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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 6 7 8 l~l L August 10, 1971 Changes in Service Charges for Telegraphic Transfers of Funds To the Member and Nonmember Clearing Banks of the Second Federal Reserve District: Operating Circular No. 10, on transfers o f funds, is in the process o f revision and will be sent to you shortly. It will reflect changes, effective August 12, 1971, in service charges for telegraphic transfers o f funds and for immediate advices o f credit. The changes implement in part the policy statement o f the Board o f Governors o f the Federal Reserve System on im proving the payments mechanism; a copy o f the statement was contained in our Circular No. 6749, dated June 18, 1971, and sent to you on that date. The changes eliminate the $1.50 charge for transfers to nonmember clearing banks, “ third party” transfers, and transfers not in multiples o f $1,000, except that the charge o f $1.50 will be continued for any transfer under $1,000. In addition, telephone and telegraphic charges for immediate advices o f credit to receiving banks have been eliminated. Any questions on telegraphic transfers o f funds should be directed to the W ire Transfer Division o f the Collection Department at our Head O f fice or the Accounting Division at our Buffalo Branch. A lfred H ayes, President. J
@FedFRASER