferor
or to any other person for any loss or delay re
sulting from our handling of an item on the basis
of an erroneous routing number or other desig
nation appearing on the item when we receive
it, w hether or not that designation is consistent
with any other designation appearing on the
item.
08-87
16. The transferee should confirm a telephonic
advice of credit that contains third-party infor
mation or other special instructions, by return
telephone call or other arrangements prior to
making the proceeds of the transfer available for
withdrawal or other use. The transferee assumes
all risk of loss resulting from its failure to make
the confirmation. In addition, if there is a dis
crepancy between an advice given by telephone,
telegraph, or other form of electronic telecom
2
BULLETIN 6
FEDERAL RESERVE BANK OF DALLAS
21. As provided by Section 210.30 of Regulation
J, a transferee that receives from us a transfer
item, or advice of credit of a transfer item, des
ignating a beneficiary, agrees:
munications and a mailed or delivered advice,
the transferee is deemed to approve the credit
reflected in the mailed or delivered advice un
less it sends written objection to us within ten
(10) calendar days following its receipt of the
mailed or delivered advice.
The objection
should be sent to the Reserve office at which the
transferee maintains or uses an account.
(a) to credit promptly the beneficiary's ac
count or otherwise make the amount of
the item available to the beneficiary; or
(b) to notify promptly the office of this Bank
with which it maintains or uses an ac
count, if it is unable to do so because of
circumstances beyond its control. We will
then notify our transferors.
17. We provide an advice of debit to a transferor
maintaining or using an account with us. This
advice may be combined with other advices of
debit in a statement. The transferor should
carefully examine the advice on receipt, and
promptly report any exception. The transferor
is deemed to approve a debit if it fails to send
written objection with ten (10) calendar days af
ter it receives the advice of debit to the office of
this Bank with which it maintains or uses an ac
count.
22. A transferee that arranges with us to receive
transfer items by electronic means must manage
its communications link so as to permit us to
send transfer items to it on a timely basis during
its day. We are not responsible for any delay in
sending a transfer item or other message to such
a transferee, if the delay results from the
transferee's failure to so manage its link.
CHARGES
REVOCATION OF TRANSFER ITEMS
18. Our schedule of charges shows the charges
imposed for wire transfer of funds services (Ap
pendix B). We may make the charge to the ac
count of the transferor or transferee requesting
the service.
23. A transferor may ask the office of this Bank
to which it has sent a transfer item or request to
revoke a transfer item or request. The transferor
must authenticate the request for revocation by
codes or procedures we prescribe. We may cease
acting on the item or request if we receive the
request for revocation in time as to give us a
reasonable opportunity to comply. If the request
is received too late, we may, on request from the
transferor:
FINAL PAYMENT; RIGHT TO USE FUNDS;
TRANSFEREE'S AGREEMENT
19. A transfer item
transferee's Reserve
sends or telephones
transferee, whichever
is finally paid when the
Bank sends the item or
advice of credit to the
occurs first.
(a) ask the transferee to return the transferred
funds; or
(b) in an interoffice transaction, ask the
transferee's Reserve Bank to ask the
transferee to return the funds.
20. On final payment the transferee has the right
to withdraw or use funds that have been credited
to its account, subject to the right of a Reserve
Bank to apply the funds to an obligation owed
to it by the transferee.
08-87
24. By requesting a revocation, unless the re
quest states "NO INDEMNITY", the transferor
agrees that the transferor will indemnify the
3
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 6
procedures is compromised, and act to prevent
any further disclosure.
transferee for any loss or expense sustained (in
cluding attorneys' fees and expenses of liti
gation) resulting from the return of the funds by
the transferee, except any loss or expense re
sulting from the transferee's lack of good faith
or failure to exercise ordinary care.
RIGHT TO AMEND
29. We reserve the right to amend this bulletin
at any time.
25. To correct an erroneous or irregular transfer
of funds, we may, on our own initiative or at the
request of another Reserve Bank, ask the
transferee to return funds previously transferred.
1. (Refer to item 9)
(a) We w ill accept telephone requests for transfers of funds
in accordance w ith the Code Word A uthentication
Procedure outlined in note 2. T elephone requests may
be com m unicated by depository institutions as follows:
SERVICE MESSAGES
Office
Dallas
26. We handle for a transferor or transferee a
service message in a prescribed format concern
ing a previously sent or received transfer of
funds. A service message, request for payment
message, or negative response, is not an item but
is generally handled as an item. A Reserve Bank
shall not be liable for any damage caused by a
Reserve Bank's failure to exercise ordinary care
or act in good faith in handling a service mes
sage, a request for payment message, or a nega
tive response, in excess of the amount of any fee
paid for the message.
Area
Code
800
800
El Paso
800
800
Telephone
Number
442-7276*
(intrastate)
527-9200*
(interstate)
442-7276*
(intrastate)
527-9200*
(interstate)
Extension
Number
6110
6110
6110
Houston
800
442-7276*
(intrastate)
6110
San Antonio
800
442-7276'
(intrastate)
6110
* Toll-free incom ing WATS number.
2. (Refer to item 9)
(a) A Code Word A uthentication Procedure is utilized b e
tw een depository institutions and our office. It is de
signed to detect and prevent th e processing of
unauthorized telephone transfers of funds requests.
GENERAL
27. A transferor sending a transfer item by elec
tronic means should determine that the transfer
item has been accepted by our telecommuni
cations and processing equipment. A transferor
should be prepared to resend a transfer item to
us if we notify it that the item has been lost be
cause of a computer outage or other reason.
