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FEDERAL RESERVE BANK OF NEW YORK No. 10603 "1 [ Circular December 18, 1992 J REVISED PRICE S C H E D U L E S To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: The Board of Governors of the Federal Reserve System announced the adop tion of new fee schedules, effective January 1, 1993, for services provided by Fed eral Reserve Banks; that announcement was sent to you in our Circular No. 10592, dated November 18, 1992. Our new price schedule for check services was sent to you with our Circular No. 10594, dated November 27, 1992. We have also revised several appendices to other operating circulars to reflect certain other fee schedule changes. Accordingly, enclosed are copies of (1 ) Appendix E to Operating Circular No. 8 (on wire transfers of funds); (2) Appendix A to Operating Circular No. 9 (on net settlement arrange ments); and (3 ) Appendix 2 to Operating Circular No. 10 (on ACH). Fees for de finitive securities safekeeping (Appendix to Operating Circular No. 14) and for book-entry securities services (Appendix B to Operating Circular No. 21 A) are un changed. Please note, however, that the safekeeping of all priced definitive secu rities will be eliminated by year-end 1993. For more information about this Bank’s withdrawal from the priced definitive securities safekeeping service, please see our announcement dated December 15, 1992. Questions regarding any of this Bank’s priced services should be directed to your Account Manager (Tel. No. 212-720-6600 at the Head Office; Tel. No. 716-849-5108 at the Buffalo Branch). E. G e r a l d C o r r ig a n , President. F e d e r a l R e s e r v e Ba n k o f N e w Yo r k Appendix E to Operating Circular No. 8 Revised effective January 1, 1993 WIRE TRANSFERS OF FUNDS Fee Schedules 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 Funds and Other Messages A. Originator: Basic charge per m essage............................... Surcharge: Off-line origination................................ $0.53 $10.00 B. Receiver: Basic charge per m essage................................ Surcharge: Telephone advice to receiver................. [Enc. Cir. No. 10603] $0.53 $10.00 (OVER) Fixed M onthly Fees for On-line Connections Dedicated leased lin e ................................................ Dial-up line................................................................. Gateway Surcharge..................................................... $ 700 $ 65 $ 25* Installation Fees for On-line Connections Basic installation......................................................... Hardware compatibility te stin g ............................... Software compatibility testing.................................. Retraining................................................................... $ 300 $2,500 up to $8,000 $ 150 * Per 100,000 ACH or check items processed, or 20,000 funds transfers processed, or any combination thereof. Effect of this Appendix on previous Appendix This Appendix supersedes Appendix E, revised effective January 1, 1992, to Operating Circular No. 8. E. G erald C o r r ig a n , President. Federal Reserve Bank of New York Appendix A to Operating Circular No. 9 Revised effective January 1, 1993 TIME AND FEE SCHEDULES 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 details 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 contains minimum fees for net settle ment services governed by Operating Circular No. 9: Basic settlement charge per entry.......................... $1.00 Surcharges: Settlement originated off-line....................... $10.00 Telephone advice requested........................... $10.00 3. The following schedule of fees has been established for the CHIPS Settlement Arrangement: (a) A fee of $0.53 for each payment into or out of the CHIPS Settlement Account; and [Enc. Cir. No. 10603] (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 January 1, 1992, to Operating Circular No. 9. E. G e r a l d C o r r ig a n , President. Federal Reserve Bank of New York Appendix 2 to Operating Circular No. 10 Revised effective January 1, 1993 ACH TIME AND FEE SCHEDULES TIME SCHEDULE Cutoff Hours This time schedule shows the closing hours for receipt by us from an ACH of presorted ACH formatted files containing debit and/or credit items of various classes. o Closing Times1 Files with Remakes12 Interregional: Presort Files without Remakes D a y C ycle N igh t C ycle D a y C ycle N igh t C ycle 8:30 a.m. 9:00 p.m. 11:30 a.m. 12:00 midnight 1 Closing times represent the end of the deposit window. Files must be completely received (e.g., data trans mission fully concluded) by the closing time. Sending institutions using data transmission, especially those having large and/or variable volumes of deposits, should coordinate the beginning of their transmission within the window to ensure completion by the closing time. All times are Eastern Time. o 2 We will notify the sending institution of the need for a remake not later than