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FEDERAL RESERVE BANK OF NEW YOSRtC [ Circular No. 10160 1 April 1, 1987 ACH Nonstandard Holiday Float Schedules for ACH, Funds Transfer, and Net Settlement Charges To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: Enclosed is the Fourth Supplement, effective April 1, 1987, to this Bank’s Operating Circular No. 10, reflecting a revised policy on nonstandard-holiday float for ACH items. Also enclosed are revisions of Appendix B to this Bank’s Operating Circular No. 8, Appendix A to Operating Circular No. 9, and Appendix A to Operating Circular No. 10. The updated appendices to Operating Circulars Nos. 8 and 9 re flect our current fee schedule for wire transfers of funds and our current time and fee schedules for net settlement arrangements. The appendix to Operating Circular No. 10 contains new fee schedules, effective April 1, 1987, for automated clearing house services. Questions on these matters may be directed to your Account Manager or to Andrew Heikaus, Manager, Funds Transfer Department (Tel. No. 212-720-5561). E. Gerald Corrigan, President. Federal Reserve B ank of hew York Appendix B to Operating Circular No. 8 Revised effective January 1, 1987 WIRE TRANSFERS OF FUNDS Schedule of Charges To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: This Bank’s schedule of charges for wire transfers of funds is as follows: Wire Transfers of Fluids and Other Messages A. Originator: Basic charge per message.................................... Surcharges: Off-line origination..................................... Telephone advice to receiver.................... B. Receiver: Basic charge per message................................... Surcharge: Telephone advice requested by receiver (no surcharge to receiver when originator requests telephone advice to receiver) . . . [Enc.Cir. No. 10160] $0.50 $6.00 $3.50 $0.50 $3.50 (OVER) Fixed Monthly Fees for Qn-Mme Connections Dedicated leased lin e ............................................... $ 400 Dial-up line................................................................. $ 60 Installation Fees for On-line Connections Basic installation....................................................... $ 300 Vendor charges.......................................................... Pass-through actual costs Hardware compatibility testing............................... $2,500 Software compatibility testing............................... $4,000 Retraining................................................................... $ 150 * * * This Appendix supersedes Appendix B , revised effective Septem ber 2, 1986, to Operating Circular No. 8. E. G erald C orrigan, President. F ederal R eserve B a n k of Mew Y o rk Appendix A to Operating Circular No. 9 Revised effective January 1, 1987 TIME AND FEE SCHEDULES FOE NET SETTLEMENT ARRANGEMENTS To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: Time schedule 1. Organizations participating in net settlement arrangements must begin to submit settlement transaction detail to us by 5 p.m., East ern Time, or at such earlier time as in the judgment of this Bank will insure completion of all transactions by 6 p.m., Eastern Time. Fees 2\ The following schedule of minimum fees has been established for this Bank’s net settlement services governed by Operating Circular No. 9: Basic settlement charge per entry........................... $1.30 Surcharges: Settlement originated off-lin e...................... $8.00 Telephone advice requested........................... $3.50 3. The following schedule of fees has been established for the CHIPS Settlement Arrangement: (a) A fee of $0.50 for each payment into or out of the CHIPS Settlement Account; and [Enc. Cir. No. 10160] (OVER) (b) A daily settlement fee based on the number of settling participants Number of Settling Participants Daily Settlement Fee Up to 24 25 to 29 30 to 34 35 to 40 More than 40 $175 $200 $225 $250 (To be determined) 4. We reserve the right to charge higher fees for any net settle ment arrangements that result in higher or unusual costs. Effect of this Appendix on previous Appendix 5. This Appendix supersedes Appendix A, revised effective De cember 27, 1984, to Operating Circular No. 9. E . G er a l d C o r r ig a n , President. Federal Reserve B m K OF NlEW Y ork Appendix A to Operating Circular No. 10 Revised effective April 1, 1987 TIME AND FEE SCHEDULES Automated Clearing House Services To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: This Bank’s time and fee schedules for automated clearing house (ACH) services are as follows: Deposit Deadlines Day Cycle (Monday through Friday) ACH files: ACH files for interregional transmission........................... 11:30 a.m. ACH files for local courier delivery............................. 5:00p.m. Paper return items and noti fications of change........................... 6:00a.m. Night Cycle (Sunday through Thursday) 12:00 midnight 4:00 a.m. Settlement Statement Time Schedule The following schedule shows the cut-off hours for receipt by us of settlement statements from local ACH associations: Type of Settlement Day Cycle Night Cycle Supplemental Truncation [Enc. Cir. No. 10160] Receipt Deadline (Day of Settlement) 11:00 a.m. 11:00 a.m. 3:00 p.m. 5:00 p.m. (OVER) Transaction Fees1 Origination: Interregional presorted deposits12 ....................................................... Interregional addenda record............................................................. Nighttime surcharges: Debits.............................................................................................. Next-day credits.............................................................................. 1.20 0.20 6.00 3.00 Receipt: Interregional items.............................................................................. 1.20 Interregional addenda record............................................................. 0.20 Paper return items and notifications of change..................................................................... $3.00 Fixed Fees Deposit Fees: Tape handling..........................................................................$3.00 per tape File processing......................................................................... $1.00 per file Receiver handling fees: Non-electronic delivery fee...............................................$3.50 per delivery Messenger pickup............................................................. $3.00 per delivery Telephone advice fee.............................................................................$2.50 Effect off this Appendix on previous Appendix This Appendix A supersedes Appendix A, effective December 27, 1984, to Operating Circular No. 10. 1. The following Automated Clearing House transactions will be billed as regular items: Corpo rate Trade Payments (CTP), Corporate Trade Exchange (CTX), Depository Institution Automated Returns (RET), Depository Institution Automated Notification of Changes (COR), and Prenotifications. 2. Presorted deposits consist of files of interregional transactions presorted by receiving Federal Reserve Office. E . G er a l d C o r r ig a n , President. Federal Reserve Bamk of Mew York Fourth Supplement to Operating Circular No. 10 (Revised effective August 1, 1981 Effective April 1, 1987 AUTOMATED CLEARING MOUSE ITEMS To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: Effective April 1, 1987, paragraph 19A of Operating Circular No. 10, which was added by the Third Supplement, dated February 25, 1985, to the operating circular, has been amended to read as follows: 19A. In connection with a settlement statement, an ACH associa tion must send this Bank a supplemental statement showing the adjust ments that are required to be made to the accounts of originators or receiv ers to implement the Federal Reserve holiday float policy. Under that policy: 1. If an item does not specify a settlement date, or if an item specifies a date the same as or earlier than the banking day of receipt by us, settlement shall occur on the banking day following receipt by us. 2. If an item specifies a settlement date that is a standard Federal Reserve holiday, the settlement date shall be the next banking day for us. [Enc. Cir. No. 10160] (OVER) 3. If an item specifies a settlement date that is not a banking day for the originator or receiver, settlement shall be effected, with re spect to that party, as follows: ACH debit stems: Originator closed: Credit originator’s account on settle ment date. Receiver closed: Debit receiver’s account on settlement date, or receiver may choose next-day debit with “as of’ adjustment or explicit charge for float. ACH credit items: Originator closed: Debit originator’s account on settle ment date, or originator may choose next-day debit with “as of’ adjustment or explicit charge for float. Receiver closed: Credit receiver’s account on settlement date. The receiver is not considered to receive an item made available to it on the day it is closed until its next banking day, for purposes of determining the deadline for return. E. Gerald C orrigan, President.
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