(b)(1) We w ill furnish code w ord authentication lists
to each depository in stitution as the need arises.
A replacem ent w ill be supplied by us as needed
based on usage. To insure th at code w ord lists
do not becom e outdated through disuse or fluc
tuation in activity, all code w ord authentication
lists, if not earlier exhausted, w ill becom e null
and void at th e end of exactly six calendar
months from the in itiation d ate show n on the
lists.
(2) The use by any person of a code w ord w hich
passes our code word authentication check shall
be deem ed to be a person authorized by the de
pository institution to request transfers of funds
on its behalf.
(3) Depository institutions should prom ptly ac
know ledge
receipt
of
the
code
word
28. A transferor or transferee must prevent the
disclosure outside of it, or within it except on a
"need to know" basis, of any of the codes or
other security procedures relating to transfers of
funds. The transferor or transferee should notify
us immediately if the confidentiality of these
08-87
4
BULLETIN 6
FEDERAL RESERVE BANK OF DALLAS
messages norm ally w ill not be honored. Requests u ti
lizing these means of transm ission should not be made
and w ill be accepted only w here prior arrangem ents
have been made or in em ergency situations.
(g) We intend to verify by call-back selected transfers of
funds involving third-party information. Final pro
cessing of transfers m ay be delayed due to the tim e
necessary to effect call-back verification. Your coop
eration in expediting this verification w ill facilitate
tim ely processing of such transfers.
(h) T elephone transfer requests not utilizing th e Code
Word A uthentication Procedure may be handled on an
exception basis at our discretion. Such transfer re
quests w ill be au thenticated on a call-back basis and
the final processing of the transfers m ay be delayed
due to th e tim e necessary to effect th e call-back ver
ification.
authentication lists. A list w ill not be activated
by us until w e have received a signed acknow l
edgem ent by an officer of a depository institu
tion whose signature is on file w ith us.
(c) Each transfer of funds request w ill require a separate
sequence num ber and code word and these must be the
next sequential, unused sequence num ber and code
word show n on th e code w ord au thentication list.
Otherw ise, it w ill not pass our code w ord
authentication check.
(d) A t the bottom of each listing, it is noted th at the list is
for authorized use only. Since the sequence num ber
and code w ord w ill be the only m ethod of verifying the
authenticity of a transfer request, it is strongly sug
gested th a t only those individuals authorized to trans
fer funds at each depository in stitution have access to
the code words.
This w ill help ensure the
confidentiality of the depository institution's list and
integrity of the authentication procedure.
3. (Refer to item 15)
A depository institution receiving and acting on any tele
phone notification runs the risk th at it is invalid or unau
thorized. A t any tim e during norm al business hours, the
m anager or supervisor of th e Transfers of Funds Division
at th e H ead Office is prepared to corroborate any transfer
of funds for w hich telephone notification has been given
by us and received by a depository institution. Receiving
depository Institutions are encouraged to utilize this
service, especially for third-party advices received by
telephone.
(e) All telephone requests for transfers of funds w ill be
autom atically recorded on recording devices and any
depository institution utilizing this m ethod to transfer
funds hereby consents to the recording of such con
versations. A w ritten le tte r confirm ing a transfer of
funds w ill not be required unless specifically requested
by this Bank.
(f) Requests for transfers of funds utilizing the mails,
W estern Union wires, TWX messages, and TELEX
08-87
5
BULLETIN 6
FEDERAL RESERVE BANK OF DALLAS
Appendix A
SCHEDULE OF TIME LIMITS
(Closing Hours lor Telegraphic Transfers of Funds
for Consummation on Day of Receipt)
I. Closing Hours
A. Interdistrict Transfers
We accept interdistrict transfer items (on-line
instructions) until 4:00 p.m., and interdistrict
transfer requests (telephonic instructions) un
til 3:30 p.m., Central Time each business day.
(For the El Paso Territory of the Eleventh
Federal Reserve District, the times are 3:00
p.m. and 2:30 p.m., respectively, Mountain
Time). At our discretion, we may accept
interdistrict transfer items and requests after
these times, but the completion of such trans
fers is also at the discretion of the transferee's
Reserve Bank.
B. Intradistrict Transfers
We accept intradistrict transfer items (on-line
instructions) until 4:00 p.m., and intradistrict
transfer requests (telephonic instructions) un
til 3:30 p.m., Central Time each business day.
(For the El Paso Territory of the Eleventh
Federal Reserve District, the times are 3:00
p.m. and 2:30 p.m., respectively, Mountain
Time). At our discretion, we may accept
intradistrict transfer items and requests after
these times.
C. Requests for Payment
We accept requests for payment (subtype code
31) from on-line financial depository insti
tutions until the respective closing hours for
interdistrict, intradistrict and net settlement
transfer items. Originators of such requests
are responsible for allowing sufficient time for
receivers to respond within the closing hours
specified.
II. Settlement Period
We accept settlement transfer items (on-line in
structions) until 5:30 p.m., and settlement transfer
requests (telephonic instructions) until 5:00 p.m.,
08-87
Central Time each business day. (For the El
Paso Territory of the Eleventh Federal Reserve
District, the times are 4:30 p.m. and 4:00 p.m.,
respectively, Mountain Time). A settlement
transfer is a transfer between a transferor and
transferee for their own accounts, or for the ac
count on the books of the transferor or transferee
of a respondent subject to Federal Reserve re
quirements (whether or not such respondent ac
tually maintains reserves). A settlement transfer
must be identified with type code 16, and may
contain third-party information relating only to
such respondents or to the transferor or
transferee. Settlement transfers may be used to
make or to adjust for net settlement transactions.
