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FED ERAL R E SE R V E BANK OF N E W YORK r Circular No. 7 1 2 1 1 April 6, 1973 J Establishment of North Jersey Regional Check Processing Center (NJRCPC) To A ll Banks in the Second Federal R eserve D istrict, and Others C oncerned: This Bank is pleased to announce the establishment of the North Jersey Regional Check Processing Center (NJRCPC), which will serve all New Jersey banks in the Second Federal Reserve District, i.e., all banks in the 12 northernmost counties of New Jersey. The NJRCPC will commence limited operations on Thursday, April 12, 1973, and will be located at 2 Jackson Drive, Cranford, N. J. 07016. The NJRCPC will process all eligible cash items drawn on its participating banks. It will also accept from its participating member banks cash items for processing by, or for forwarding to, the Head Office of this Bank. We have established the following implementation schedule in order to provide for an orderly transition to full operations at the NJRCPC — (a) From April 12 through 25, the Center will accept, from banks that are now members of the Bergen County Clearing Bureau, deposits of checks drawn only on other members of the Bureau. (A fter April 11, cash letters should not be delivered to the Bergen County Clearing Bureau, Paramus, N. J.) (b) Beginning April 26, the Center will accept deposits of cash items from all New Jersey banks eligible to participate in the NJRCPC. (c) Beginning in late May or early June, the Center will accept deposits from other Second District banks, other Federal Reserve Banks, other RCPCs, and direct-sending banks in other Federal Reserve Districts. Notification of the actual dates will be furnished at a later time. Beginning April 26, participating member banks in the NJRCPC may, if they wish, deliver cash letters addressed to our Head Office to the NJRCPC for forwarding to the Head Office. Those banks participating in consolidated shipments of interdistrict items should continue to make such deposits at the Head Office. Enclosed are copies of the following documents relating to the establishment of the NJRCPC: Appendix No. 1-B (North Jersey Regional Cheek Processing Center (NJRCPC) Time Sched ule), Effective April 12, 1973 and terminating April 25, 1973, to Operating Circular No. 5. The Appendix contains the credit-availability schedule for eligible cash items deposited at the NJRCPC by banks currently participating in the Bergen County Cleaning Bureau. Appendix No. 1-B (North Jersey Regional Check Processing Center (NJRCPC) Time Sched ule), Effective April 26, 1973, to Operating Circular No. 5. The Appendix contains the creditavailability schedule for eligible cash items deposited at the NJRCPC by all participating banks. Second Supplement, Effective April 26, 1973, to Appendix No. 1 (New York Head Office Time Schedule) to Operating Circular No. 5. The Supplement contains the credit availability schedule for cash items drawn on NJRCPC participating banks that are deposited at the Head Office of this Bank. Second Supplement, Effective April 12, 1973, to Operating Circular No. 5, which provides for the inclusion of the NJRCPC time schedule in our operating rules governing the availability of credit for cash items. ( over) Each New Jersey bank in the Second Federal Reserve District will soon receive for its signature a form of agreement to participate in the NJRCPC, and a notice of meetings to be held at the Center to discuss operating matters pertaining to the NJRCPC. If you have any questions concerning the operation of the NJRCPC, you may contact A. J. Stanton, Assistant Vice President, or F. A. Denesevich, Manager, North Jersey Regional Check Processing Center (Telephone No. 201-272-9000). A lfred H ayes, President. FEDERAL RESERVE OF NEW BANK YORK A ppendix N o. 1-B to Operating Circular N o. 5 E ffective April 12, 1973 and terminating A pril 2 5 ,1 9 7 3 NORTH JERSEY REGIONAL CHECK PROCESSING CENTER (NJRCPC) TIME SCHEDULE To the Banks That W ere Participating on A pril 11, 1973 in the B ergen County Clearing Bureau (W ith R outing Sym bol 0 2 1 7 ): Credit for cash items received and accepted at our North Jersey Regional Check Processing Center will be given, subject to applicable closing times and to sorting and other requirements, as shown in the schedule below. T Y P E OF IT E M S SENDER P a rticip a tin g banks with routing sym bol 0217 P a rticip a tin g banks w ith routing sym bol 0217 C R E D IT A V A IL A B IL IT Y C LO SIN G H O U R Fully MICE qualified and computeracceptable items on participating banks with routing symbol 0217 Immediate 12:01 a.m. Tues.-Sat. Com puter-rejected items on participating banks with routing symbol 0217 One Business Pay 1 0 :00 p .m . M on.-Fri. A lfred H a y e s , President. FEDERAL o f RESERVE N ew Y BANK o r k A ppendix N o. 1-B to Operating Circular N o. 5 Effective April 26, 1973 NORTH JERSEY REGIONAL CHECK PROCESSING CENTER (NJRCPC) TIME SCHEDULE To A ll N orth Jersey R egional Chech P rocessing Center Participatin g B a n k s: Credit for cash items received and accepted at our North Jersey Regional Check Processing Center will be given, subject to applicable closing times and to sorting and other requirements, as shown in the schedule below. SENDER T Y P E OF IT E M S C R E D IT A V A IL A B IL IT Y CLO SIN G H O UR Participating banks Fully M IC R qualified and computeracceptable items on participating banks with routing symbol 0212 or 0217* Immediate 12:01 a.m. Tues.