Full text of Federal Reserve Bank of New York Circulars : 728. Collection of Checks

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK

"^
Check Department

I Circular No. 728, July 1,1926]
••

Superseding Circular 672

Collection of Checks
To all Member and Nonmember Clearing Banks
in the Second Federal Reserve District:

You will find in this circular the current rules and regulations covering the collection of checks
by this bank. The circular supersedes the provisions of our Circular 672 covering check collections
but makes no substantial changes in the procedure heretofore established.
No member bank is required to use the check collection system, but may, without charge and
subject to the terms of this circular, send checks for collection through us regularly, occasionally, or
not at all; or may collect them through present correspondents or in any other manner considered
advantageous.
The rules and regulations herein contained are binding upon any bank which sends any check
to us for collection or to any other Federal Reserve Bank for our account for collection. The circular
covers not only the mutual rights and duties of this bank and all banks which send checks to us for
collection, but also the conditions to be observed by banks to which we send checks for collection
or remittance. Particular attention is directed to the following general conditions.

I. GENERAL CONDITIONS UNDER WHICH ITEMS ARE ACCEPTED
Every bank sending checks or other cash items to the Federal Reserve Bank of New York, OP
to its Buffalo Branch, or to another Federal Reserve Bank direct, for our account, will be understood by such act to have agreed to the terms and conditions of this circular and of Regulation J,
Series of 1924, of the Federal Reserve Board.
Terms of Collection
Regulation J of the Federal Reserve Board prescribes the following terms and conditions under
which all Federal Reserve Banks will handle checks for member and nonmember clearing banks when
received for deposit and/or collection.

The Federal Reserve Board hereby authorizes the Federal Reserve Banks to handle such checks
subject to the following terms and conditions; and each member and nonmember clearing bank which
sends checks to any Federal Reserve Bank for deposit or collection shall by such action be deemed
(a) to authorize the Federal Reserve Banks to handle such checks subject to the following terms and
conditions, (b) to warrant its own authority to give the Federal Reserve Banks such authority and
(c) to agree to indemnify any Federal Reserve Bank for any loss resulting from the failure of such
sending bank to have such authority.
(1) A Federal Reserve Bank will act only as agent of the bank from which it receives such checks
and will assume no liability except for its own negligence and its guaranty of prior indorsements.
(2) A Federal Reserve Bank may present such checks for payment or send such checks for
collection direct to the bank on which they are drawn or at which they are payable, or in its discretion may forward them to another agent with authority to present them for payment or send them for
collection direct to the bank on which they are drawn or at which they are payable.
(3) A Federal Reserve Bank may in its discretion and at its option, either directly or through an
agent, accept either cash or bank drafts in payment of or in remittance for such checks and shall not
be held liable for any loss resulting from the acceptance of bank drafts in lieu of cash, nor for the
failure of the drawee bank or any agent to remit for such checks, nor for the nonpayment of any bank
draft accepted in payment or as a remittance from the drawee bank or any agent.
(4) Checks received by a Federal Reserve Bank on its member or nonmember clearing banks will
ordinarily be forwarded or presented direct to such banks, and such banks will be required to remit
or pay therefor at par in cash or bank draft acceptable to the collecting Federal Reserve Bank, or at
the option of such Federal Reserve Bank to authorize such Federal Reserve Bank to charge their
reserve accounts or clearing accounts; provided, however, that any Federal Reserve Bank may reserve
the right in its check collection circular to charge such items to the reserve account or clearing account
of any such bank at any time when in any particular case the Federal Reserve Bank deems it
necessary to do so.

COLLECTION OF CHECKS

(5) Checks received by a Federal Reserve Bank payable in other districts will be forwarded for
collection upon the terms and conditions herein provided to the Federal Reserve Bank of the district
in which such checks are payable.
(6) The amount of any check for which payment in actually and finally collected funds is not
received shall be charged back to the forwarding bank, regardless of whether or not the check itself
can be returned.

We reserve the right, as provided for above, to charge items forwarded to our member banks
or nonmember clearing banks, to the reserve account or clearing account of any such bank at anytime when in any particular case we deem it advisable to do so.
II. ITEMS RECEIVED UNDER THIS CIRCULAR
The Federal Reserve Bank of New York receives at par from its member banks:
(a) Checks drawn on banking institutions (including private bankers) in the United States
which can be collected at par and such other items which can be collected at par which we may
elect to handle as cash items.
(b) Government warrants and checks. Member banks of this district, other than members of
the New York Clearing House Association, may include in their remittances to the Federal Reserve
Bank of New York for immediate credit at par, but subject to payment by the Treasurer of the
United States, Government warrants and checks drawn on the Treasurer of the United States.
Members of the New York Clearing House Association may send Government warrants and checks
to the Federal Reserve Bank through the Clearing House, subject to payment by the Treasurer of
the United States.
The Federal Reserve Bank will not receive under the terms of this circular the following classes
of items:
(a) Collection items as defined by our Circular No. 673,"Collection of Maturing Notes, Bills,
and Other Collection Items." This includes any check or draft with pass book, certificate or other
similar form of receipt attached. Such items will be handled as collection and not as cash items.
(b) Any check drawn on a bank located outside of this district which bears the indorsement of
a bank located outside of this district.
In the interests of good banking, the indirect routing of checks will be discouraged and member
banks will not be permitted to deposit with us, or send direct to other Federal Reserve Banks or
Branches for our account, any checks payable in other Federal Reserve Districts, which bear the
indorsement of banks located in other Federal Reserve Districts, in cases where it is evident that
such checks have been routed indirectly.
(c) Checks or drafts on banking institutions which cannot be collected at par. Such items will
not be received, either as cash items under this circular or as collection items under our Circular No.
673, "Collection of Maturing Notes, Bills, and Other Collection Items."
(d) Checks which have been once presented and dishonored or protested. Such checks must
not be included in cash letters and will be handled only as collection items.
Direct Sending to Other Federal Reserve Banks of Items Drawn on Banking Institutions in
Other Districts
Member banks will be permitted, under certain conditions and regulations, to route checks
payable in other Federal Reserve Districts direct to the other Federal Reserve Banks and Branches
of the districts in which the items are payable, for our account, provided permission to do so is first
obtained from the Federal Reserve Bank of New York. Member banks desiring to avail themselves
of this privilege will write us for permission (if permission has not already been obtained) and, if
granted by us, they will be advised in a separate letter giving full information and complete instructions.
It will be understood that items sent direct are subject to the terms and conditions of this
circular.
2