We reserve the right, in our discretion, to refuse
to handle a transfer that is received during the
settlement period but that does not comply with
the requirements for transfers during such pe
riod. We also may, in our discretion, accept
settlement transfer items and requests after these
times, but the completion of interdistrict settle
ment transfers is also at the discretion of the
transferee's Reserve Bank. Immediate telephone
advice is not provided for settlement transfers.
III. Net Settlement
Organizations participating in net settlement
arrangements must begin to submit settlement
transaction detail to us by such time as, in the
judgment of this Reserve Bank, will insure com
pletion of all transactions by 5:00 p.m., Central
Time. (For the El Paso Territory of the Eleventh
Federal Reserve District, the time is 4:00 p.m.,
Mountain Time).
IV. Opening Hour
We accept transfer items and requests (interdis
trict and intradistrict) beginning at 8:00 a.m.,
Central Time. (For the El Paso Territory of the
Eleventh Federal Reserve District, the time is
7:00 a.m., Mountain Time).
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 6
Appendix B
FEE SCHEDULE FOR
TRANSFERS OF FUNDS SERVICES
(Effective January 1, 1988)
WIRE TRANSFER
Originators Charge
Telephone Advice
No
Yes
Originator Online
$0.47
$3.97
Originator Offline
$6.47
$9.97
Receivers Charge
All receivers will be charged $0.47 per transfer.
Receivers may elect a "standing order for notifica
tion" at an additional charge of $3.50 per advice.
NOTE: Requests for payment (Subtype Code 31) re
ferred to under paragraph 11 of Bulletin 6 w ill incur a
charge of $0.47 for online institutions since they are
currently limited to online institutions. A transfer of
funds in response to a transfer request (Subtype Code
32) w ill likew ise incur a charge of $0.47. A negative
response to a Subtype Code 31 m essage (Subtype Code
33) w ill incur a charge of $0.47.
01-88
BULLETIN 11
Automated
Clearing House
Operations
FEDERAL RESERVE BANK OF DALLAS
SCOPE
This bulletin contains the terms and conditions under which we will process
Automated Clearing House items.
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
AUTOMATED CLEARING HOUSE ITEMS
TABLE OF CONTENTS
Paragraphs
08-87
G eneral............................................................................................................
1-2
Definitions.......................................................................................................
3
Sending Debit and Credit Items..................................................................
4-7
Originator's Agreements...............................................................................
8-10
Applicable ACH Rules..................................................................................
11-12
Handling of Item s..........................................................................................
13-16
Time Schedules, Settlement Dates and Extension of Time Limits.......
17-19
Settlement and Availability of Credit........................................................
20-25
Settlement A greements................................................................................
26
Receiver's Agreements..................................................................................
27-28
Revocation of Items.......................................................................................
29-31
Return of Items and Funds...........................................................................
32-34
Disputed Returns............................................................................................
35-36
Advices to Account Holders.........................................................................
37
Records............................................................................................................
38-39
Pricing..............................................................................................................
40
Reserve Bank Liability..................................................................................
Limitations on Liability..................................................... ..................
Measure of Damages............................................................................
Reserve Bank Indemnity......................................................................
Limitation on Claims............................................................................
Recovery by Reserve Bank..................................................................
Methods of Recovery...........................................................................
41-46
41
42
43
44
45
46
Right to Amend..............................................................................................
47
i
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
to affected originators and receivers, and
that are designated by a Reserve Bank in
its bulletin as applicable to designated
ACH transactions.
"Applicable ACH
rules" does not include provisions in ACH
rules that are not applicable to trans
actions under this bulletin because they
are in conflict with regulations and policy
guidelines of the Board of Governors of
the Federal Reserve System or policy
guidelines of the Conference of First Vice
Presidents or the Conference of Presidents
or applicable law, and provisions (i) limit
ing the rules' application to members of
an ACH association, (ii) requiring dues or
fees (other than a reasonable fee for copies
of the ACH rules), and (iii) requiring exe
cution of agreements (such as settlement
or indemnity agreements); but such pro
visions may bind members of the ACH
association.
GENERAL
1. This bulletin and our time schedules govern
the clearing and settlement of automated clear
ing house (ACH) items by this Bank. This bul
letin is issued pursuant to Section 4, 11A, 13, 16
and 19 of the Federal Reserve Act and related
statutes. It is binding on originators, receivers,
and other parties interested in an item and on
each account holder agreeing to settle for items
under this bulletin. This bulletin preempts or
supersedes agreements or other arrangements
among parties to automated clearing house items
only to the extent that provisions of those ar
rangements are inconsistent with this bulletin.
2. Each Reserve Bank has issued a bulletin sub
stantially similar to this one, containing uniform
provisions concerning interoffice transactions,
except that the Federal Reserve Bank of New
York has issued a bulletin providing only for
delivery and settlement of ACH items on behalf
of members of an ACH association. When we
send an item to another Reserve Bank, that Re
serve Bank handles the item subject to is bulle
tin and time schedules. We give credit to or
charge the originator or receiver for the item in
accordance with our time schedules.