one-half hour before the final closing time for the particular class of deposit. If for any reason we do not notify the sending institution one-half hour before the final closing time, we will extend the final closing time for that deposit up to one-half hour beyond the time of notification. [Enc. Cir. No. 10603] Effective Date Windows Items (other than returns, NOCs and NACS3 items) should specify an effective date within the following effective date windows, computed from our processing date. C lass Effective D a te Window Credit Items One (1) or Two (2) Banking Days Debit Items One (1) Banking Day Only Items with an effective date later than the effective date window will be returned to the sender. Settlement Dates If an effective date is not specified, or if an item specifies an effective date the same as or earlier than our processing date, the settlement date is the banking day following our processing date. The settlement date for return items and NACS items is the banking day of processing (day cycle) or the next banking day (night cycle). If an item specifies a settlement date that is a standard Reserve Bank holiday, the settlement date is the next banking day for us. If an item specifies a settlement date that is not a banking day for the sending institution or the receiving institution, settlement is effected, with respect to that party, as follows: ACH D eb it Items'. Sending Institution C lo se d : Credit sending institution’s account on settlement date. R eceiving Institution C lo se d : Debit receiving institution’s account on settlement date or receiving institution may choose next day debit with “as o f’ adjustment or explicit charge for float. ACH Credit Item s: Sending Institution C losed: Debit sending institution’s account on settlement date. R eceiving Institution C losed: Credit receiving institution’s account on settlement date. The receiving institution 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. 3 National Association for Check Safekeeping. 2 CIRCULAR MQ lO lfib?) Banking D a y s Our banking days include all days except the following standard holidays that are observed by Reserve Banks:4 All Saturdays, All Sundays, New Year’s Day (January 1), Martin Luther King’s Birthday (third Monday in January), Presidents’ Day (third Monday in February), Memorial Day (last Monday in May), Independence Day (July 4), Labor Day (first Monday in September), Columbus Day (second Monday in October), Veterans’ Day (November 11), Thanksgiving Day (fourth Thursday in November), and Christmas Day (December 25). If January 1, July 4, November 11, or December 25 fall on a Sunday, the next following Monday is a standard Reserve Bank holiday. Settlement Statement Time Schedule The following schedule shows the cutoff hours for receipt by us of settlement statements from local ACH associations: R eceipt D ea d lin e (D a y o f Settlem ent) Type o f Settlem ent 11:00 11:00 3:00 5:00 Day Cycle Night Cycle Supplemental Truncation a.m. a.m. p.m. p.m. 4 The New Orleans Branch of the Federal Reserve Bank of Atlanta closes on Mardi Gras. 3 .0 1 * FEE SCHEDULES Transaction Fees5 Origination: Interregional presorted deposits6 ...................... Interregional addenda rec o rd ........................... 1.20 0.20 Night cycle value debit surcharge:.................... Receipt: Interregional items ............................................. Interregional addenda reco rd ............................ 1.00 1.20 0.20 Return item surcharge ............................................... 4.00 Fixed Fees Participation fee ......................................................... File processing fee ..................................................... Nonelectronic input/output fees: Tape input/output ............................................... Paper output ....................................................... Return Item/Notification of Change (NOC) Fees: Converted Commercial/FRB Return or NOC7 . . Converted Government NOC7 .......................... Voice Response-Originated Government NOC . $10.00 per month $ 1.50 per file $25.00 $15.00 $10.008 $ 5.00 $ 2.008 5 The following Automated Clearing House transactions will be billed as regular items: Corporate Trade Payments (CTP), Corporate Trade Exchange (CTX), Depository Institution Automated Returns (RET), Depository Institution Automated Notification of Changes (COR), and Prenotifications. 6 Presorted deposits consist of files of interregional transactions presorted by receiving Federal Reserve Office. 7 These returns and NOCs are received by the Reserve Banks primarily in paper form. 8 The fee includes the transaction fee and the return item surcharge (for returns only) in addition to the conversion or voice response fee. * * * Effect of this Appendix on previous Appendix This Appendix supersedes the Fee Schedule in Appendix 2, dated January 1, 1992, to Operating Circular No. 10. E. G e r a l d C o r r ig a n , President. 4
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