COLLECTION OP CHECKS

111. CREDIT AND HANDLING OF CASH ITEMS BY FEDERAL RESERVE BANK OF NEW YORK
Credit for Items Sent to Us
For all checks received by us under this circular credit at par upon receipt will be given in the
member bank's deferred account. Credit will be given in the member's reserve account, and the
proceeds of the items will become available when the appropriate time indicated on the current time
schedule has elapsed. Our acknowledgment of member bank's cash letters shows the date of receipt
and the date upon which the amounts will be transferred from the deferred to the reserve account.
Credit and availability are in all instances subject to our actual receipt of paj^ment as specified
on page 1 in the "GENERAL CONDITIONS UNDER WHICH TEMS ARE ACCEPTED." In this connection
attention is invited to the fact that the periods of th< Ime schedule are based generally upon the
average mail time required for items to reach the paying bank, plus the time required for the paying
bank to remit to the Federal Reserve Bank, and they do not necessarily indicate the actual time
required for collection. It must be borne in mind, therefore, that advice of availability cannot and
must not be considered advice of actual payment.
For Government checks and warrants immediate credit at par will be given, but such credit will
be subject to payment by the Treasurer of the United States and to the general conditions of this
circular applicable to all items.
Method of Handling Government Checks and Warrants
The Treasurer of the United States reserves the usual right of the drawee to examine, when
received, all Government warrants and checks and to refuse payment thereon, and the Federal
Reserve Bank of New York will handle such items in accordance with the provisions of Treasury
Department Circular 176, as amended and supplemented May 15, 1922. The following three
paragraphs are taken from that circular:
(1)
The Treasurer will return immediately any warrant or check, payment of which
is refused on account of forged signature of drawer, insufficient funds, stoppage of
payment, or any material defect discovered upon first examination. Such items will
be charged back and returned to the depositing bank for immediate credit.
(2)
In the event that any warrant or check which has been paid by the Treasurer is
subsequently found to bear a forged indorsement, or to have been raised, or to bear
any other material alteration or defect which was not discoverable upon first examination, a photographic copy of the warrant or check will be sent to the depositing bank,
but its account will not be charged pending adjustment.
(3)
In cases of warrants or checks bearing a forged signature of the drawer, not discovered upon first examination by the Treasurer, and in other cases where the Treasurer's right to reclaim is in question, the warrants or checks will not be charged to the account of the depositing bank but will be returned to it as collection items for adjustment.
Unpaid Checks and Protest Instructions
The Federal Reserve Bank of New York will receive and forward checks as cash items under the
conditions of this circular, subject only to the following uniform instructions:
(1) Do NOT PROTEST items of $10.00 or less.
(2) PROTEST dishonored items of $10.01 or over, except those bearing on their face the A. B. A.
no protest symbol of the Federal Reserve Bank or of a preceding bank indorser.
(3) WIRE ADVICE of non-payment of all items of $500.00 or over.

All Federal Reserve Banks (and branches) will receive and handle checks as cash items only in
accordance with these uniform instructions, and any contrary or special instructions noted on cash
letters or attached to checks will be disregarded. If any member bank should desire to have any
checks handled by the Federal Reserve Bank of New York or by any other Federal Reserve Bank,
under any instructions contrary to the uniform instructions given above, it will be necessary for
such member bank to forward such checks as individual non-cash items with the instructions noted
in the letter of transmittal, for collection and credit when paid, in accordance with the terms of our
circular No. 673.
3

All telegraphic costs pertaining to payment or non-payment, or in connection with receiving or
transmitting any other information or instructions, will be charged to the account of the depositing
bank. All such telegrams to the depositing bank will be sent "Collect".
Indorsement of Checks

™- PRACTICE FOR SENDING BANK

All checks forwarded to this bank must be indorsed without restriction to the order of the
Federal Reserve Bank of New York or to the order of any bank, banker or trust company with all
prior indorsements guaranteed and show the American Bankers' Association transit number of the
indorsing bank in prominent type on both sides of the indorsement stamp.
All items should be described on cash letters by inserting the name of bank and town upon
which they are drawn, or by inserting the A. B. A. transit number of the bank.
Unpaid Checks and Protest Instructions
If it is desired that checks be handled, as to protest and notice of dishonor, other than in accordance with the above instructions, they must be sent us as collection items with special instructions
and we will forward them accordingly.
Sorting Checks
In order to expedite the forwarding of checks and to obtain prompt credit, member banks are
requested to sort and list checks in accordance with the divisions of our time schedule, with a separate
letter or total for each separate time group. All letters received, separated in accordance with the
time schedule, will be credited in full for the total shown and errors in listing or footing will be adjusted by a separate debit or credit. Checks received unsorted will not be made available until the
lapse of the longest period applicable to any of the items enclosed.
Federal Reserve District Number on Checks
In order to expedite the sorting and routing of checks, all banking institutions in this district
are requested to print on their own checks and the checks used by their depositors the figure '*£"
(signifying Federal Reserve District, No. 2), preferably in a large skeleton figure in the center of
V. PRACTICE FOR PAYING AND COLLECTING BANKS
The Federal Reserve Bank will furnish a supply of return remittance form of letter for the use
of the remitting bank. A copy of this form should be returned with each remittance draft.
Any items received in any letters from the Federal Reserve Bank that are unpaid, unless held
for protest, should be returned with the remittance for such letter, the total unpaid items to be
deducted from the footing of such letter, and the net amount remitted, so that in each instance the
remittance plus unpaid items returned therewith, plus items, if any, held for protest, will equal the
amount of the letter. Items held for protest should be returned with draft in payment of the next
succeeding letter, the amount of the protest fees being deducted from such letter.
Notice of non-payment shall be given and protest made in accordance with the instructions
indicated on page 3 of this circular.
When wiring advice of non-payment of items, give the date of our letter, the indorsement immediately preceding ours, and the reason for non-payment.
Items indorsed by the Treasurer of the United States, Collectors of Internal Revenue, and
Customs, or other items that are in payment of an obligation of the United States, do not protest.
Do not hold unpaid checks, return them at once.
All checks returned to us for indorsement should be certified.

Collectible at Par Through the Federal Reserve Bank of New York
Member banks and banking institutions remitting at par are entitled to place the words, "Collectible at par through the Federal Reserve Bank of New York," on their own checks and the checks
used by their depositors. Attention is called to the desirability of availing of this privilege.
The right is reserved to withdraw, add to, or amend at any time or from time to time any or
all of the foregoing rules and regulations with or without previous notice.
Very truly yours,

BENJ. STRONG,

Governor.
4

FEDERAL RESERVE BANK
OF NEW YORK

June 29, 1926
To accompany Circular No. 728

To all Member and Nonmember Clearing Banks
in the Second Federal Reserve District:

We enclose herewith a copy of our revised circular No. 728 covering the collection
of checks by this bank, which becomes effective July 1, 1926. You will observe that
the only change of substance appears in the first paragraph on page 4. Under our
present practice the only telegraphic costs which have been absorbed by the Federal
Eeserve Banks relating to the payment or non-payment of items or in connection with
receiving or transmitting any other information or instructions relative to collection
of items have been the costs of telegrams giving advice of the non-payment of items
of $500 or over. The paragraph in question does away with this exception so that
while Federal Reserve Banks will continue as in the past to give advices of nonpayment of items of $500 and over, nevertheless on and after this date the cost of
all telegrams relating to the payment or non-payment of items or in connection with
receiving or transmitting any other information or instructions will be charged to the
account of the depositing bank, and all such telegrams sent direct to the depositing
banks will be sent "Collect".
The time schedules for both the Federal Reserve Bank of New York and the
Buffalo Branch dated June 1, 1925 as modified on April 13,1926 by our circular No.
720 showing when the proceeds of items will become available, will remain in effect.