(d) "Approved medium" means any of the
following writings specified in this bulle
tin or in the applicable ACH rules: any
form of communications, other than voice,
registered on (or in form suitable for being
registered on) magnetic tape, disc, or other
medium designed to contain in durable
form conventional signals used for elec
tronic communication of messages, or out
put produced from
this form
of
communication.
DEFINITIONS
3. As used in this bulletin, unless the context
otherwise requires:
(e) "Automated clearing house" or "ACH"
means a facility that clears debit and
credit items for depository institutions.
(a) "Account holder" means a Reserve Bank,
a depository institution, or other institu
tion maintaining an account with a Re
serve Bank.
(f) "Automated clearing house rules"
or
"ACH rules" means the rules and proce
dures or agreements provided by a group
of depository institutions, such as an auto
mated clearing house association, that
comprehensively govern the clearing of
items among participants in an automated
clearing house payment system.
(b) "Actually and finally collected funds"
means cash or any other form of payment
that is, or has become, final and irrev
ocable.
(c) "Applicable ACH rules" mean ACH rules,
copies of which are reasonably available
08-87
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FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
(g) "Banking day" means a day during which
a Reserve Bank, an account holder, origi
nator, or receiver is open to the public for
carrying on substantially all its banking
functions.
defined in Section 210.26 of Regulation J
that is handled under Subpart B govern
ing wire transfers of funds; (3) a payment
instruction subject to 31 Code of Federal
Regulations, Part 210, governing Federal
payments by the ACH method; or (4) a
wire transfer of securities by this Bank.
An item is deemed to be the same item
even if the medium in which it is con
tained changes during handling of the
item. "Item" may include a prenotification
or notice in accordance with paragraph 7
or a return item, adjustment, or notice in
accordance with paragraphs 32 or 33.
(h) "Credit item" means an item sent to a Re
serve Bank by an originator for debit to
the originator's account and for credit to
a receiver's account.
(i)
"Debit item" means an item sent to a Re
serve Bank by an originator for credit to
the originator's account and for debit to a
receiver's account.
(j)
"Depository institution" means a deposi
tory institution as defined in Section 19(b)
of the Federal Reserve Act (12 U.S.C.
461(b)).
(p) "Originator" means a depository institu
tion or other authorized institution,
whether or not a member of an ACH as
sociation, that sends an ACH item to a
Reserve Bank.
(k) "Effective date" means the date for settle
ment specified in an item by the origina
tor.
(q) "Originator's account " or "receiver's ac
count" means the account at a Reserve
Bank the originator or receiver, respec
tively, maintains or uses under an ar
rangement between the Reserve Bank and
an account holder, for settlement under a
bulletin governing ACH items.
(1) "Effective date window" means the mini
mum and maximum number of days fol
lowing receipt of an item by a Reserve
Bank, within which the date specified for
settlement of the item must fall for a Re
serve Bank to settle for the item on the
specified date.
(r)
(m) "Interoffice transaction" means a trans
action that is handled by different Reserve
Banks.
(s) "Originator's Reserve Bank" means the
Reserve Bank office to which an originator
sends an item in accordance with the Re
serve Bank's bulletin.
(n) "Intraoffice transaction" means a trans
action that is handled by a single Reserve
Bank.
(o) "Item" means a writing contained in an
approved medium that evidences a right
to the payment of money and that is sent
to this Bank for clearing and settlement
under this bulletin. "Item" does not in
clude: (1) an "item" as defined in Section
210.2 of Regulation J that is handled under
Subpart A governing the collection of
checks and other items; (2) an "item" as
08-87
"Originator's local Reserve Bank" means
the Reserve Bank in whose territory the
originator is domiciled, which may also be
the originator's Reserve Bank.
(t)
"Receiver" means a depository institution
or other authorized institution, whether or
not a member of an ACH association, that
is designated in an item to receive the
item from a Reserve Bank.
(u) "Receiver's Reserve Bank" means the Re
serve Bank office from which the receiver
directly or indirectly receives an item.
2
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
an item, except that no funds are transferred. If
the receiver does not maintain or use an account
for settlement under a bulletin governing ACH
items, we return the prenotification to the origi
nator.
(v) "Settlement date" means the date for
settlement of an item as provided in this
bulletin.
Unless otherwise stated, all references to this
Bank include our Head Office and our El Paso,
Houston and San Antonio Branches.
ORIGINATOR'S AGREEMENTS
SENDING CREDIT AND DEBIT ITEMS
8. By sending an item to a Reserve Bank, the
originator:
4. An originator (a) domiciled in the territory of
this Bank, or in the territory of another Reserve
Bank, (b) maintaining or using an account with
a Reserve Bank for settlement under a bulletin
governing credit and debit items, and (c) au
thorized by the originator's local Reserve Bank,
may send an item to this Bank. An item pre
sorted to this Bank by an originator domiciled in
the territory of another Reserve Bank must des
ignate a receiver located in the territory of this
Bank. An originator must designate itself or an
other person to deliver its items to a Reserve
Bank, and that person is considered to be the
originator's agent.
(a) agrees to comply with the applicable ACH
rules and that such rules shall govern the
relationships among the originator, the
receiver, and other parties interested in
the item and covered by the applicable
ACH rules;
(b) authorizes its Reserve Bank, its local Re
serve Bank, and the receiver's Reserve
Bank to handle the item in accordance
with the Reserve Banks' bulletins;
(c) authorizes the Reserve Bank holding the
originator's account to debit or credit, as
appropriate, the amount of the item to the
originator's account on the settlement
date; and
5. An originator may send an item to us by
electronic means under arrangements with us,
or in the following approved media: 1600 or 6250
BPI 9-track magnetic tape. The originator must
authenticate items sent to us by codes or proce
dures we prescribe.
