The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK ©F MEW Y©RBC [ Circular No. 10248 July 8, 1988 "| CHECK SERVICES Mew Price Schedules, Effective September 1, To A ll Depository Institutions and Others Concerned, in the Second Federal Reserve District: Effective September 1,1988, new price schedules for check services will be implemented at all Federal Reserve Banks. Information about deposit deadlines, credit availability, and prices for the check collection, return item and payor bank services offered at each of the five offices in the Second District is provided in the enclosure: Check Services: Collection and Return Item Price Schedules fo r In-Zone Depositors. The schedules highlight a number of changes developed in response to the Expedited Funds Availability Act enacted by Congress in August 1987. Effective September 1, 1988, forward collection and return item services will be priced separately. Thus, the forward collection fees will no longer provide for the handling of return items. The schedules reflect the new price structure and include price and deadline information for return items as well as forward collection items. In announcing its approval of the new prices and deadlines, the Board of Governors of the Federal Reserve System issued the following statement: The Federal Reserve Board has approved prices and deadlines for new Federal Reserve returned check services as well as revised prices and deadlines for forward collection services. The prices and deadlines become effective September 1, 1988, and remain in effect through 1989. The Board’s action at this time is in response to the new check return services that will be offered by the Federal Reserve Banks beginning September 1, 1988. These new services are designed to facilitate bank compliance with re quirements of the Expedited Funds Availability Act by reducing risk to depositary banks from making funds available for withdrawal on a more prompt basis. The total cost to the Federal Reseve for check services in 1988, including the Private Sector Adjustment Factor (PSAF), is projected to be $511.6 million. Total revenue in 1988 is estimated at $514.8 million, resulting in a 100.6 percent cost recovery rate. In 1989, the total cost for check services, including PSAF, is projected to be $539.3 million. Total revenue in 1989 is estimated at $548.8 million, resulting in a 101.8 percent cost recovery rate. Raw-retumed check prices range from 30 cents to 75 cents per check for local returns and 40 cents to 95 cents for nonlocal returned checks. Qualified returned check prices are generally double to triple the corresponding forward col lection fees. Fees for fine-sort returned checks are the same as those for fine-sort forward collection items. Printed on the following pages is an excerpt from th t Federal Register of June 27, 1988, containing the text of the Board’s official notice in this matter. If you have any questions, we encourage you to contact your Account M anager or one of the following Check officers at your local Federal Reserve office: Cranford Office Account Managers: Fred A. Denesevich, Regional Manager (201) 272-9000 Head Office (212) 720-6600 Buffalo Branch (716) 849-5085 Jericho Office New York Head Office Anthony N. Sagliano, Regional Manager (516) 997-4569 Matthew J. Puglisi, Manager, Check Adjustment and Check Processing Departments (212) 720-6551 Utica Office Buffalo Brandi Angus J. Kennedy, Regional Manager (315) 768-2220 David P. Schwarzmueller, Operations Officer (716) 849-5018 E. Gerald Corrigan, President. FEDERAL RESERVI SYSTEM Fees and Deadlines for Federal