Very truly yours,
BENJ. STRONG,

Governor.

Federal Reserve Bank of New York
S E C O N D

F E D E R A L

R E S E R V E

BUFFALO BRANCH
TIME SCHEDULE
Showing When the Proceeds of
Items Will Become Available

Effective June 1, 1925

D I S T R I C T

FEDERAL RESERVE BANK OF NEW YORK
Buffalo Branch
Schedule Showing When the Proceeds of Items Will Become Available
(Superseding Schedule Issued January 2, 1923)

DISTRICTS

IMMEDIATE CREDIT
Buffalo banks—When received by 10 a. in. (9 a. m. Saturdays)
Checks and warrants on Treasurer of the United States, Washington, D. C.
Federal Reserve Transfer Drafts
Federal Reserve Exchange Drafts
Checks on Federal Reserve Bank of New York, and Buffalo Branch
Officers' checks of other Federal Reserve Banks
ONE DAY AFTER RECEIPT
New York Clearing House banks (Reference to List A, page 4)
Other New York City banks (Reference to List B, page 6)
Northern New Jersey Clearing House banks (Reference to List C, page 7)
Brooklyn banks and bankers—Also Bank of Coney Island and Branch
No.
Banks in
4
District
Cleveland
4
Branch of
Pittsburgh
7
District
Chicago
Branch of
7
Detroit
TWO DAYS AFTER RECEIPT
Balance of Manhattan, New York City
District
Boston
District
Philadelphia
Branch of
Cincinnati
District
Richmond
Branch of
Baltimore
Branch of
Birmingham
Branch of
Nashville
District
St. Louia
Branch of
Memphis
Branch of
Louisville
Branch of
Little Rock
Minneapolis
District
In District
St. Paul
District
Kansas City, Mo.
In District
Kansas City, Kans.
Branch of
Omaha
THREE DAYS AFTER RECEIPT
Atlanta
District
Branch of
New Orleans
Branch of
Jacksonville
Branch of
Denver
Branch of
Oklahoma City
Dallas
District
Branch of
Houston
FOUR DAYS AFTER RECEIPT .
Branch of
Helena
Branch of
El Paso
Seattle
Branch of
Branch of
Salt Lake City
Branch of
Spokane
Branch of
Portland, Ore.
San Francisco
District
Los Angeles
Branch of

PHILADELPHIA
CLEVELAND
RICHMOND
ATLANTA

CHICAGO

8
ST. LOUIS
9
MINNEAPOLIS
KANSAS CITY. MO. 10
11
DALLAS

SAN FRANCISCO

**New Jersey
*New York

6
6

8
8

8
8
9
9

10
10
10

6
10
10

1L
11

Banks in
Connecticut
Delaware
District of Columbia
* Illinois
Indiana
Iowa
Maine
•Maryland

•Massachusetts
•Michigan
New Hampshire
*Ohio
•Pennsylvania
Rhode Island
Vermont
•Virginia

Banks in
9
11

12
12
12
12

12
12

"Alabama
•Arkansas
•Florida
•Georgia
•Kansas
•Kentucky
•Minnesota

Mississippi
•Missouri
North Carolina
South Carolina
•Tennessee
West Virginia
Wisconsin
Banks in

Arizona
•California
•Colorado
Idaho
•Louisiana
•Montana
•Nebraska
Nevada
New Mexico
•Except banks in cities referred to in the first column.
••Except banks in Northern New Jersey Clearing House Association referred to on page 7.

CLOSING TIME FOR DEFERRED ITEMS
Items drawn on banks in Second District 2 :30 p. m.
Items $500 and over 3:30 p. m., except Saturdays
on which day no items will be received after 12
noon.
Items drawn on banks in other Federal Reserve
Districts 12:30 p. m. except Saturdays when the
closing hour is 12 noon.

5
5

fi
6

1
2
3
4

Banks in
1
3
4

EIGHT DAYS AFTER RECEIPT

NO .

NO.

BOSTON
NEW YORK

North Dakota
•Oklahoma
•Oregon
South Dakota
•Texas
•Utah
•Washington
Wyoming

TIME SCHEDULE INFORMATION AND INSTRUCTIONS
In order to expedite the forwarding of checks and the obtaining of prompt credit
therefor, member banks are requested in the preparation of their letters to sort their
checks in accordance with the foregoing time schedule, with a .separate letter and total
for each separate time group.

All letters received, so classified, will be credited in full for the total shown, and
errors in listing or footing will be adjusted by a separate debit or credit. Checks
received unsorted will be made available for the longest period required to collect any
item inclosed.

Two-day items received by us in time to be forwarded Saturday will be available
Tuesday.
Four-day items received by us in time to be forwarded Thursday will be available
Tuesday, and those received by us in time to be forwarded Friday and Saturday will be
available Wednesday.

General Conditions Under Which Items Are Accepted
Every bank sending checks or other cash items to us, or to another Federal Reserve Bank, for
our account, will be understood to have agreed to the terms and conditions of our Check Collection Circular No. 672 and of Regulation J, Series of 1924, of the Federal Reserve Board.

LIST A
MEMBERS OF NEW YORK CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

103
70

74
30
12
99
78
72
45

Name
Adams-Southern Express Co. Money orders (clear through 21)
Adams Express Company, Money orders (clear through 21)
The American Exchange National Bank
American Express Company, Money orders (clear through 23)
The Bank of America
Bank of the Manhattan Company
Bank of Montreal, New York Agents (clear through 8)
Bank of New York and Trust Company
The Bank of Washington Heights (clear through 4)
Bankers Trust Company
The Bowery Bank of New York
Canadian Bank of Commerce, New York (clear through 21)
Canadian Northern Express Company Money orders (clear through 21)
Canadian Express Company, Money orders (N. Y.) (clear through 23)
The Chase National Bank
The Chatham Phenix Nat'l Bank and Trust Co. of the City of New York
The Chemical National Bank of New York
The Coal & Iron National Bank of the City of New York
Colonial Bank (clear through 17)
Commonwealth Bank
The Continental Bank of New York
The Corn Exchange Bank
Dominion Express, Money orders (clear through 8)

59
123

East River National Bank, New York
The Equitable Trust Company of New York

121
120
108
76
65

The Farmers' Loan and Trust Company
Federal Reserve Bank of New York
Fidelity-International Trust Company
The Fifth Avenue Bank of New York
The First National Bank of the City of New York

17
107

The Garfield National Bank of the City of New York
Grace National Bank (clear through 45)
Great Northern Express Company, Money orders (clear through 74)
The Greenwich Bank
Guaranty Trust Company of New York

•

LIST A—Continued

No.