(d) agrees to indemnify each Reserve Bank
handling or settling for the item for any
loss or expense sustained (including attor
neys' fees and expenses of litigation) re
sulting from any action taken by the
Reserve Bank in accordance with the Re
serve Bank's applicable bulletin.
6. Items must be in the format prescribed by
applicable ACH rules. We may handle an item
on the basis of any routing number or other des
ignation of a receiver appearing in any form on
the item when we receive it. We are not re
sponsible for any delay resulting from our acting
on any designation of a receiver w hether or not
the designation is consistent with any other
designation on the item.
9. The agreement, authorizations, and indemnity
in paragraph 8 do not limit any other agreement,
authorization, or indemnity, not inconsistent
with paragraph 8, made by an originator to a re
ceiver, a Reserve Bank, or another party.
10. By sending a credit item to a Reserve Bank,
the originator agrees to have in its account on
the settlement date, a balance of actually and
finally collected funds sufficient to cover the
7. An originator shall send to us a prenotification
of an.item as required by applicable ACH rules.
We handle a prenotification or other notice as
08-87
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FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
receiver, or (ii) in the case of a transaction
involving a nonmember(s) of an ACH as
sociation, generally apply to transactions
within the region where the originator
and receiver are domiciled. Originators
domiciled in the El Paso territory should
ordinarily send their items to the El Paso
Branch; originators domiciled in the
Houston territory should ordinarily send
their items to the Houston Branch; origi
nators domiciled in the San Antonio terri
tory should ordinarily send their items to
the San Antonio Branch.
amounts of credit items to be debited to the ac
count during that day. In addition to other rem
edies, the originator's Reserve Bank, the
originator's local Reserve Bank, and the Reserve
Bank holding the originator's account have a se
curity interest in the assets of the originator, and
of the account holder whose account the origi
nator uses for settlement, in the possession of, or
held for the account of, the Reserve Bank if:
(a) the balance in the originator's account at
the end of the Reserve Bank's banking day
on the settlement date is not sufficient to
cover the amounts debited to the account
during that day in connection with credit
and debit items; or
12. Except as otherwise provided in this bulle
tin, we do not have or assume any responsibility
for determining whether an originator or re
ceiver complies with applicable ACH rules.
(b) the originator suspends payment or is
closed at any time during the Reserve
Bank's banking day on the settlement
date, and does not have a balance suffi
cient to cover the amounts debited to its
account in connection with credit and de
bit items.
HANDLING OF ITEMS
13. We process and edit ACH items in accord
ance with applicable ACH rules. We handle an
intraoffice transaction by sending or making
available an item we receive to the receiver.
We handle an interoffice transaction as follows:
The originator's Reserve Bank sends an item it
receives to the receiver's Reserve Bank. The re
ceiver's Reserve Bank sends or makes available
the item it receives to the receiver.
APPLICABLE ACH RULES
11. The following ACH rules, as amended from
time to time, are applicable to transactions in
volving originators and receivers sending and
receiving items to and from this Bank:
(a) For transactions between an originator
and receiver, whether or not either is a
member of an ACH association, the appli
cable ACH rules are the Operating Rules
of the National Automated Clearing
House Association, unless other ACH
rules apply under subparagraph (b).
14. This Bank sends items to a receiver, or to a
location in the same Federal Reserve territory
as that where the receiver is located at the re
ceiver's request, in the following manner:
(a) By the same means and to the same lo
cation used for sending cash items to the
receiver, or to others, under Subpart A of
Regulation J;
(b) For transactions between an originator
and receiver, whether or not either is a
member of an ACH association, the appli
cable ACH rules are the Operating Rules
of the Southwestern Automated Clearing
House Association, to the extent such
rules (i) bind both the originator and the
08-87
(b) By courier to a location not receiving cash
items, if the delivery point is on a Federal
Reserve courier route and, in our opinion,
results in savings through consolidation
of payment files;
4
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
credit and debit items of various classes. Items
or their accompanying media should specify an
effective date that is within the effective date
window shown for that class of item. If we re
ceive an item after a cutoff hour, we handle it as
if received by our next applicable cutoff hour
unless, in emergency or other circumstances, we
decide to handle it as if received by the first
cutoff hour. If the specified effective date is later
than the effective date window, we will return
the item.
(c) By electronic means under arrangements
with US;
(d) By the receiver's picking up the items; or
(e) By mail.
The person to whom delivery is made as re
quested or who picks up the items is considered
to be the receiver's agent.
15. This Bank send items to a location in a dif
ferent Federal Reserve territory from that where
the receiver is located at the receiver's request
and expense where, in our judgement, it is ap
propriate to do so. A receiver that wants such
delivery should submit a request to us.
18. Our time schedule also shows the settlement
date for items;
(a) that specify no effective date;
(b) that specify a settlement date that is not
a banking day for the originator or the
receiver or for a Reserve Bank involved
with the transaction; or
16. A receiver should promptly advise us by
telephone if its does not receive a scheduled
shipment of items by the settlement date. If a
receiver choosing physical delivery of items
regularly does not receive them by the date
scheduled for settlement, and the items are
available for pick-up or electronic transmission
on that date, it will be considered to have re
ceived the items on that date for purposes of
settlement. A receiver may request us, for a fee,
to notify it by telephone on the settlement date
of certain information with respect to items des
ignating it as receiver. Because we do not verify
this information in providing it to a receiver, we
make no warranties, express or implied, includ
ing
without
limitation,
warranties
of
merchantability or fitness for a particular pur
pose. If the receiver provides the telephonic in
formation to its customer, the receiver should
either advise the customer that it has not been
verified, or verify the information before sup
plying it to the customer.
