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Fe d e r a l Re s e r v e Ba n k of New Y ork J" Circular No. 6 7 9 5 L August 27, 1971 "I J TRANSFERS OF FUNDS Revisions of Operating Circulars Nos. 10 and 11 To the Member and Nonmember Clearing Banks o f the Second Federal Reserve District: Enclosed are copies o f Operating Circular No. 10 on transfers of funds and Operating Circular No. 11, which sets forth our schedule of time limits for transfers of funds, both revised effective August 12, 1971. The revisions reflect changes, as follow s: Operating Circular No. 10. This revision incorporates the changes in service charges for telegraphic transfers o f funds and fo r immediate advices of credit, announced in our Circular No. 6781, dated August 10, 1971. Changes have also been made in the provisions relating to transfers of funds within the Second Federal Reserve District to bring them into conform ity with the changes in the provisions relating to transfers o f funds to and from other Federal Reserve Banks. In addition, the provisions for mail transfers o f funds have been deleted because o f the emphasis on faster transfers via the Reserve System ’s high-speed communications network. Operating Circular No>. 11. This revision now sets forth the latest hour at which we will receive and accept requests for transfers of funds on the same day within the Second Federal Reserve District. Additional copies o f the enclosures will be furnished upon request. A lfred H ayes, President. Federal of reserve new Ba n k York K Operating Circular No. 10 L Revised effective A ugust 12, 1971 TRANSFERS OF FUNDS To the Member and Nonmember Clearing Banks o f the Second Federal Reserve District: 1. This circular sets forth the rules governing transfers o f funds made through this Bank at its Plead Office in New Y ork City or its Branch in Buffalo, New York. The term ‘ ‘bank balance,” as used in this circular, shall be construed to mean an accumulation of funds in an established account maintained b y a member bank with its F ed eral Reserve Bank or with another member bank. Telegraphic transfers o f funds to and from other Federal Reserve Banks Transfers of bank balances for m em ber banks 2. Telegraphic transfers o f bank balances between Federal Reserve Banks (which as herein used shall include branches o f F ed eral Reserve Banks) in any amount o f $1,000 or over will be made without charge fo r member banks to member banks and for member banks to nonmember clearing banks. A charge o f $1.50 will be made fo r such transfers in any amounts of under $1,000. Such telegraphic transfers o f bank balances may contain descriptive third party in for mation not exceeding four 80-character lines o f alphabetic data. W hile such transfers will be accepted only from member banks and paid only to member banks or nonmember clearing banks, through the utilization o f descriptive third party inform ation, they may be fo r the use o f any bank, individual, firm, or corporation. Transfers o f funds within the Second F ed eral Reserve District Transfers of bank balances for mem ber banks 3. Transfers within the Second Federal Reserve D istrict o f bank balances in any amount o f $1,000 or over will be made without charge for member banks to member banks and fo r member banks to non member clearing banks, subject to the provisions o f paragraph 2 as to descriptive inform ation. A charge o f $1.50 will be made fo r such transfers in any amounts o f under $1,000. Transfers o f funds fo r n on m em b er clearing banks 4. Transfers o f funds in any amount o f $1,000 or over will be made without charge for nonmember clearing banks to member banks and other nonmember clearing banks located in the territory assigned to the office o f this Bank at which the nonmember clearing accounts o f the requesting banks are maintained, subject to the provisions o f paragraph 2 as to descriptive inform ation. A charge o f $1.50 will be made fo r such transfers in any amounts o f under $1,000. Such trans fers will be made b y us only from collected funds on deposit with us. Requests for transfers 5. Subject to the applicable provisions o f this circular, requests fo r transfers o f funds may be made by letter, telegram, or telephone. Requests may also be made through the use o f electronic tele-communi cations facilities by special arrangement. Requests fo r transfers o f $1,000 or over by telegram or telephone may be made “ collect” from points outside the New Y ork City or Buffalo metropolitan area. 6. W hen a request to transfer funds is sent to us by telegram, the Am erican Bankers Association Code should be used with our test word, and a letter o f confirmation (not in code) over an