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Dallas, Texas, November 21, 1933.

To the Member Bank Addressed:

Section 19 of the Federal Reserve Act as amended provides as follows:
“ The Federal Reserve Board shall from time to time limit by regulation the
rate of interest which may be paid by member banks on time deposits, and may
prescribe different rates for such payment on time and savings deposits having
different maturities or subject to different conditions respecting withdrawal or
repayment or subject to different conditions by reason of different locations.”
In order that your depositors may have actual knowledge that the rate of interest
stated in certificates or contracts is subject to such modification as may be necessary to
conform to the rates prescribed by the Federal Reserve Board on time and savings depos­
its, we submit for your consideration the advisability of printing or stamping on certifi­
cates of deposit or contracts a provision substantially in the following form :
“ The rate of interest payable hereunder is subject to change by the bank to
such extent as may be necessary to comply with requirements of the Federal
Reserve Board made from time to time pursuant to the Federal Reserve Act.”
Yours very truly,


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