(c) that specify an effective date earlier than
the effective date window shown in the
time schedule for those items.
19. The time schedule made a part of this bulle
tin also shows the time certain operations are
scheduled to occur. We act in a timely manner
if we take proper action within the time shown
in our time schedule. If, because of circum
stances beyond our control, we are delayed in
acting on an item beyond applicable time limits,
the time for acting is extended for the time nec
essary to complete the action, if we exercise such
diligence as the circumstances require.
SETTLEMENT AND AVAILIBILITY
OF CREDIT
20. The Reserve Bank holding the originator's
account, on the settlement date debits or credits
the originator's account in the amount of the
item, and credits or debits in the same amount
the receiver's account, or the account of the ap
propriate Reserve Bank.
TIME SCHEDULES, SETTLEMENT DATES
AND EXTENSIONS OF TIME LIMITS
17. The time schedule made a part of this bulle
tin shows the cutoff hours for receipt by us of
08-87
5
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
whose account the institution desires to use for
settlement of the items, must execute a settle
ment agreement with a Reserve Bank that
maintains an account for the institution or ac
count holder. The settlement agreement must
provide that in consideration of the clearing and
settlement of items by the Reserve Bank for the
originator or receiver, and for other originators
and receivers, the institution and account holder
agree to the applicable Reserve Bank bulletins
governing ACH items, and to applicable ACH
rules, each as amended from time to time, for the
benefit of all parties interested in the items. A
settlement agreement with this Bank executed
by an originator or receiver and an account
holder, if any, in effect on August 1, 1981, pro
viding for settlement of ACH items is considered
to comply with this paragraph upon the origi
nation or receipt by such an institution of items
on or after such date, unless such originator or
receiver ceases to be a member of an ACH asso
ciation. A settlement agreement or an agree
ment governing receipt or delivery of items
applies to all items (a) sent to the originator's
local Reserve Bank, (b) sent remotely to another
Reserve Bank, and (c) presorted and sent to an
other Reserve Bank.
21. The Reserve Bank holding the receiver's ac
count, on the settlement date credits or debits
the receiver's account in the amount of the item
and debits or credits in the same amount the
originator's account, or the account of the ap
propriate Reserve Bank.
22. A Reserve Bank may, at any time until its
opening of business on the banking day follow
ing the settlement date, refuse to permit the use
of credit given for a debit item for which the
Reserve Bank has not received actually and
finally collected funds. A Reserve Bank that
does not receive actually and finally collected
funds in settlement of a debit item, at or before
the opening of business on the banking day fol
lowing the settlement date, reverses the debit
and credit previously made in settlement of the
item and promptly notifies the originator and the
receiver, or the appropriate Reserve Banks,
which notify the originator and receiver.
23. Credit given by a Reserve Bank to a receiver
for a credit item is available for use on the
settlement date, subject to the Reserve Bank's
right to apply the funds to an obligation owed
to it by the receiver.
24. A Reserve Bank does not settle for an item
after it receives notice of the suspension or clos
ing of the originator or the receiver. In the event
of the suspension or closing of an account holder
whose account the originator or receiver uses for
settlement, settlement is made to another ac
count designated by the originator or receiver.
RECEIVER'S AGREEMENTS
27. A receiver designated in an item, by main
taining or using an account with a Reserve Bank
for settlement of credit and debit items and by
accepting an item from this Bank:
25. Subject to paragraphs 22 and 23, credit given
by us at once qualifies as reserve for purposes of
Regulation D of the Board of Governors of the
Federal Reserve System.
SETTLEMENT AGREEMENTS
(a) agrees to comply with applicable ACH
rules and that such rules shall govern the
relationships among the originator, the
receiver, and other parties interested in
the item and covered by the applicable
ACH rules;
26. Prior to originating or receiving items, an
originator or receiver, and an account holder
(b) agrees to handle the item in accordance
with this bulletin;
08-87
6
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
appropriate Reserve Bank, which notifies the
originator, accordingly.
(c) authorizes the Reserve Bank holding‘the
receiver's account to credit or debit, as
appropriate, the amount of the item to the
receiver's account on the settlement date;
and
RETURN OF ITEMS AND FUNDS
(d) agrees to indemnify each Reserve Bank
handling or settling for the item for any
loss or expense sustained (including attor
neys' fees and expense of litigation) re
sulting from a breach of the foregoing
agreements or from any action taken by
the Reserve Bank holding the receiver's
account in accordance with the foregoing
authorization.
32. A receiver has the right to reversal of credits
and debits made under paragraphs 20 or 21 of
this bulletin by returning the item to its Reserve
Bank, or in the case of automated returns by re
turning the item to its Reserve Bank or any other
Reserve Bank where it is authorized to originate
items, in accordance with applicable ACH rules.
The receiver's Reserve Bank converts paper
items to automated form. A Reserve Bank re
ceiving a returned item or adjustment sends it
to the originator, or to the originator's local Re
serve Bank, which sends it to the originator. The
Reserve Bank(s) holding the originator's and re
ceiver's accounts reverse the debit and credit
previously made in settlement of the item.