Reserve Check Services AOifcsev: Board of Governors of the Federal Reserve System. ACTION: Notice._____________________ The Board has approved prices and deadlines for new Federal Reserve returned check services as well as revised prices and deadlines for forward collection services. effective pats : Prices and deadlines are effective September 1,1988. mm FUI3TMI! INFORMATION eOMTACT: Steven O. App, Manager (202/452-3760], Gayle Thompson, Program Leader (202/ 452-2934), or Nalini T. Rogers, Analyst (202/452-3801), Division of Federal. ^ Reserve Bank Operations; for the . hearing impaired only. Telecommunications Device for the Deaf, Eamestine Hill or Dorothea Thompson (202/452-3544), SUPPLEMENTARY INFORMATION; The Expedited Funds Availability Act (Title VI of the Competitive Equality Banking Act, enacted by Congress on August 10, 1987 (12 U.S.C. 4001-4010)) is designed to ensure prompt availability of funds and to expedite the return of checks. Specific funds availability schedules are required by the Act and will become effective on September 1,1988. On May 13,1988, the Board authorized the Federal Reserve Banks to provide new services to expedite the return of unpaid checks, effective September 1,1988. -These sewieeB are designed to reduce SUMMARY: the risk to depositary banks 1 from making funds available for Withdrawal on a more prompt basis and in accordance with the schedules required by the Act. The Board is publishing prices and deadlines for the new Federal Reserve returned check services as well as revised prices arid deadlines-for forward collection services. Currently, the Federal Reserve does not explicitly price returned checks; instead the costs of handling returned checks are incorporated into the Federal Reserve’s forward collection fees. The new returned check services are being priced explicitly, with the fees being assessed on the paying or the returning bank depositing .returns with the Federal Reserve.2 Price ranges for the new returned check services were published in the December 1987 proposal to implement the Expedited Funds Availability Act (52 FR 47112), and more specific office-by-office estimated price ranges and deadlines were published on 1 "Bank” is defined in Regulation CC to include all depository institutions. A “paying bank” is the bank that pays the check and includes payable through and payable at banks. A “depositary bank” is the bank in which the check is first deposited. A “returning bank” is a bank,, other than the paying bank or the depositary bank, that handies a returned check. 2Returns must be explicitly priced since some returned checks handled by the Federal Reserve will not follow the same route as they followed in the forward collection process, and therefore may not be subject lu the Reserve Bank’s forward collection fees. Also, under the new check services, paying banks ana returning bank6 can deposit returned checks with the Federal Reserve in various ways that result in different costs being incurred. 2 April 11,1988 (52 FR 11960) to assist correspondent banks in developing competing returned check services and to provide other banks with information that would be useful in planning how to most effectively meet their new expeditious return responsibilities. Implementation of new returned check services are projected to increase the cost of 1988 Reserve Bank check operations by as much as $15 million above the approved 1988 budgeted amounts. A $15 million supplemental check operating budget for 1988 was approved by the Board on December 9, 1987. The Reserve Banks have estimated that costs will be $30 