Name

The Hanover National Bank of the City of New York

Irving Bank-Columbia Trust Company
International Mercantile Marine Money orders (clear through 65)

110

Lawyers Trust Company

The Mechanics and Metals National Bank of the City of New York
Mechanics Trust Company, Bayonne, N. J. (clear through 33)

23
15
8
54

National Bank of Commerce in New York
The National Butchers and Drovers Bank of the City of New York
The National City Bank of New York
The National Park Bank of New York
Newfoundland Express Money orders (clear through 8)
The New York Trust Company
Northern Pacific Express Money orders (clear through 74)

Pacific Bank
Pacific Express Company, Money orders (clear through 74)
Post Office Money orders

The Seaboard National Bank of the City of New York
Southern Express Company Money orders (clear through 4)
The State Bank
South Western Express Co. Money orders (clear through 4)
South Eastern Express Co. Money orders (clear through 4)

106

Title Guarantee & Trust Company

104

United States Mortgage and Trust Company

Wells Fargo & Company, Express Money orders (clear through 23)
Western Express Company, Money orders (clear through 65)

LIST B
OTHER NEW YORK CITY BANKS

Name
The Amalgamated Bank of New York
American Trust Company, Midtown Branch
American Union Bank
Banco di Sicilia Trust Company
Bank of Europe
The Bank of United States and Branches
Broadway Central Bank
Bronx Borough Bank and Branch
Bronx County Trust Company and Branches
The Bronx National Bank and Branch
Brooklyn Trust Co., Wall Street Branch
Brotherhood of Locomotive Engineers Co-op. Trust Co. and Branch
The Capitol National Bank and Branches
The Central Mercantile Bank
Century Bank
Chelsea Exchange Bank, Harlem Branch
Clarke Brothers
Columbus Bank
Cosmopolitan Bank
Empire Trust Company and Branches
Federation Bank of New York
Franklin National Bank in New York
Fulton Trust Company of New York
The Hamilton National Bank and Branches
The Harriman National Bank of the City of New York
International Union Bank
Italian Discount & Trust Co. (Harlem Branch only)
Josephson, M.
The Lebanon National Bank
Liberty National Bank in New York
Longacre Bank
Manufacturers Trust Company (Branches in Manhattan)
Markel Brothers
The Mutual Bank
National American Bank of New York and Branch
New Netherland Bank of New York
The Pennsylvania Exchange Bank
Peoples Commercial Bank
Perrera & Company (Harlem Branch only)
The Port Morris Bank
Prisco State Bank
The Public National Bank of New York and Branches
Salvatore de Vita
Seventh Avenue National Bank
Standard Bank
Trade Bank of New York
Trust Company of North America
United National Bank
World Exchange Bank

LIST C
MEMBERS OF NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

Name

Bayonne Trust Company, Bayonne
11A The Bayonne National Bank,* Bayonne
The Claremont Bank of Jersey City
Commercial Trust Company of New Jersey, Jersey City
6A Grove Street Branch, Jersey City
6B Five Corners Branch, Jersey City

14
6

Federal Reserve Bank of New York
The First National Bank of Hoboken
5B Hoboken Trust Company,* Hoboken
5C The First National Bank of Secaucus*
The First National Bank of Jersey City
2A Hudson City Savings Bank,* Jersey City
2B Bergen National Bank,* Jersey City
2C The Franklin National Bank,* Jersey City
2D Jackson Trust Company, Jersey City
12

Greenville Banking & Trust Company, Jersey City

Hudson Trust Company, Hoboken
16A Hudson Trust Company, West Hoboken

22
7

3
13
9

8
18

Jefferson Trust Company, Hoboken
Lincoln Trust Company of New Jersey, Jersey City
Mercantile Trust Company, Jersey City
The Merchants National Bank, Jersey City
The New Jersey Title Guarantee & Trust Company, Jersey City
9A Bergen Branch, Jersey City
9B West New York Branch, West New York
9C West Bergen Trust Company, Jersey City*
9D Bank of Lafayette, Jersey City
The Second National Bank of Hoboken
8A Columbia Trust Company of New Jersey,* Hoboken
Steneck Trust Company, Hoboken

Trust Company of New Jersey, Jersey City
15A Bergen & Lafayette Branch, Jersey City
15B Hoboken Branch, Hoboken
15C Peoples Safe Deposit Branch, Jersey City
15D Town of Union Branch, Town of Union
15E West New York Trust Company, West New York*

Union Trust & Hudson County National Bank, Jersey City
17A Jackson Avenue Branch, Jersey City
17B Bayonne Branch, Bayonne

Weehawken Trust Company, Town of Union

• Non-member Clearing Banks.

Federal Reserve Bank of New York
S E C O N D

F E D E R A L

R E S E R V E

TIME SCHEDULE
Showing When the Proceeds of
Items Will Become Available

Effective June 1, 1925

D I S T R I C T

FEDERAL RESERVE BANK OF NEW YORK
Schedule Showing When the Proceeds of Items Will Become Available
(Superseding Schedule Issued January 2, 1923 and Second Edition December 1, 1924)
IMMEDIATE CKEDIT
When received by 9 a. m.
New York Clearing House banks (Reference to List A, page 4)
Other New York City banks (Reference to List B, page 6)
Northern New Jersey Clearing House banks (Reference to List C, page 7)
Checks and warrants on Treasurer of the United States, Washington, D. C.
Brooklyn banks and bankers—Also Bank of Coney Island and Branch
When received by 3 p. m. (Saturdays 1 p. m.)
Checks on Federal Reserve Bank of New York and Buffalo Branch
Officers' checks of other Federal Reserve Banks
Federal Reserve Exchange Drafts
Federal Reserve Transfer Drafts
ONE DAY AFTER RECEIPT
New York City—Balance of Manhattan,
when received by 9 a. m.
JJistrict
Boston
District
Philadelphia
District
Richmond
Branch of
Baltimore
Branch of
Pittsburgh
Branch of
Buffalo

No.
1
3
5

4
2

DISTRICTS
NO.

NO.

BOSTON

CHICAGO

NEW YORK

ST. LOUIS

PHILADELPHIA

MINNEAPOLIS

CLEVELAND

KANSAS CITY.MO. 10

RICHMOND

DALLAS

ATLANTA

SAN FRANCISCO

CLOSING TIME FOR DEFERRED ITEMS
Items drawn on banks in Second District 2 :30 n. m.
Items $500 and over 3:30 p. m.. except Saturdays
on which day no items will be received after 1 p. m.
Items drawn on banks in other Federal Reserve
Districts 12 :30 p. m.
Items of $500 and over 3:30 i). m., except Saturdays,
when the hour for receiving large items is 1 p. m.

TWO DAYS AFTER RECEIPT
Cleveland
Cincinnati
Chicago
Detroit
Atlanta
Birmingham
Jacksonville
Nashville
Minneapolis
St. Paul
St. Louis
Louisville
THREE DAYS AFTER RECEIPT

District
Branch of
District
Branch of
District
Branch of
Branch of
Branch of
District
In District
District
Branch of

New Orleans
Memphis
Little Rock
Kansas City, Mo.
Kansas City, Kans.
Omaha
Oklahoma City
Dallas
FOUR DAYS AFTER RECEIPT

Branch of
Branch of
Branch of
District
In District
Branch of
Branch of
District

Helena
El Paso
Houston
Denver
Spokane
Salt Lake City
Portland, Ore.
Seattle

No.
4
4
7
7
6
6
6
9
9
8
8

Banks in
Connecticut
Delaware
District of Columbia
Maine
'Maryland
•Massachusetts
New Hampshire

•"New Jersey
•New York
•Pennsylvania
Rhode Island
Vermont
•Virginia

XN O .