28. The agreements, authorization and indem
nity in paragraph 27 do not limit any other
agreement, authorization or indemnity, not in
consistent with paragraph 27, made by a receiver
to an originator, a Reserve Bank, or another
party.
33. A receiver may send a rejection of prenotifi
cation or a notification of change to its Reserve
Bank in accordance with applicable ACH rules.
Reserve Banks handle these notices or other no
tices as items, except that no funds are trans
ferred.
REVOCATION OF ITEMS
29. No originator or prior party has a right to
revoke an item after it has been received by a
Reserve Bank, except as provided for in applica
ble ACH rules.
34. We do not have or assume any responsibility
for determining whether the action taken by a
receiver was timely.
30. We may, on our own initiative, cease acting
on or settling for a credit item if the Reserve
Bank holding the originator's account judges
that there may not be sufficient funds in the
originator's account on the settlement date to
cover the item,. We promptly notify the origi
nator and a receiver to which we have sent an
item, or the appropriate Reserve Banks, which
notify the originator and receiver, of nonpay
ment of the item.
DISPUTED RETURNS
35. An originator may dispute, in accordance
with applicable ACH rules, the propriety of a
return item by furnishing its Reserve Bank with
the item and a claim form. The originator's Re
serve Bank reverses the settlement for the return
item and sends the item and form to the receiver
or, in an interoffice transaction, to the receiver's
Reserve Bank, which reverses the settlement for
the return item and sends the item and form to
the receiver. The receiver may dispute the
31. We may initiate a reversing batch of items
in accordance with applicable ACH rules, if we
discover that we sent a duplicate or erroneous
batch of items. We notify the originator or the
08-87
7
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
handled after one year from the settlement date,
and no claim, except one based on alleged fraud
by this Bank, may be made against us after that
time.
originator's claim by furnishing its Reserve Bank
with the originator's claim form and other docu
ments in accordance with applicable ACH rules.
The receiver's Reserve Bank reinstates the
settlement for the return item and sends the
claim form and other documents to the origina
tor, or to the originator's local Reserve Bank,
which reinstates the settlement for the return
item and sends the documents to the originator.
A Reserve Bank has no responsibility for deter
mining whether an originator or receiver com
plies with applicable ACH rules governing this
procedure.
39. We disclose our records of an item handled,
if the person requesting the information is a
party to the transaction. Otherwise, we do not
disclose records of items handled except in re
sponse to valid grand jury subpoenas or court
orders.
PRICING
36. A receiver should keep records that permit
it to identify the source of receipt of items. By
sending a returned item or notice to us, a re
ceiver (a) warrants to us, to the originator's Re
serve Bank and to the originator that we sent the
item to the receiver, and (b) agrees to provide to
us on request records showing that we sent the
item to it.
40. Our fee schedule shows the charges imposed
for clearing and settlement of ACH items. We
may make the charge as shown in the schedule
to the originator's account or receiver's account
or to a correspondent account designated by the
originator or receiver.
RESERVE BANK LIABILITY
ADVICES TO ACCOUNT HOLDERS
41. Limitations on Liability. This Bank is re
sponsible or liable only to an originator, a re
ceiver or another Reserve Bank, and only for its
own failure to exercise ordinary care, or for its
own, or its employees', willful misconduct. This
Bank does not act as the agent or subagent of
another bank or person and is not liable for the
insolvency, neglect, misconduct, mistake, or de
fault of another bank or person. This Bank does
not make any warranty with respect to an item
it handles or settles for under this bulletin.
37. We provide, in a statement, advices of credit
and debit to account holders for items for which
they have agreed to settle. Advices of credit in
dicate that credit has been given, subject to the
provisions of this bulletin. Unless our account
holder sends to us prompt written objection to
an advice of debit, it is deemed to approve the
debit on its own behalf and on behalf of an
originator or receiver using the account for
settlement.
42. Measure of Damages.
RECORDS
(a) The measure of damages for our failure to
exercise ordinary care, or for our own or
our employees' willful misconduct, with
respect to a credit item (including a return
credit item) is limited to damages that are
attributable directly and immediately to
the failure to exercise ordinary care or to
38. Originators and receivers should keep re
cords that permit them to resolve questions that
arise concerning the handling of items, and to
resend items if we notify them that items have
been lost because of computer outage or other
reason. We do not keep any copies of items
08-87
8
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
of or settling for an item after one year from the
settlement date of the item.
the willful misconduct, but does not in
clude damages that are attributable to the
consequences of such conduct, even if
such consequences were foreseeable at
the time of such conduct.
45. Recovery by Reserve Bank. If an action or
proceeding is brought against a Reserve Bank
that has handled or settled for an item, based on:
(b) The measure of damages for our failure to
exercise ordinary care, or for our own or
our employees' willful misconduct, with
respect to a debit item (including a return
debit item or a debit item adjustment) is
the amount of the item reduced by an
amount that could not have been realized
by the use of ordinary care. Where there
is willful misconduct with respect to a de
bit item, the measure of damages includes
other damages that are attributable di
rectly and immediately to the willful mis
conduct, but does not include damages
that are attributable to the consequences
of such misconduct, even if such conse
quences were foreseeable at the time of
such misconduct.