-Sat. P artic ip a tin g banks Com puter-rejected items on participating banks with routing symbol 0212 or 0217* One Business D ay 1 0 :00 p.m. M on.-Fri. P articipating banks having daily average volume not exceeding 300 non-amountencoded items t Item s on participating banks with routing symbol 0212 or 0217* One Business D ay 1 0:00 p.m. M on.-Fri. P artic ip a tin g banks Checks on the Treasurer o f the U nited States and postal money orders. (M ust be deposited with a separate cash letter fo r each type.) Immediate 12:01 a.m. Tues.-Sat. * Participating banks may also clear 0270 items through the N JR C PC . f A ll senders are required to have prior authorization before making such deposits. SE N D E R T Y P E OF IT E M S C R E D IT A V A IL A B IL IT Y C LO S IN G H O U R Participating banks Checks on Federal Reserve Bank o f New Y ork (including Buffalo B ran ch). (M ust be deposited with a separate cash letter.) Immediate 1 2 :01 a.m. Tues.-Sat. P articipating banks Redeemed U. S. D epartm ent o f A griculture fo o d coupons and certificates. (M ust be deposited with a separate cash letter and total.) Imm ediate 1 2 :01 a.m. Tues.-Sat. P articipating member banks Items on banks with routing symbols 0210, 0260, 0270, and 0280 Imm ediate 1 2 :01 a.m. Tues.-Sat. P articipating member banks Items payable in the New Y ork Head Office territory on banks with routing symbols 0211, 0213, 0214, 0215, and 0216 One Business D ay 1 2 :01 a.m. Tues.-Sat. P articipating member bankst Fully M IC R qualified and com puter p roc essed items drawn on N JR C P C participat ing banks, pre-sorted in groups o f 12 banks each in accordance with schedules fu r nished on request Imm ediate 2 :00 a.m. Tues.-Sat. P articipating bankst End-point sorted and packaged items on participating banks with routing symbol 0212 or 0217* Imm ediate 4 :0 0 a.m. Tues.-Sat. Participating member bankst Fully M IC R qualified and computer p roc essed items drawn on banks in the New Y ork H ead Office territory (other than N JR C P C particip at ing banks) in groups o f 12 banks each in accordance with schedules furnished on request One Business D ay 8 :0 0 p.m. M on.-Fri. P articipating member banks Item s payable in the B uffalo Branch territory on banks with routing symbol 0223 Tw o Business Days 1 2 :01 a.m. Tues.-Sat. * Participating banks may also clear 0270 items through the N JRC PC . t A ll senders are required to have prior authorization before making such deposits. C R E D IT A V A IL A B IL IT Y SE N D E R T Y P E OF IT E M S P articipating member banks Items payable in other Federal Reserve Bank or Branch citiest R efer to Appendix N o. 1 to Operating Circular N o. 5 12 :01 a.m. Tues.-Sat. P articipating member banks Item s payable at banks on the Par List in other Federal Reserve Districts outside Federal Reserve Bank or Branch citiest Tw o Business Days 12 :01 a.m. Tues.-Sat. t Banks participating in consolidated shipments o f deposits at the Head Office. interdistrict items CLO SIN G H O U R should A continue to lfred H a y es make such , President. FEDERAL RESERVE BANK OF NEW YORK Second Supplement to A ppendix No. 1 to Operating Circular N o. 5 (R evised effective September 2 0 , 1 9 7 2 ) E ffective April 2 6 , 1973 NEW YORK HEAD OFFICE TIME SCHEDULE To the M em ber Banks and N onm em ber Clearing Banks o f the Second Federal R eserve D istrict: Paragraph 3(a) of Appendix No. 1 to Operating Circular No. 5, Revised effective September 20, 1972, is amended by adding the follow ing entry to the list of items for which credit will be given one busi ness day after receipt: Item s payable through the North Jersey Regional Check P rocessing Center Items on banks with routing symbols 0212 or 0217 Closing times Mondays through Fridays I f fu lly M IC R qualified and computer1 0 :30 p.m. acceptable 8 :3 0 p.m. I f com puter-rejected If not M IC R amountencoded 8 :30 p.m. A lfred H a y e s , President. Federal of Reserve N ew bank York Second Supplement to Operating Circular No. 5 (R evised effective September 2 0 , 1 9 7 2 ) E ffective April 12, 1973 TIME SCHEDULES Availability of Credit for Cash Items To the M em ber Banlcs and N onm em ber Clearing Banks o f the Second Federal R eserve D istrict: Paragraph 1 of Operating Circular No. 5, Revised effective Sep tember 20, 1972, as amended by the First Supplement thereto, effective October 10, 1972, is further amended by inserting the following sentence in place of the last sentence of that paragraph: Appendix No. 1 to this circular sets forth our Head Office time schedule; Appendix No. 1-A, our Long Island Regional Check Processing Center time schedule; Appendix No. 1-B, our North Jersey Regional Check Processing Center time schedule; Appendix No. 2, our B uffalo Branch time schedule; and A ppendix No. 2-A, our W estern New Y ork Regional Check Processing Center time schedule. A lfred H a y e s , President.
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