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FED ERAL RE SE R V E BANK
OF NEW YORK
r Circular
L

N o. 4 2 2 9 "1
M ay 12, 1955
J

AMENDMENTS TO REGULATIONS D AND Q

Definition of “ Savings Deposits” Broadened

To all Member Banks in the
Second Federal Reserve D istrict:

The Board of Governors o f the Federal Reserve System has
adopted identical amendments to Regulations D and Q, effective May 16,
1955. The amendments, which supplement the definition o f “ savings
deposits” as provided by section 1(e) of each regulation, permit a
deposit to be classified as a savings deposit in certain circumstances
and subject to certain limitations, although the deposit is not evidenced
by a pass book.
A copy o f each amendment is enclosed; additional copies will be
furnished upon request.




A

llan

S

proul,

President.

RESERVES OF MEMBER BANKS
AMENDMENT TO REGULATION D
IS S U E D B Y T H E B O A R D OF G O V E R N O R S O F T H E F E D E R A L R E S E R V E S Y S T E M

Effective May 16, 1955, Regulation D is amended in the following
respects:
1. By adding at the end of section 1(e) the following new
undesignated paragraph and footnote reference:
The term “ savings deposit” also means a deposit evidenced
by a written receipt or agreement although not by a pass book,
consisting o f funds o f the kind described above in this section 1(e)
and in respect to which deposit the depositor is required, or may
at any time be required, by the bank to give notice in writing
of an intended withdrawal not less than 30 days before such
withdrawal is made, and withdrawals are permitted only
through payment to the depositor himself but not to any other
person whether or not acting for the depositor.53
2. By adding the following new footnote to section 1(e) :
5a Payment may be made to the depositor over the counter,
through the mails or otherwise.




P R IN T E D IN N E W YO RK

PAYMENT OF INTEREST ON DEPOSITS
AMENDMENT TO REGULATION Q
ISS U E D B Y T H E B O A R D OF G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M

Effective May 16, 1955, Regulation Q is amended in the following
respects:
1. By adding at the end o f section 1 (e ) the following new
undesignated paragraph and footnote reference:
The term “ savings deposit” also means a deposit evidenced
by a written receipt or agreement although not by a pass book,
consisting of funds o f the kind described above in this section 1(e)
and in respect to which deposit the depositor is required, or may
at any time be required, by the bank to give notice in writing
of an intended withdrawal not less than 30 days before such
withdrawal is made, and withdrawals are permitted only
through payment to the depositor himself but not to any other
person whether or not acting for the depositor.53
2. By adding the following new footnote to section 1(e) :
5a Payment may be made to the depositor over the counter,
through the mails or otherwise.




P R IN T E D IN N E W Y O R K