Full text of Federal Reserve Bank of New York Circulars : 3093. Revision of Circular Relating to Collection of Cash Items

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FED ERAL R E SER VE BANK
O F NEW YORK

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REVISION OF CIRCULAR RELATING TO
COLLECTION OF CASH ITEMS

To the Member arid Nonmembcr Clearing Banks
o f the Second Federal Reserve District:

We are issuing, and transmitting herewith, Circular No. 3094, effective June 1, 1946,
entitled “ Collection of Cash Items” which will supersede Circular No. 2016, dated January 2,
1940, as amended. The corresponding circulars of all Federal Reserve banks are being
similarly revised effective June 1, 1946.
The revision of Section 3, entitled “ Government Checks” , of our Circular No. 3094
enclosed herewith, was necessitated by the revision of Treasury Department Circular No. 176,
dated December 21, 1945.
The revision of Section 4 entitled “ Preparation of Cash Letters by Sending Banks”
reflects the action of all Federal Reserve banks in adopting the rule that, effective June 1,1946,
they will accept ( 1 ) all immediate-credit items without description, and (2 ) all deferred-credit
items without description provided the forwarding member bank maintains some form of
record of such items that will enable it to furnish descriptions upon request. No change is
intended, however, in the procedure with respect to items sent to this bank. It will be recalled
that since April 15, 1942, the effective date of our New York Head Office Time Schedule and
our Buffalo Branch Time Schedule (Circular No. 2412 and Circular No. 2413, respectively),
banks have not been required to show the names, locations or descriptive symbols of the
drawee banks on cash letters accompanying, or to furnish photographic reproductions of, any
cash items sent to us for collection, whether immediate or deferred-credit items and whether
sent to our Head Office in New York City or our Buffalo Branch.
Additional copies of the enclosed circular will be furnished by this bank upon request.




A llan S proul,

President.

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