(a) the alleged breach of, or the alleged fail
ure to have the authority to make, any of
the warranties, authorizations and agree
ments referred to in paragraphs 8, 27 and
43 of this bulletin or the alleged breach of
applicable ACH rules, by the originator,
the receiver or another Reserve Bank, or
(b) any action by the Reserve Bank in ac
cordance with its bulletin, the Reserve
Bank may, upon the entry of a final judg
ment or decree, recover from the origina
tor, the receiver or the other Reserve
Bank, as the case may be, any amount the
Reserve Bank is required to pay under the
judgment or decree, together with inter
est, as well as the amount of attorneys'
fees and other expenses of litigation in
curred.
(c) The measure of damages for our failure to
exercise ordinary care, or for our own or
our employees' willful misconduct, with
respect to a prenotification or notice un
der paragraph 7 or a rejection of preno
tification, notification of change or notice
under paragraph 33 is limited to the
amount of the fee for the notice or mes
sage.
46. Methods of Recovery. The Reserve Bank
may recover the amount stated in paragraph 45
of this bulletin by charging the originator's or
receiver's account (or if the item was received
from, sent to, or settled through another Reserve
Bank, by charging the other Reserve Bank
through the Inter-District Settlement Fund), if
43. Reserve Bank Indemnity. A Reserve Bank
handling or settling for an item agrees to
indemnify another Reserve Bank that handles or
settles for the item for any loss or expense sus
tained (including attorneys' fees and expense of
litigation) as a result of the former Reserve
Bank's failure to exercise ordinary care, or as a
result of the willful misconduct of the former
Reserve Bank or its employees.
(1) the Reserve Bank has made seasonable
written demand on the originator, re
ceiver, or other Reserve Bank to assume
defense of the action or proceeding; and
(2) no other arrangement for payment ac
ceptable to the Reserve Bank has been
made.
A Reserve Bank that has been charged through
the Inter-District Settlement Fund may recover
from the originator or receiver in the manner
and under the circumstances set forth in this
44. Limitations on Claims. No claim may be
made by any person against a Reserve Bank for
loss resulting from the Reserve Bank's handling
08-87
9
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
RIGHT TO AMEND
paragraph. A Reserve Bank's failure to avail it
self of the remedy provided in this paragraph
does not prejudice its enforcement in any other
manner of the indemnity agreements referred to
in paragraphs 8, 27 and 43.
08-87
47. We reserve the right to amend this bulletin
at any time.
10
BULLETIN 11
FEDERAL RESERVE BANK OF DALLAS
Appendix A
TIME SCHEDULE
AUTOMATED CLEARING HOUSE FILES
Cutoff Hours
This time schedule shows the closing hours for receipt by us of ACH formatted files
containing debit and/or credit items of various classes including paper returns and no
tifications of change (NOCs).
Closing T im es1
F iles w ith remakes
Files w ithout remakes
Day cycle
N ight cycle
Day cycle
N ight cycle
7:00 a.m.
7:30 p.m.
9:30 a.m.
10:00 p.m.
Consolidated
7:30 a.m.
8:00 p.m.
10:30 a.m.
11:00 p.m.
Direct
9:30 a.m.
10:00 p.m.
12:00 Noon
12:30 a.m.
9:30 a.m.
10:00 p.m.
12:00 Noon
12:30 a.m.
Interoffice:
Mixed
Presorted
Intraoffice
Day cycle
Paper Returns/NOCs
Dishonored returns
6:00 a.m.
Noon
1. Closing times represent the end of the deposit window. Originated files must be completely
received (e.g. data transmission fully concluded) by the closing time. Originating points using
data transmission, especially those having large and/or variable volumes of deposits, should
coordinate the beginning of their transmission within the window to insure completion by the
closing time. All times are Central Time.
2. Notification of the need for a remake will be provided not later than one-half hour before
the final closing time for the particular class of deposit. If for any reason notification is not
provided one-half hour before the final closing time, the Reserve Bank w ill extend its final
closing time for that deposit up to one-half hour beyond the time of notification.
08-87
FEDERAL RESERVE BANK OF DALLAS
BULLETIN 11
Appendix B
FEE SCHEDULE
AUTOMATED CLEARINGHOUSE ITEMS
This Bank has established the following schedule of charges for automated clearing
house services provided by us.
Per Item
Per Addendum
$0,010
$0,002
$0,017
$0,003
$0,012
$0,010
$0,002
$0,002
DEBITS AND CREDITS ORIGINATED:
Intradistrict basic fee
Interdistrict basic fee
Unsorted
Presorted, Consolidated
Presorted, Direct Sent
N ight Cycle Surcharges: 1
Next-day credits, automated
NOCs and prenotes
Next-day debits
$0,020
Files deposited, per file
$1.00
Tapes deposited, per tape
$3.75
History Database Access
(CATIE or dedicated terminal option)
$1.25
Paper Item Surcharge: 2
Paper return items and
notification of change (NOCs)
$0,045
$3.75
DEBITS AND CREDITS RECEIVED:
Intradistrict basic fee
$0,010
$0,002
Interdistrict basic fee
$0,017
$0,003
Your messenger, per output file
$3.75
Our courrier, per file delivered
$4.75
TELEPHONE ADVICE:
Up to 10 pieces of information
$3.50
Each additional piece of information
$0.05
1. T here is no surcharge for night cycle tw o-day credits or for addenda originated, or for
debits and credits received.
2. W hen these items are deposited in p aper form, the $3.75 per item surcharge is added to
the appropriate basic fee. Return items, NOCs and prenotes deposited in autom ated form
are billed at the appropriate basic fee, plus the appropriate night cycle surcharge if the
item is deposited at night.
01-88
@FedFRASER