millon higher in 1989, reflecting ths full year impact of new returned check services. The total costs for check services, including the Private Sector Adjustment Factor (“PSAF”), in 1988 are projected to be $511.8 million.3 Total revenue in 1988 is estimated at $514.8 million, resulting in a 100.6-percent cost recovery rate. This projection is lower than the 102percent recovery rate projected last fall dud to the inclusion of cost® to implement the new returned check services, which will not be fully recovered through returned check prices within the September-December 1988 period. In 1989, the total cost for check services, including PSAF, is projected to be $539.3 million. Total revenue in 1989 is estimated at $548.8 bullion, resulting in a cost recovery rate of 101.8 percent. 3 Costs include those associated with new returned check services. The 108® prices have been developed before the development of the 1089 • budgets or the computation of the 198® PSAF. A PSAF comparable to that for 1988 wa§ assumed in calculating the 1989 prices. An initial computation of the I960PSAF has recently been completed, and it appears that these imputed costs will be lower than the amount used in the check repricing exercise. The reduced PSAF is largely attributable to the reduced earning® reported for 1987 by the bank holding • ;companies included in the sample upon which the Federal Reserve bases its PSAF computation. The Board is ' reviewing the approved PSAF methodology and, if necessary, will issue for public comment proposed changes in the methodology in the fall of 1988. The Board anticipates that this review will include the determination of assets to be included in the pro forma priced services balance sheet, the capital structure, and the financing and tax rates. Applying the reduced PSAF to the new check prices will result in a higher than projected overrecovery of check collection costs. Federal Reserve forward collection check volume is expected to continue to grow at a decreasing rate. Check volume growth in 1988 and 1989 is projected at 3 percent and 2.7 percent respectively, compared to a 4.7 percent growth rate in 1987. Reserve Banks project an increase in returned check volume of 21 percent in 1989 compared to 1987, due to the implementation of the Expedited Funds Availability Act. (The growth impact in 1988 returned check volume was understated due to the partial year impact and is not considered in this analysis.) Due to the uncertainty of the actual effect of the Expedited Funds Availability Act on Federal Reserve returned check volume, the cost recovery rate could be substantially different than projected. The Board has reduced forward collection per item fees by an average of 0.2 cents as a result of the removal of returned check costs from the cost base for these prices. Currently, returned check costs comprise approximately 10 percent of Reserve Bank total check collection costs. On a System average volume as qualified retamed checks. Depositors would reduce their per item’ basis, the new basic city price is charges-by 25 cents to 96 cents by reduced one mill, the basic RCPC price qualifying their returned checks, is reduced two mills, the city fine-sort depending on the Reserve Bank office price is reduced two mills, and the and the type of returned check. RCPC fine-sort price is reduced two Qualifying checks for automated _ rflills. Since fine-sort prices typcially are "processing often expedites the return less than one cent while processed prices average more than two cents, the . process. The price spread between raw and qualified returned