8
8

10
10
10
10

11
Banks in

Branch of

Branch of
Branch of
Branch of
Branch of
Branch of
Branch of
Branch of

No.
9

11
11
10
12
12
12
12

•Alabama
•Arkansas
•Florida
•Georgia
•Illinois
Indiana
Iowa
•Kansas
•Kentucky
•Michigan

•Minnesota
Mississippi
•Missouri
North Carolina
•Ohio
South Carolina
•Tennessee
West Virginia
Wisconsin

FIVE DAYS AFTER RECEIPT
No.

District
San Francisco
Branch of
Los Angeles
EIGHT DAYS AFTER RECEIPT

•

Arizona
•California
•Colorado
Idaho
•Louisiana
•Montana
•Nebraska
Nevada
New Mexico

Banks in

• Except banks in cities referred to in the first column.
'Except banks ia Northern New Jersey Clearing House Association referred to on page 7.

North Dakota
•Oklahoma
•Oregon
South Dakota
•Texas
•Utah
•Washington
Wyoming

TIME SCHEDULE INFORMATION AND INSTRUCTIONS
In order to expedite the forwarding of checks and the obtaining of prompt credit
therefor, member banks are requested in the preparation of their letters to sort their
checks into the following classes and list each class on a separate sheet or total.
(a) Items drawn on members of the New York Clearing House (List A, page 4).
(b) Items drawn on other New York City banks (List B, page 6) and on Brooklyn
banks and bankers.
(c) Items drawn on members of the Northern New Jersey Clearing House Association (List C, page 7).
(d) Cheeks and warrants on Treasurer of the United States, Washington, D. C.
(e) Items drawn on one-day points.
(f) Items drawn on two-day points, subdivided into
1. A letter containing items drawn upon banks situated in the State of
New York.
(a) Cities and towns—A to L.
(b) Cities and towns—M to Z.
2. A letter containing items drawn upon banks situated in the portion of
New Jersey that is in this district, and Fairfield County, Conn.,
and
3. A letter covering all other items on the two-day points outside of this
district.
(g) Items drawn on three-day points,
(h) Items drawn on four-day points,
(i) Items drawn on five-day points,
(j) Items drawn on eight-day points.
All letters received, classified as above, will be credited in full for the total shown,
and errors in listing or footing will be adjusted by a separate debit or credit. Checks
received unsorted will be made available for the longest period required to collect any
item inclosed.

General Conditions Under Which Items Are Accepted
Every bank tending checks or other cash items to us, or to another Federal Reserve Bank, for
our account, will be understood to have agreed to the terms and conditions of our Check Collection Circular No. 672 arid of Regulation J, Series of 1924, of the Federal Reserve Board.

LIST A
MEMBERS OF NEW YORK CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

6
2

1
103
70

74
30
12
99
78
72
45

Name
Adams-Southern Express Co. Money orders (clear through 21)
Adams Express Company, Money orders (clear through 21)
The American Exchange National Bank
American Express Company, Money orders (clear through 23)
The Bank of America
Bank of the Manhattan Company
Bank of Montreal, New York Agents (clear through 8)
Bank of New York and Trust Company
The Bank of Washington Heights (clear through 4)
Bankers Trust Company
The Bowery Bank of New York
Canadian Bank of Commerce, New York (clear through 21)
Canadian Northern Express Company Money orders (clear through 21)
Canadian Express Company, Money orders (N. Y.) (clear through 23)
The Chase National Bank
The Chatham Phenix Nat'l Bank and Trust Co. of the City of New York
The Chemical National Bank of New York
The Coal & Iron National Bank of the City of New York
Colonial Bank (clear through 17)
Commonwealth Bank
The Continental Bank of New York
[
The Corn Exchange Bank
i ,
Dominion Express, Money orders (clear through 8)

59
123

East River National Bank, New York
The Equitable Trust Company of New York

121
120
108
76
65

The Farmers' Loan and Trust Company
Federal Reserve Bank of New York
Fidelity-International Trust Company
The Fifth Avenue Bank of New York
The First National Bank of the City of New York

17
107

LIST A—Continued

No.

Name

The Hanover National Bank of the City of New York

Irving Bank-Columbia Trust Company
International Mercantile Marine Money orders (clear through 65)

L10

Lawyers Trust Company

The Mechanics and Metals National Bank of the City of New York
Mechanics Trust Company, Bayonne, N. J . (clear through 33)

23
15
8
54

Pacific Bank
Pacific Express Company, Money orders (clear through 74)
Post Office Money orders

106

Title Guarantee & Trust Company

104

United States Mortgage and Trust Company

Wells Fargo & Company, Express Money orders (clear through 23)
Western Express Company, Money orders (clear through 65)

LIST B
OTHER N E W YORK CITY BANKS

Name
The Amalgamated Bank of New York
American Trust Company, Midtown Branch
American Union Bank
Banco di Sicilia Trust Company
Bank of Europe
The Bank of United States and Branches
Broadway Central Bank
Bronx Borough Bank and Branch
Bronx County Trust Company and Branches
The Bronx National Bank and Branch
Brooklyn Trust Co., Wall Street Branch
Brotherhood of Locomotive Engineers Co-op. Trust Co. and Branch
The Capitol National Bank and Branches
The Central Mercantile Bank
Century Bank
Chelsea Exchange Bank, Harlem Branch
Clarke Brothers
Columbus Bank
Cosmopolitan Bank
I
Empire Trust Company and Branches
Federation Bank of New York
Franklin National Bank in New York
Fulton Trust Company of New York
The Hamilton National Bank and Branches
The Harriman National Bank of the City of New York
International Union Bank
Italian Discount & Trust Co. (Harlem Branch only)
Josephson, M.
The Lebanon National Bank
Liberty National Bank in New York
Longacre Bank
Manufacturers Trust Company (Branches in Manhattan)
Markel Brothers
The Mutual Bank
National American Bank of New York and Branch
New Netherland Bank of New York
The Pennsylvania Exchange Bank
Peoples Commercial Bank
Perrera & Company (Harlem Branch only)
The Port Morris Bank
Prisco State Bank
The Public National Bank of New York and Branches
Salvatore de Vita
Seventh Avenue National Bank
Standard Bank
Trade Bank of New York
Trust Company of North America
United National Bank
World Exchange Bank

•

LIST C
MEMBERS OF NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

Name

14
6

Greenville Banking & Trust Company, Jersey City

Hudson Trust Company, Hoboken
16A Hudson Trust Company, West Hoboken

22
7

3
13

8
18

The Second National Bank of Hoboken
8A Columbia Trust Company of New Jersey/ Hoboken
Steneck Trust Company, Hoboken

Union Trust & Hudson County National Bank, Jersey City
17A Jackson Avenue Branch, Jersey City
17B Bayonne Branch, Bayonne

Weehawken Trust Company, Town of Union

• Non-member Clearing Banks.

