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FEDERAL RESERVE BANK OF NEW YORK n , n • [Circular No. 459, May 15, 19221 Cash Department [ Superseding Circulars 264 and 357 Telegraphic Transfers of Funds For Member Banks Through the Federal Reserve System To all Member Banks in the Second Federal Reserve District: This circular sets forth our current rules and regulations governing telegraphic transfers of funds through us for our member banks and supersedes our circular No. 264 of March 18, 1920, as supplemented by circular No. 357, containing previous instructions. The principal change limits transfers through us from member banks to member banks only. Transfers over the wires of the Federal Reserve system cannot be received directly from or made directly to individuals, firms, associations, or corporations, other than member banks, and may be effected only at the request or through the agency of a member bank. A revised schedule of time limits showing the hours up to which we will receive wire transfer instructions is also in effect. The rules and regulations follow. Transfers at Par Without Cost Telegraphic transfers of funds on deposit to their credit with us may be made by member banks at par without cost for credit of or payment to a member bank. Telegraphic transfers will be accepted from and paid to member banks only. The descriptive matter in a letter requesting a transfer should be limited to the name of the sending member bank, the name of its customer requesting transfer, the name of the member bank receiving credit, and the name of any other beneficiary for whose account credit is given. When the request is sent by telegram the American Bankers Association Code should be used, with our test. In order that important messages may not be delayed member banks are asked to co-operate with us by not making request for telegraphic transfers for small amounts, or those which can be made as well through the mails. J The account of the sending member bank is charged with the amount of a transfer from us to another Federal Reserve district on the day we send it and the member bank is advised of the charge. On telegraphic transfers to us the payee member bank for whose account the transfer is made is credited on the receipt of the telegram within banking hours. In addition to the usual letter of advice, immediate advice by telephone (or, in the case of credit to a member bank out of town, a telegram) is sent, except in cases where the credited bank has stated that wire advice is unnecessary or where the nature of the transaction or amount involved indicates that the additional expense is not justified. Time Limits Telegraphic transfers to other Federal Reserve districts, to be consummated on the day of receipt, should reach the Federal Reserve Bank of New York not later than the hours shown on the schedule given on the next page. Requests received before the hours specified will be accepted for transfer on the same business day, but it should be clearly understood as stated below, that we will not be responsible for errors or delays caused by circumstances beyond our control. Requests for transfers may be received by us in our discretion after the hours specified in the schedule on the next page but, in that case, they will be forwarded with the definite understanding that consummation will be subject both to the discretion and ability of the receiving Federal Reserve Bank to complete the transaction. Liability We will use due care and diligence in the transfer of funds to the receiving Federal Reserve Bank for credit to the account of, or payment to, the payee bank, but will not be responsible for errors or delays in the transfer of such funds caused by circumstances beyond our control. Very truly yours, BENJ. STRONG, Governor Federal Reserve Bank of New York Telegraphic Transfers Schedule of Time Limits Effective May 15, 1922 (Eastern Time) District No. Locality Transfer of Funds to Instructions to reach Federal Reserve Bank of New York not later than Saturdays OtherDays Federal Reserve Bank of Boston 11:30 2:30 Philadelphia 3 Federal Reserve Bank of Philadelphia 11:30 2:30 Cleveland 4 Federal Reserve Bank of Cleveland . 11:30 2:30 Richmond 5 Federal Reserve Bank of Richmond . Baltimore Branch . 11:30 11:30 1:30 1:30 Atlanta 6 Federal Reserve Bank of Atlanta New Orleans Branch 12:00 12:00 2:30 3:00 Chicago . 7 Federal Reserve Bank of Chicago Detroit Branch 12:00 11:30 2:30 2:30 St. Louis . 8 Federal Reserve Bank of St. Louis . Little Rock Branch Louisville Branch . Memphis Branch 12:00 12:00 12:00 12:00 2:30 2:30 2:30 2:30 Minneapolis . 9 Federal Reserve Bank of Minneapolis Helena Branch 12:00 12:00 3:00 3:00 Kansas City . 10 Federal Reserve Bank of Kansas City Denver Branch Omaha Branch 12:00 12:00 12:00 Dallas 11 Federal Reserve Bank of Dallas El Paso Branch Houston Branch 12:00 12:00 12:00 CO CO CO San Francisco 12 Federal Reserve Bank of San Francisco Seattle Branch Spokane Branch Portland Branch Salt Lake City Branch Los Angeles Branch 12:00 12:00 12:00 12:00 12:00 12:00 3:00 3:00 3:00 3:00 3:00 3:00 © © © i CO CO CO 1 9 9 9 Boston
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