check products decline in fine-sort prices averages about twenty percent compared to about also creates an opportunity for correspondent banks to offer returned a seven-percent decrease in processed check services in which they accept raw prices. The new collection fees are in returned checks, deliver some returns conformance with System guidelines. directly to the depositary bank and The new prices become effective qualify other returns for delivery September 1,1988, and are scheduled to through a Reserve Bank or other returning bank. remain in effect through 1989. Forward The Board has also revised fees for ■ collection price reductions in some certain other check services, including districts will be less than the total return item notification and truncation returned check costs being removed services. Unit costs for payor bank from the collection fees due to an services and for the Interdistrict anticipated increase in unit costs in •Transportation System are expected to 1989. In other districts, the forward remain constant through 1989 and collection price reductions are greater than the amount of return costs, because therefore these prices have not been changed at this time. Check collection the districts are attempting to lower and return fees will be reviewed in the their 'cost recovery rates. spring of 198® and the Board will make Raw returned check 4 prices range price adjustments to be effective in midfrom 30 cents to 75 cents for local 1989, if warranted. returns and 40 cents to 95 cents for The deadlines for check collection nonlocal returned checks. Qualified services are generally the same as those returned check prices are generally currently in effect; only minor changes double to triple the corresponding to the current deadlines have been foward collection fees. Fees for fine-sort adopted. Deadlines for qualified and returned checks are the same as those fine-sort returned check services for fine-sort forward collection items. parallel forward collection deadlines. With ten exceptions out of the For raw returned checks, Reserve Bank approximately 800 individual prices for offices generally offer a midnight returned checks, all prices are within the deadline for sorted returned checks and ranges published by the Board on April a deadline between 8:00 p.m. and 10:00 5,1988. p.m. for mixed returned checks. Many The Board believes that the price offices offer additional raw returned spread between raw and qualified check deadlines as well. All deadlines returned check prices not only reflects the differences in Federal Reserve costs are in conformance with System for processing these types of checks, but guidelines. Copies of the fee schedules and also encourages institutions to deposit deadlines for Federal Reserve Bank their returned checks in qualified form. priced services are available from local Currently, Reserve Banks expect to Federal Reserve Banks. receive 46 percent of returned check 4 A raw returned check is a return that has not been prepared for automated processing. A qualified returned check is a return that has been prepared for automated processing by placing a strip on the check, or placing the check in a carrier epvelap®q and encoding the. atrip or envelope with the routing number of the depositary bank, the amount of the check, and a special return identifier. 