FEDERAL RESERVE BANK
OF NEW YORK

March 1, 1927
To accompany time schedules dated March 1. 1927

To all Member and Nonmemher Clearing Banks
in the Second Federal Reserve Distriet:
Due to a numher of changes in the lists of banking institutions in New York,
Brooklyn and New Jersey referred to in our New York and Buffalo time schedules
showing when the proceeds of items will become available, we have deemed it
advisable to issue new schedules at this time bringing the lists up to date. No
changes however are made in the rules and regulations covering the collection of
checks as set forth in our circular No. 728 of July 1, 1926, nor in the time periods
themselves indicated in the schedules.
The new time schedules, copies of which are enclosed, are effective as of March
1, 1927 and supersede our schedules dated June 1, 1925.

Very truly yours,
BEXJ. STRONG,

Governor.

Federal Reserve Bank of New York
S E C O N D

F E D E R A L

R E S E R V E

BUFFALO BRANCH
TIME SCHEDULE
Showing When the Proceeds of
Items Will Become Available

Effective March 1,1927
7

D I S T R I C T

FEDERAL RESERVE BANK OF NEW YORK
Buffalo Branch
-

Schedule Showing When the Proceeds of Items Will Become Available
(Superseding Schedule Issued June 1, 1925)

DISTRICTS

IMMEDIATE CEEDIT
Buffalo banks—When received by 10 a. m. (9 a. m. Saturdays)
Checks and warrants on Treasurer of the United States, Washington, D. C.
Federal Eeserve Transfer Drafts
Federal Keserve Exchange Drafts
Checks on Federal Reserve Bank of New York, and Buffalo Branch
Officers' checks of other Federal Reserve Banks
ONE DAY AFTER RECEIPT
New York Clearing House banks (Reference to List A, pages 4 and 5)
Other New York City and Brooklyn banks (Reference to List B, pages
6 and 7)
Northern New Jersey Clearing House banks (Reference to List C, page 8)
Banks in
No.
4
Cleveland
District
4
Pittsburgh
Branch of
7
Chicago
District
7
Detroit
Branch of

BOSTON
NEW YORK
PHILADELPHIA
CLEVELAND
RICHMOND
ATLANTA

NO.
i
2

CHICAGO
ST. LOUIS

NO.
7
8
9

3
4
5

MINNEAPOLIS
KANSAS CITY. MO . 10

DALLAS
SAN FRANCISCO

CLOSING TIME FOR DEFERRED ITEMS

Items drawn on banks in Second District 2 :30 p. m.
Items $500 and over 3:30 p. m., except Saturdays
on which day no items will be received after 12
noon.
Items drawn on banks in other Federal Reserve
Districts 12:30 p. m. except Saturdays when the
closing hour is 12 noon.

TWO DAYS AFTER RECEIPT
Balance of Manhattan, New York City
Boston
District
Philadelphia
District
Cincinnati
Branch of
Richmond
District
Baltimore
Branch of
Birmingham
Branch of
Nashville
Branch of
St. Louis
District
Memphis
Branch of
Louisville
Branch of
Little Rock
Branch of
Minneapolis
District
St. Paul
In District
Kansas City, Mo.
District
Kansas City, Kans.
In District
Omaha
Branch of

10
10
10

THREE DAYS AFTER RECEIPT
Atlanta
District
New Orleans
Branch of
Jacksonville
Branch of
Denver
Branch of
Oklahoma City
Branch of
Dallas
District
Houston
Branch of

6
6
6
10
10
11
11

Banks in
Connecticut
Delaware
District of Columbia
•Illinois
Indiana
Iowa
Maine
•Maryland

FOUR DAYS AFTER RECEIPT
Helena
El Paso
Seattle
Salt Lake City
Spokane
Portland, Ore.
San Francisco
Los Angeles

9
11
12
12
12
12
12
12

•Alabama
•Arkansas
•Florida
•Georgia
•Kansas
•Kentucky
•Minnesota

Banks in
1
3
4
5
5
6
6
8
8
8

••New Jersey
•New York

9
-

Banks in
Branch of
Branch of
Branch of
Branch of
Branch of
Branch of
District
Branch of

EIGHT DAYS AFTER RECEIPT

Mississippi
•Missouri
North Carolina
South Carolina
•Tennessee
West Virginia
Wisconsin
Banks in

Arizona
•California
•Colorado
Idaho
•Louisiana
•Montana
•Nebraska
Nevada
New Mexico
'Except banks in cities referred to in the first column.
••Except banks in Northern New Jersey Clearing House Association referred to on page

•Massachusetts
•Michigan
New Hampshire
•Ohio
•Pennsylvania
Rhode Island
Vermont
•Virginia

North Dakota
•Oklahoma
•Oregon
South Dakota
•Texas
•Utah
•Washington
Wyoming

TIME SCHEDULE INFORMATION AND INSTRUCTIONS
In order to expedite the forwarding of checks and the obtaining of prompt credit
therefor, member banks are requested in the preparation of their letters to sort their
checks in accordance with the foregoing time schedule, with a separate letter and total
for each separate time group.

Credit and availability are in all instances subject to our actual receipt of payment.
In this connection attention is invited to the fact that the periods of the time schedule
are based generally upon the average mail time required for items to reach the paying
bank, plus the time required for the paying bank to remit to the Federal Reserve Bank,
and they do not necessariiy indicate the actual time required for collection. It must
be borne in mind, therefore, that advice of availability cannot and must not be considered advice of actual payment.

Indorsement of Checks
All checks forwarded to this bank must be indorsed without restriction to the order
of the Federal Reserve Bank of New York or to the order of any bank, banker or trust
company with all prior indorsements guaranteed and show the American Bankers' Association transit number of the indorsing bank in prominent type on both sides of the
indorsement stamp.
All items should be described on cash letters by inserting the name of bank and
town upon which they are drawn, or by inserting the A. B. A. transit number of the bank.

General Conditions Under Which Items Are Accepted
Every bank sending checks or other cash items to us, or to another Federal Reserve
Bank, for our account, will be understood to have agreed to the terms and conditions
of our Check Collection Circular and of the Regulation of the Federal Reserve Board
governing check clearing and collection.

