Full text of Federal Reserve Bank of New York Circulars : 6742. Par Clearance of Checks Drawn on All Banks in North Dakota and South Dakota

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FED E R AL R E SE R V E BANK
O F N E W YORK

C ir cu la r No. 6742]
Ju n e 9 , 1971

P A R C L E A R A N C E O F C H E C K S D R A W N ON A L L B A N K S
IN N O R T H D A K O T A A N D S O U T H D A K O T A
E ffe c t iv e July 1, 1971

To the Member Banks and Nonmember Clearing Banks
o f the Second Federal R eserv e D istrict:

The Federal Reserve Bank of Minneapolis has announced that, effective
July 1, 1971, checks drawn on all banks located in North Dakota and South
Dakota may be cleared through the Federal Reserve System. This has been
made possible by legislation enacted in those States providing for par
clearance.
During the next few months, until check supplies are depleted, many of
the checks drawn on these banks will continue to bear magnetic ink routing
symbols 9077 for North Dakota banks and 9078 for South Dakota banks.
When new supplies of checks are printed, the MICR routing symbol will be
changed to 0913 for North Dakota banks and 0914 for South Dakota banks.
Items bearing the 9077 and 9078 nonpar routing symbols may be de­
posited with other deferred credit items beginning June 30.




Alfred Hayes,
President.