3 By order of the Board of Governors of the Federal Reserve System, June 21,1988. William W. Wiles, Secretary o f the Board. [FR Doc. 88-14360 Filed 6-24-88: 8:45 am] BULLING COBS 3210-S1-C3 Federal Reserve Bank o f New York SCHEDULE I CHECK SEKVICES Collection and Ketiarm Item Price Schedules for In-Zone Depositors Effective September 1, 1988 [Enc. Cir. No. 10248] FED ©©MTACTS F©R CHECK SERVICES Check Processing Bank Services Office D -BeaacO Office Howard Crumb, Senior Bank Services Officer Bruce Cassella, Bank Services Officer Ac©@yiit IMaimsigers AS Bevacqua Ron Cook Kathy Rollings Rocco Magnotta Chuck Mineer Wezley Richards Cyst®m©r Relations Representative Jim Burns Clem SWiaglione Byffal® Branch Bob McDonnell, Operations Officer Accoynfi [Manager Phil Coletti Mead Office Matthew Puglisi, Manager, Check Processing and Check Adjustment Departments ByffaS® Branch David Schwarzmueller, Operations Officer Cranford! Office Fred Denesevich, Regional Manager Jerich® Office Anthony Sagliano, Regional Manager Utica Office Angus Kennedy, Regional Manager (212) 720-6812 -6070 -6603 -6823 -6601 -6825 -8045 -6602 -6600 -1913 (716) 849-5022 -5085 -t (212) 720-6551 (716) 849-5018 (201) 272-9000 (516) 997-4569 (315) 768-2220 -2= JERICHO OFFICE CHECK COLLECTION AMD PETUBM ITEM] SERVICE AMD M C E SCHEDULE IN-ZOME DEPOSITORS MIOMDAV - FRIDAY RETURN ITEMS RAW RETURNS FORWARD COLLECTION STEEDS PRODUCT City Unsorted Regular TOUTING SYMBOL PER ITEM CHARGE V AVAILABILITY CUT-OFF TIME PER ITEM CHARGE V CUT-OFF TIME QUALIFIED RETURNS CUT-OFF TIME PER STEM CHARGE V 9.8* Group mpc Unsorted Regular Unsorted Premium Group Group Premium F o d Sort ^ o® City 8:30 a.m. RCPC Coymfiry Other F@dis Unsorted Regular Group B C \ Immediate 7:00 a.m. 4.6* Immediate 8:30 a.m. 2.3* Immediate 8:30 a.m. 0214,0219, 0280,2214, 2219 0214,0219, 0280,2214, 2219 2/ 2/ 2.4* Immediate 12:01 a.m. 4.6* Immediate 2:30 a.m. 2.0* 2.8* immediate immediate 12:01 a.m. 3:00 a.m. 0.8 *3/ Immediate Q.9*3/ immediate 3.6* 1 Business Day 12:00 noon 75* 12:01 a.m. 10.8* 12:00 noon Ail 5.2* 4.8* Computed immediate 12:01 a.m. 12:01 a.m. 85* 12:01 a.m. 15.0* 12:01 a.m. 0210,0260, 0280,2260 0214,0219, 0280,2214, 2219 2 / —K------, 12:01 a.m. 7:00 a.m. 2.7* 0211,0215, 0216,2211, 2215,2216 Unsorted Premium 75* 8.1* 0210,0260, 0280,2260 0210,0260, 0280,2260 0210 7.2* 12:01 a.m. 9.4* 2:30 a.m. 9:30 a.m. Q.8*3 / 9:30 a.m. 4:00 a.m. Q.9*3/ 4:00 a.m. 75* 12:01 a.m. o . Mixed Cash Letter 2/4/5/ Early Regular In-Zone (City) In-Zone (RCPC) Sn-District Other Feds In-Zone (City) In-Zone (RCPC) In-District Other Feds iton-maefoln@abli@ (Standard) 0210,0260, City 0280,2260 0214,0219, RCPC 0280,2214, 2219 Country 0211,0215, 0216,2211, 2215,2216 Other Feds All Eton-Standard Uneneodled! M in e d ©ash Letter 2/4/ Hogh Ooiar Group Sort All 2.7* 2.4* 2.7* 5.2* Computed 10:00 p.m. Computed 12:01 a.m. 2.7* 2A * 2.7* 5.2* 19.8* 1 Business Day 8:30 a.m. 19.8* 1 Business Day 8:30 a.m. 19.8* 2 Business Days 8:30 a.m. 24.8* 2 Business Days 8:30 a.m. $1.00 2 Business Days 8:30 a.m. In-Zone In-District Other Feds 6.4* 6.7* 9.2* Computed 8:00 p.m. 2/ g.8*6/ Immediate 8:30 a.m. V 2/ */ 4/ A cash letter fee of 50* applies to all intradistrict cash letters and return letters except fine sort and High Dollar Group Sort cash letters. Contact an Account Manager for details. A fixed charge of $4.50 applies to each fine sort endpoint for cash items and return items. Availability on these deposits is subject to our interterritory crediting procedures. al On Friday nights and Saturday mornings, there is one consolidated cut-off time of 1:00 a.m. °l A cash letter fee of $8.00 also applies to High Dollar Group Sort cash letters. -3- 75* 75* 75* 85* 8:00 p.m. 8.1* 7.2* 8.1* 15.0* 8.1* 7.2* 8.1* 15.0* 10:00 p.m. 12:01 a.m. -4- HEAD OFFICE CHECK COLLECTION AND [RETURN STESM SERVICE AND PRICE SCHEDULE IN-ZONE DEPOSITORS MONDAY - FRIDAY FORWARD COLLECTION ITEMS PRODUCT Fine Sout ROUTING SYMBOL 2I PER STEM CHARGE V AVASLABILSTY 0.8* 0210,0260, 0280.2260 Immediate CUT-OFF T5ME RETURN ITEMS RAW RETURNS QUALIFIED RETURNS PER STEM CUT-OFF PER STEM CUT-OFF TIME CHARGE V TIME CHARGE 0.8* 9:30 a.m. 9:30 a.m. V A fixed charge of $4.50 applies to each fine sort endpoint. 