LIST A
MEMBERS OF NEW YORK CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

Name
Adams-Southern Express Co. Money orders (clear through 67)
Adams Express Company, Money orders (clear through 67)
The American Exchange Irving Trust Company
American Express Company, Money orders (clear through 23)

103
59

The Bank of America
Bank of the Manhattan Company
Bank of Montreal, New York Agents (clear through 8)
Bank of New York and Trust Company
The Bank of Washington Heights (clear through 74)
Bankers Trust Company
The Bowery & East River National Bank

74
30
12
124
78
72
45

Canadian Bank of Commerce, New York (clear through 67)
Canadian Northern Express Company Money orders (clear through 67)
Canadian Express Company, Money orders (N. Y.) (clear through 23)
The Chase National Bank
The Chatham Phenix Nat'l Bank and Trust Co. of the City of New York
The Chemical National Bank of New York
Colonial Bank
Commonwealth Bank
The Continental Bank of New York
The Corn Exchange Bank
Dominion Express, Money orders (clear through 8)

123

The Equitable Trust Company of New York

121
120
108
76
65

The Farmers' Loan and Trust Company
Federal Reserve Bank of New York
Fidelity Trust Company
The Fifth Avenue Bank of New York
The First National Bank of the City of New York

17
107

The Hanover National Bank of the City of New York

LIST A—(Continued)

Name

No.

International Mercantile Marine Money orders (clear through 65)

110

Lawyers Trust Company

Mechanics Trust Company, Bayonne, N. J. (clear through 33)

23
8
54
114

National Bank of Commerce in New York
The National City Bank of New York
The National Park Bank of New York
Newfoundland Express Money orders (clear through 8)
The New York Trust Company
Northern Pacific Express Money orders (clear through 74)

Pacific Express Company, Money orders (clear through 74)
Post Office Money orders

85
96

The Seaboard National Bank of the City of New York
Southern Express Company Money orders (clear through 74)
The State Bank
South Western Express Co. Money orders (clear through 74)
South Eastern Express Co. Money orders (clear through 74)

106

Title Guarantee & Trust Company

104

United States Mortgage and Trust Company

Wells Fargo & Company, Express Money orders (clear through 23)
Western Express Company, Money orders (clear through 65)

LIST B
OTHER NEW YORK CITY BANKS

Name
Amalgamated Bank
American Trust Company
American Union Bank
Banco di Sicilia Trust Company
Bank of Europe & Trust Company
Bank of United States
Bank of Yorktown
Bronx Borough Bank
Bronx County Trust Company
Bronx National Bank
Capitol National Bank & Trust Company
Central Mercantile Bank & Trust Company
Central National Bank
Century Bank
Chelsea Exchange Bank—Harlem, Madison Ave., Claremont
Parkway and Brooklyn Branch
Clarke Brothers
Columbus Bank
Commercial Exchange Bank
Community State Bank
Cosmopolitan Bank
County Trust Company
Empire Trust Company
Federation Bank & Trust Company
Pordham National Bank
Franklin National Bank
Fulton Trust Company
Hamilton National Bank
Harlem Bank of Commerce
Harriman National Bank
International Acceptance Securities & Trust Company
International Union Bank
Interstate Trust Company
Joseph Liccione
Lebanon National Bank
Liberty National Bank
Longacre Bank
Manufacturers Trust Company
Melrose National Bank
Merchants Bank of New York City
Murray Hill Trust Company
Mutual Bank
National Bank of Yorkville
New Netherland Bank

LIST B—(Continued)

Name
Pennsylvania Exchange Bank
Port Morris Bank
Prisco State Bank
Public National Bank
Seventh National Bank
Standard Bank
Terminal Trust Company
Times Square Trust Company
Trade Bank
Trust Company of North America
United National Bank
Woodside National Bank
World Exchange Bank

OTHER NEW YORK CITY BANKS
Located in Borough of Brooklyn

Atlantic State Bank
Bank of Coney Island .
Bank of Sheepshead Bay
Bank of Glendale
Brooklyn Trust Company
Bushwick National Bank
Citizens Bank of Brooklyn
Dewey State Bank
Erasmus State Bank
First National Bank of Brooklyn
Globe Exchange Bank
Granite National Bank
Kensington Bank
Kings County Trust Company
Lafayette National Bank
Mechanics Bank of Brooklyn
Midwood Trust Company
Montauk Bank
Municipal Bank
Nassau National Bank
National Bank of Ridgewood
Nostrand Bank
Peoples National Bank
Rugby National Bank
Security State Bank
Anthony Sessa & Son
L. M. P. Scotto & Bro.
Traders National Bank

•

LIST C
MEMBERS OF NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

Name

No.
11
14
6

12
16

7
3
13
9

8
18
15

Bayonne Trust Company, Bayonne
11A *The Bayonne National Bank, Bayonne
The Claremont Bank of Jersey City
Commercial Trust Company of New Jersey, Jersey City
6A Grove Street Branch, Jersey City
6B Five Corners Branch, Jersey City
6C #Bergen Avenue Trust Company, Jersey City
Federal Eeserve Bank of New York
The First National Bank of Hoboken
5B *Hoboken Trust Company, Hoboken
5C *The First National Bank of Secaucus
The First National Bank of Jersey City
2A *Hudson City Savings Bank, Jersey City
2B *Bergen National Bank, Jersey City
2C *The Franklin National Bank, Jersey City
2D •Jackson Trust Company, Jersey City
2E *Labor National Bank, Jersey City
Greenville Banking & Trust Company, Jersey City
Hudson Trust Company, Hoboken
16A Hudson Trust Company, Union City
16B *North Bergen Trust Company, North Bergen
Jefferson Trust Company, Hoboken
Lincoln Trust Company of New Jersey, Jersey City
Mercantile Trust Company, Jersey City
The Merchants National Bank, Jersey City
The New Jersey Title Guarantee & Trust Company, Jersey City
9A Bergen Branch, Jersey City
9B West New York Branch, West New York
9C *West Bergen Trust Company, Jersey City
9D *Bank of Lafayette, Jersey City
The Second Bank & Trust Company of Hoboken
8 A * Columbia Trust Company of New Jersey Hoboken
Steneck Trust Company, Hoboken
18A *City Trust Company, Hoboken
Trust Company of New Jersey, Jersey City
15A Bergen & Lafayette Branch, Jersey City
15B Hoboken Branch, Hoboken
15C Peoples Safe Deposit Branch, Jersey City
15D Union City Branch, Union City
15E *West New York Trust Company, West New York
Union Trust & Hudson County National Bank, Jersey City
17A Jackson Avenue Branch, Jersey City
17B Bayonne Branch, Bayonne
17C 'Highland Trust Company of New Jersey
17D *Pavonia Bank, Jersey City
Weehawken Trust and Title Company, Union City

*
Non-member Clearing Banks.

—

Federal Reserve Bank of New York
S E C O N D

F E D E R A L

R E S E R V E

TIME SCHEDULE
Showing When the Proceeds of
Items Will Become Available

Effective March 1,1927

D I S T R I C T

FEDERAL RESERVE BANK OF NEW YORK
Schedule Showing When the Proceeds of Items Will Become Available
(Superseding Schedule Issued June 1, 1925)
IMMEDIATE CREDIT
When received by 9 a. m.
New York Clearing House banks (Keference to List A, pages 4 and 5)
Other New York City and Brooklyn banks (Reference to List B, pages 6
and 7)
Northern New Jersey Clearing House banks (Reference to List C, page 8)
Checks and warrants on Treasurer of the United States, Washington, D. C.
When received by 3 p. m. (Saturdays 1 p. ra.)
Checks on Federal Reserve Bank of New York and Buffalo Branch
Officers' checks of other Federal Reserve Banks
Federal Reserve Exchange Drafts
Federal Reserve Transfer Drafts
ONE DAY AFTER RECEIPT
New York City—Checks and items on institutions
not mentioned above, which we may elect to
No.
handle, when received by 9 a. m.
1
District
Boston
:\
District
Philadelphia
6
District
Richmond
0
Branch of
Baltimore
4
Branch of
Pittsburgh
2
Branch of
Buffalo
TWO DAYS AFTER RECEIPT
No.

