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F E D E R A L R E S E R V E BA N K O F N EW YORK r Circular N o. 4 7 0 8 1 L February 18, 1959 J Return of Unpaid Checks Presented Through Buffalo Clearing House Association T o the M em ber and N onm em ber Clearing Banks o f th e Second Federal R eserve D is tr ic t: The B uffalo Clearing H ouse A ssociation has inform ed us o f a change in its rules, effective F ebruary 16,1959, extending the time within which unpaid checks presented through the Clearing H ouse m ay be returned. U nder the revised rules, unpaid checks m ay be returned n ot later than 11 p.m., instead o f 1 :30 p.m., o f the first succeeding business day a fter presentment. W e w ill continue to give credit in accordance with the provisions o f the currently effective time schedules o f ou r H ead Office and B uffalo B ranch fo r checks drawn on B uffalo Clearing H ouse A ssociation banks. H ow ever, we suggest that you consider the effect o f this change in allow ing time fo r the return o f any such checks as m ay be unpaid, and fo r the receipt o f notices o f their nonpayment. A dditional copies o f this circular w ill be furnished upon request. A l f r e d H a y e s , P resident.
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