2/ Contact an Account Manager for details. CRAMFORD OFFICE CHECK COLLECTION AND RETURN ITEM SERVICE AND PRICE SCHEDULE IN-ZONE DEPOSITORS MONDAY - FRIDAY FORWARD COLLECTION STEMS PRODUCT C ity Unsorted Regular Unsorted Premium Group ew e Unsorted Regular Unsorted Premium Group Regular Group Premium Group Premium Plus ROUTING SYMBOL 0210,0260, 0280,2260 0210,0260, 0280,2260 0210 0212,0270, 2212 0212,0270, 2212 2/ 2/ 2/ PER STEM CHARGE V AVASLABILSTY CUT-OFF TIME 2.7* Immediate 7:00 a.m. 4.6* Immediate Immediate Immediate 12:01 a.m. 4.6* Immediate 2.0* 2.8* 3.8* Immediate Immediate Immediate 12:01 a.m. 3:00 a.m. 6:00 a.m. 8:30 a.m. 12:01 a.m. 9.4* 2:30 a.m. 7:00 a.m. 7.2* 12:01 a.m. 2:30 a.m. 8:30 a.m. 2.4* 8.1* 9.8* 75* 8:30 a.m. 2.3* RETURN ITEMS QUALIFIED RETURNS RAW RETURNS CUT-OFF PER STEM CUT-OFF PER STEM CHARGE V TIME CHARGE i/ TSME ......in# Iimrni I .... . 1 II' i 75* ----------trt------«£, * 12:01 a.m. A Fin© Bob\ 0212,0270, 2212 0.9*3/ Immediate Unsorted Regular Unsorted Premium Unsorted Weekend Group A All Ail All 2/ 5.4* 5.9* 5.2* 5.7* Computed Computed Computed Computed Group B 2/ 4.6* Immediate Group D 2/ 5.6* 1 Business Day 12:01 a.m. 10:00 p.m. 8:00 p.m. 10:30 p.m. 1:00 a.m. 12:01 a.m. 1:00 a.m. 12:01 a.m. 1:00 a.m. Early Sn-Zone Sn-District Other Feds 2.4* 2.7* 5.4* Computed 10:00 p.m. Regular Sn-Zone In-District Other Feds 2.4* 2.7* 5.4* Computed 12:01 a.m. 0212,0270, 2212 All All 19.8* 1 Business Day 8:30 a.m. $1.00 24.8* 2 Business Days 2 Business Days 8:30 a.m. 8:30 a.m. Sn-Zone Sn-District Other Feds 6.4* 6.7* 9.4* Computed 8:00 p.m. [High Dollar ©roup Sort 2/ 9.8 *5/ Immediate 8:30 a.m. Sup®r High Dollar ©roup Sort 2/ 28.5*®/ Immediate v W “4 ““““V ..* 4:00 a.m. 1:00 a.m. Other F©ds M ted Cash Letter 85* 12:01 a.m. 75* 75* 85* 8:00 p.m. Sat M-Th Sat T-Fri Sat T-Fri Sat Mon-irraehinealbS® Standard Non-Standard Other Feds Unencoded Mined Cash Letter V al 3/ */ Bl a/ ^ A cash letter fee of 50.0® applies to all intradistrict cash letters and return letters except fine sort, High Dollar Group Sort and Super High Dollar Group Sort cash letters. Contact an Account Manager for details. A fixed charge of $4.50 applies to each fine sort endpoint for cash items and return items. Availability on these deposits is subject to our interterritory crediting procedures. A cash letter fee of $©.00 applies to High Dollar Group Sort cash letters. A cash letter fee of $40.00 applies to Super High Dollar Group Sort cash letters. -5- Q.9*3/ .00 a.m. 15.0* 15.0* 15.0* 12:01 a.m. 10:00 p.m. 8:00 p.m. Sat 7.2* 8.1* 15.0* 10:00 p.m. 7.2*. 8.1* 15.0* 12:01 a.m. UTICA OFFICE CHECK COLLECTION AND RETURN ITEITu SERWflCE AND PRICE SCHEDULE IN-ZONE DEPOSITORS MONDAY - FRIDAY RETURN ITEMS RAW RETURNS FORWARD COLLECTION ITEMS PRODUCT ROUTING SYMBOL PER ITEM CHARGE V AVAILABILITY CUT-OFF TIME CUT-OFF TIME PER ITEM CHARGE V 0210,0260, 0280,2260 2.7* Immediate 12:01 a.m. 75* 2.3* 4.6* 2.0* 2.8* Immediate Immediate Immediate Immediate 12:01 a.m. 2:45 a.m. 12:01 a.m. 3:00 a.m. 75* 12:01 a.m. Fire Sort 2/ 0213,2213 0.9*3/ Immediate 4:00 a.m. Other Feds 2/</ 8/ } Unsorted Regular Group A All 2/ 5.2* 5.1* Computed 1 Business Day Group B 2/ 4.5* Immediate Group C6/ 2/ 5.2* 1 Business Day In-Zone In-District Other Feds 2.3* 2.8* 5.2* Computed 10:00 p.m. In-Zone In-District Other Feds Sn-Zone In-District Other Feds 2.3* 2.8* 5.2* 4.6* 2.8* 5.2* Computed 12:01 a.m. Computed 1:30 a.m. CUT-OFF TIME 12:01 a.m. 0213,2213 0213,2213 2/ 2/ QUALIFIED RETURNS PER ITEM CHARGE V City POP© Unsorted Regular Unsorted Premium Group Regular Group Premium Mined Cash Letter 2/8/ Early Regular Premium o ^ ~ ------------- --A------£..... ....