authorized signature (s) should follow on the same day. Requests made by tele phone should include our test word and be confirmed in the same manner as requests made by telegram. G eneral Closing hours 7. Operating Circular No. 11 contains a schedule showing the latest hours on each business day at which we will receive and accept requests for transfers o f funds on the same day, pursuant to the p ro visions of this circular. W e may, in our discretion, receive and accept, on any business day after the hours shown on such schedule, requests fo r transfers on that day, but only upon the understanding that the com pletion o f any requested transfer to be received by another Federal Reserve Bank will be discretionary with such receiving Federal Reserve Bank. Advices of credit 8. Mail advice o f credit for all telegraphic transfers o f funds will be given by the Federal Reserve Bank receiving the transfer to the member or nonmember clearing bank receiving credit therefor and, in addition, immediate advice of credit, by telegraph, telephone, or otherwise, will be given when the bank receiving credit or the bank requesting the transfer has asked fo r such immediate advice, or where the nature of the transaction, or the amount involved, indicates that the additional expense is justified, as to which the receiving Federal Reserve Bank will exercise its discretion. Mail and immediate advice o f credit will also be given fo r transfers o f funds within the Second Federal Reserve District, to the same extent and under similar condi tions as for transfers to and from other Federal Reserve Banks. Liability of the Federal Reserve Bank 9. The Federal Reserve Bank of New Y ork will use due diligence and care in the transfers o f funds by telegraph to the receiving F ed eral Reserve Bank for credit to the account o f the payee bank, and in the transfer o f funds made on its books for banks within the Second Federal Reserve District, but will not be responsible for errors or delays caused by circumstances beyond its control. Revision of this circular 10. The right is reserved to withdraw, add to, or amend at any time any o f the provisions o f this circular. Effect of this circular on previous circular 11. This circular supersedes Operating Circular No. 10, Revised effective September 5, 1967. A lfred H a y e s , President. / FEDERAL RESERVE BAN K OF N E W Y O R K [ Operating Circular No. 11 '1 Revised effective August 12, 1971 J SCHEDULE OF TIM E LIM ITS F or Transfers o f Funds To the M em ber and Nonm em ber Clearing Banks o f the Second Federal Reserve D istrict: 1. The schedule on the reverse s’ de shows the latest hours on each business day at which we will receive and accept requests at our Head Office in New Y ork City or at our Branch in Buffalo, New York, fo r transfers of funds on the same day within the Second Federal Reserve District and to other Federal Reserve Banks and Branches, pursuant to the provisions of our Operating Circular No. 10. 2. W e reserve the right at any time, with or without noticc, to amend the schedule or otherwise to put into effect time limits other than those therein set forth. 3. This circular supersedes our Operating Circular No. 11, Revised A p ril 28, 1969. A lfred H ayes , President. ( over) SCHEDULE OF TIME LIMITS FOR TRANSFERS OF FUNDS E f f e c t i v e A u c u s t 12, 1971 Federal Reserve Bank o f New Y ork, including its Buffalo Branch, is closed on Saturdays; and, accordingly, requests will not be received or accepted at the H ead Office or Branch on any Saturday. Requests fo r transfers o f funds within the Second Federal Reserve D istrict should reach our H ead Office or Buffalo Branch not later than 4 :0 0 p.m. Dist. No. To Federal Reserve Banlc or Branch at Requests to reach our Head Office or Buffalo Branch not later than Eastern time (p.m.) B o s t o n .................. Philadelphia . . Cleveland. . . . Cincinnati . . Pittsburgh . . Richm ond . . . Baltim ore . . Charlotte . . A tlanta . . . . Birm ingham Jacksonville Nashville . New Orleans Chicago . . . . D etroit . . . . . . St. Louis . . . . Little R ock . . Louisville . . M emphis . . . 9 M inneapolis . . H elena . . . 10 Kansas City Denver . Oklahoma Omaha . 11 D a l l a s .................. E l Paso . . . H ouston . . . San A ntonio . 12 San F rancisco . Los Angeles . P ortland . . . Salt Lake City Seattle . . . . . . . City . . 2:30 2:30 2:30 2:30 2:30 2:30 2 :30 2:30 2:30 3:00 2:30 3:00 3:00 3:00 2 :30* 3:00 3:00 2:30 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 3:00 * 3 :0 0 p.m. during the period o f Daylight Saving time (from the last Sunday in April to the last Sunday in October).
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