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FE D ER A L R E S E R V E BANK O F N EW YORK [ Circular No. 3 3 6 7 ~ l August 31, 1948 J CHARITABLE, PERSONAL, AND FAMILY REMITTANCES TO UNITED STATES, BRITISH, AND FRENCH OCCUPIED ZONES OF GERMANY To All BanJcs and Trust Companies, and Others Concerned, in the Second F ederal Reserve D istrict: B an k deutscher Laender*, F ran k fu rt, Qermany, has requested us by cable transm itted by the Commander in Chief, European Command, through the Office of the Chief of S taff, Departm ent of the Army, to inform you of the follow ing: (1) Bank deutscher Laender is prepared to accept instructions from banks which are members of the New York Clearing House Association and from others with whom Bank deutscher Laender has made the necessary arrangements, to effect charitable, personal, and family payments in Deutsche marks anywhere in the United States, British, and French occupied zones of Germany. A procedure has not yet been established for remittances to the Western Sectors of Berlin, but is under consideration. (2) Banks, other than those mentioned above, should transact remittance business with Germany through the above-mentioned banks. (3) Bank deutscher Laender will effect payment, to the respective beneficiaries, of the Deutsche mark equivalent at the rate: one Deutsche mark equals 30 cents. Payment will be subject to deduction of charges made for internal (German) remittances, which will be the only charge in Germany. Commission charges made by United States banks should be collected from remitters. (4) When payment is made to the beneficiary, Bank deutscher Laender will transmit notice of the completion of payment direct to the remitter. (5) I f payment has not been completed within three months, Bank deutscher Laender will mail direct to the remitter a dollar check drawn on the “ Bank deutscher Laender remittance account” at the Federal Reserve Bank of New York covering the dollar amount of the remittance less the charge made for an uncompleted remittance. Under the procedure set up by Bank deutscher Laender, persons wishing to effect rem it tances to Germany should make arrangem ents with one of the banks mentioned in paragraph (1) above, either directly or through their own banks. Additional copies of this circular will be furnished upon request. A ll a n - S p r o u l , P resident. * Bank deutscher Laender (Bank of German States) was established in Frankfurt on March 1, 1948 pursuant to Law No. 60 of the United States Military Government. It operates as a central bank for the United States, British, and French zones of occupation, coordinating the activities of the regional central banks.