■.............................^ > 12:01 a.m. 10:00 p.m. M-Th 1:00 a.m. Sat 12:01 a.m. T-Fri 1:00 a.m. Sat 12:01 a.m. T-Fri 1:00 a.m. Sat I _ 6.9* 9.2* 12:01 a.m 2:45 a.m 0.9*3/ 4:00 a.m 85* 12:01 a.m. 15.0* 12:01 a.m, 75* 75* 85* 8:00 p.m. 6.9* 8.4* 15.0* 10:00 p.m. 6.9* 8.4* 15.0* 9.2* 8.4* 15.0* - A -JK--------*Jt_----A a____ * A f L 12:01 a.m. 1:30 a.m. Non-machineable Standard Non-Standard Other Feds Urn®needed Mixed Cash Letter 0213,2213 All All 19.8* $1.00 24.8* 1 Business Day 2 Business Days 2 Business Days 8:30 a.m. 8:30 a.m. 8:30 a.m. In-Zone In-District Other Feds 6.3* 6.8* 9.2* Computed 8:00 p.m. Immediate 8:30 a.m. High Dollar Group Sort 2/ 13.8*7/ Albany Relay 2/ $10.00 per day per user Rochester Relay 2/ 21 21 0.8* V A cash letter fee of 50.0* applies to all intradistrict cash letters and return letters except fine sort and High Dollar Group Sort cash letters. 2/ Contact an Account Manager for details. 3/ A fixed charge of $4.50 applies to each fine sort endpoint for cash items and return items. */ On Friday nights and Saturday mornings, there is one consolidated cut-off time 1:00 a.m. 8/ Availability on these deposits is subject to our interterritory crediting procedures. «/ Credit availability will be one business day for items deposited by 1:00 a.m. Saturday except for those drawn on country endpoints. 7/ A cash letter fee of $16.00 applies to High Dollar Group Sort cash letters. -7 - "8" 1UFFAL© SiRAMC^ ©FIECCC ©©LLE©TG©M AMD F1ETUF5M ITEM SERVICE AMD F « E SCMEDDLE HM°Z©ME DEF©SQT©F1S M©MDAY - FRIDAY RETURN STEMS RAW RETURNS FORWARD COLLECTION ITEMS FRODUCT ROUTING SYMBOL FER ITEM CHARGE V AVAILABILITY CUT-OFF TIME FER ITEM CHARGE V CUT-OFF TIME QUALIFIED RETURNS FER ITEM CHARGE V CUT-OFF TIME City Unsorted Regular RCPC Unsorted Regular Unsorted Premium Fin© S@rfi 2/ City RCPC Other Feds 2/4/ Mixed ©ash Letter 2/4/ Regular Premium iSion-machineable (stamdsurd) City RCPC Other Feds Mon-Standard 0220,2220 2.1® Immediate 8:15 a.m. 75® 12:01 a.m. 6.3® 8:15 a.m. 0223,2223 0223,2223 2.3® 4.6® Immediate Immediate 12:01 a.m. 3:15 a.m. 75® 12:01 a.m. 6.9® 9.2® 12:01 a.m. 3:15 a.m. 0220,2220 0223,2223 0.8®3/ Q.9®3/ Immediate Immediate 9.30 a.m. 4:15 a.m. 0.8 ® 3/ 0.9®3/ 9:30 a.m. 4:15 a.m. Mi 5.0® Computed 10:00 p.m. Tues-Thurs 4:00 p.m. Saturday 85® Sn-Zone (City) Sn-Zone (RCPC) in-District Other Feds 2.3® 12:01 a.m. 4:00 p.m. Saturday 75® 75® 75® 85® 2.1® 2.7® 5.0® Computed 2.1® Sn-Zone (City) In-Zone (RCPC) Sn-District Other Feds 2.7® 5.0® Computed 0220,2220 0223,2223 All 19.8® 19.8® 24.8® 1 Business Day 1 Business Day 2 Business Days 8:30 a.m. 8:30 a.m. 8:30 a.m. All $1.00 2 Business Days 8:30 a.m. 4.6® 2:00 a.m. 12:01 a.m. 15.0® 6.3® 6.9® 8:00 p.m.5/ 8.1® 15.0® 6.3® 9.2®6/ 8.1® 15.0® 10:00 p. m. Tues-Thurs 4:00 p.m. Saturday 12:01 a.m. 4:00 p.m. Saturday 2:00 a.m. Uini®ini@<odl@d] G®sh Letter [Hlogjfo Dollar CBrayp S@irft i/ 2/ */ 4/ */ •/ 7I Sn-Zone Sn-District Other Feds 24 ** / 6.3* 6.7* 9.0* 12.8*7/ Computed Immediate 12:01a.m. 8:30 a.m. A cash letter fee of 50.0® applies to all intradistrict cash letters and return letters except fine sort and High Dollar Group Sort cash letters. Contact an Account Manager for details. A fixed charge of $4.50 applies to each fine sort endpoint for cash items and return items.. Availability on these deposits is subject to our interterritory crediting procedures. Saturday deadline of 12:00 noon. The Saturday price for In-Zone (RCPC) is 6.9*. A cash letter fee of $3.25 applies to High Dollar Group Sort cash letters. -10- S©rvie® Type Account T@t®8 Service 3/ 1) Magnetic Tape Minimum Daily Fee Additional Charges PAYOR BANK SERVICES PRICE SCHEDULE Service Lev©! Enhanced2 Basic1 2) Electronic Transmission Minimum Daily Fee Additional Charges 3) Facsimile, Telephone or Hardcopy Minimum Daily Fee Additional Charges ilHSCIRi Lin© Captor© Service 3/ 1) Magnetic Tape Minimum Daily Fee Additional Charges 2) Electronic Transmission Minimum Daily Fee Additional Charges $40 up to 50 totals $.10 per total above 50 $49 up to 50 totals $.10 per total above 50; plus a $.03 surcharge per low speed item handled above 10' $50 up to 50 totals $.25 per total above 50 $59 up to 50 totals $.25 per total above 50; plus a $.03 surcharge per low speed item handled above 1Q4. $28 up to 28 totals $1 per total above 28 totals $37 up to 28 totals $1 per total above 28 totals; plus a $.03 surcharge per low speed item handled above 1Q4. $25 up to 25,000 items $.001 per item above 25,000 $34 up to 25,000 items $.001 per item above 25,000; plus a $.03 surcharge per Sow speed item handled above 1Q4. $50 up to 5,000 items $.005 per item above 5,000 plus telephone line changes $59 up to 5,000 items $.005 per item above 5,000 plus telephone line charges; plus a $.03 surcharge per low speed item handled above4. Account L©v©l Sorting Service V Head ©ffiic® $9.50 for low speed pocket outsort $.001 per item above 25,000 Minimum Daily fee Additional Charges Buffalo and] Otic© Minimum Daily Fee Additional Charges Cranford Minimum Daily Fee Additional Charges Jericho Minimum Daily Fee A d d itio n a l P h a ro ^ s $25 for additional high speed outsort pocket5; $.001 per item above 25.000 $34 for high and low speed outsort pockets5; $.001 per item above 25,000 $75 for additional high speed outsort pocket5; $.001 per item above 25.000 $84 for high and low speed outsort pockets5; $.001 per item above 25,000 $50 for an additional high speed outsort ocket5; $.001 Dpr itt oove $59 for high and low speed outsort pockets5; $.001 per item above 25,000 ___ _ « Package Sort Processing Service IHieadl Office Minimum Daily Fee Additional Charges Buffalo Branch amdl R C P C s Minimum Daily Fee Additional Charges Large Dollar Pejjeet Item Mofification Minimum Daily Fee Additional Charges ftAicrofilming 146/ 3/ ** 1/ V 3/ 4/ sl a/ $2.30 up to 100 items $.023 per item above 100 $2.30 up to 100 items; $.023 per item above 100 $1.20 up to 100 items $.012 per item above 100 $1.20 up to 100 items; $.012 per item above 100 $5 up to 5 items $1 per item above 5 for tele phone or facsimile advice of reject items $25,000 and over $.002 per item High Speed data capture only. Both high and low speed data capture. Items processed on low speed equipment are sorted into two cash letters, one containing specified accounts and the other containing all other items. No additional charge is made for this separation. Contact an Account Manager for details on Head Office Payor Bank Services. Per item surcharge applies to those low-speed items within a specified account number range and all out-of-range items for which the low-speed operator keys the account number. The first 10 low speed items are included in the minimum charge. Subject to a maximum of two additional outsort pockets for each sort type. Contact an Account Manager for details. -11-
@FedFRASER