Cleveland
Cincinnati
Chicago
Detroit
Atlanta
Birmingham
Jacksonville
Nashville
Minneapolis
St. Paul
St. Louis
Louisville
THREE DAYS AFTER RECEIPT
New Orleans
Memphis
Little Rock
Kansas City, Mo.
Kansas City, Kans.
Omaha
Oklahoma City
Dallas
FOUR DAYS AFTER RECEIPT

District
Branch of
District
Branch of
District
Branch of
Branch of
Branch of
District
In District
District
Branch of
Branch of
Branch of
Branch of
District
In District
Branch of
Branch of
District

4
4
7
7
6
6
6
6
9
9
8

Branch
Branch
Branch
Branch
Branch
Branch
Branch
Branch

of
of
of
of
of
of
of
of

NO.

BOSTON
NEW YORK
PHILADELPHIA

1
2

CLEVELAND

3
4

RICHMOND
ATLANTA

CHICAGO

8
ST. LOUIS
9
MINNEAPOLIS
C
KANSAS CITY.MO . 1
DALLAS
SAN FRANCISCO

11
12

CLOSING TIME FOR DEFERRED ITEMS

Payable in Second T
District
2 :30 p. m. Saturdays 1 p. m.
Items $500 and over 3:30 p. m. Saturdays 1 p. m.
Payable in other Federal Reserve Districts
12 :30 p. m. Saturdays 12:30 p. m.
Items $500 and over 3:30 p. m. Saturdays 1 p. m.

Banks in
Connecticut
Delaware
District of Columbia
Maine
•Maryland
"Massachusetts
New Hampshire

••New Jersey
•New York
•Pennsylvania
Rhode Island
Vermont
•Virginia

No.
6
8
8
10
10
10
JO
11

No.

Helena
El Paso
Honston
Denver
Spokane
Salt Lake City
Portland, Ore.
Seattle

DISTRICTS

9
11
11
10
12
12
12
12

•Alabama
•Arkansas
•Florida
•Georgia
•Illinois
Indiana
Iowa
•Kansas
•Kentucky
•Michigan

Banks in

•Minnesota
Mississippi
•Missouri
North Carolina
•Ohio
South Carolina
•Tennessee
West Virginia
Wisconsin

FIVE DAYS AFTER RECEIPT
San Francisco
Los Angeles

District
Branch of

No.
12
12

EIGHT DAYS AFTER RECEIPT
Arizona
•California
•Colorado
Idaho
•Louisiana
•Montana
•Nebraska
Nevada
New Mexico
* Except banks in cities referred to in the first column.
•• Except banks in Northern New Jersey Clearing House Association referred to on page

Banks in

North Dakota
•Oklahoma
•Oregon
South Dakota
•Texas
•Utah
•Washington
Wyoming

00ti

TIME SCHEDULE INFORMATION AND INSTRUCTIONS
Iu order to expedite the forwarding of checks and the obtaining of prompt credit
therefor, member banks are requested in the preparation of their letters to sort their
checks into the following classes and list each class on a separate sheet or total.
(a) Items drawn on members of the New York Clearing House (List A, page 4).
(b) Items drawn on other New York City banks (List B, page 6) and on Brooklyn
banks and bankers (page 7).
(c) Items drawn on members of the Northern New Jersey Clearing House Association (List C, page 8).
(d) Checks and warrants on Treasurer of the United States, Washington, D. C.
(e) Items drawn on one-day points.
(f) Items drawn on two-day points, subdivided into
1. A letter containing items drawn upon banks situated in the State of
New York.
(a) Cities and towns—A to L.
(b) Cities and towns—M to Z.
2. A letter containing items drawn upon banks situated in the portion of
New Jersey that is in this district, and Fairfield County, Conn.,
and
3. A letter covering all other items on the two-day points outside of this
district.
(g) Items drawn on three-day points,
(h) Items drawn on four-day points,
(i) Items drawn on five-day points,
(j) Items drawn on eight-day points.
All letters received, classified as above, will be credited in full for the total shown,
and errors in listing or footing will be adjusted by a separate debit or credit. Checks
received unsorted will be made available for the longest period required to collect any
item inclosed.
Two-day items received by us in time to be forwarded Saturday will be available
Tuesday.
Four-day items received by us in time to be forwarded Thursday will be available
Tuesday, and those received by us in time to be forwarded Friday and Saturday will be
available Wednesday.
Credit and availability are in all instances subject to our actual receipt of payment.
In this connection attention is invited to the fact that the periods of the time schedule
are based generally upon the average mail time required for items to reach the paying
bank, plus the time required for the paying bank to remit to the Federal Reserve Bank5,
and they do not necessarily indicate the actual time required for collection. It must
be borne in mind, therefore, that advice of availability cannot and must not be considered advice of actual payment.

General Conditions Under Which Items Are Accepted
Every bank sending checks or other cash items to us, or to another Federal Reserve
Bank, for our account, will be understood to have agreed to the terms and conditions
of our Check Collection Circular and of the Regulation of the Federal Reserve Board
governing check clearing and collection.

LIST A
MEMBERS OF NEW YORK CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

No.

6
2

103
59

74
30
12
124
78
72
45

123

The Equitable Trust Company of New York

121
120
108
76
65

The Farmers' Loan and Trust Company
Federal Reserve Bank of New York
Fidelity Trust Company
The Fifth Avenue Bank of New York
The First National Bank of the City of New York

81
17
107
33

No.

LIST A—(Continued)

Name

...

International Mercantile Marine Money orders (clear through 65)

110

Lawyers Trust Company

...

Mechanics Trust Company, Bayonne, N. J. (clear through 33)
*

23
8
54
114

...

85
96

Pacific Express Company, Money orders (clear through 74)
Post Office Money orders

106

Title Guarantee & Trust Company

104

United States Mortgage and Trust Company

Wells Fargo & Company, Express Money orders (clear through 23)
Western Express Company, Money orders (clear through 65)

•

LIST B
OTHER N E W YORK CITY BANKS

Name
Amalgamated Bank
American Trust Company
American Union Bank
Banco di Sicilia Trust Company
Bank of Europe & Trust Company
Bank of United States
Bank of Yorktown
Bronx Borough Bank
Bronx County Trust Company
Bronx National Bank
Capitol National Bank & Trust Company
Central Mercantile Bank & Trust Company
Central National Bank
Century Bank
Chelsea Exchange Bank—Harlem, Madison Ave., Claremont
Parkway and Brooklyn Branch
Clarke Brothers
Columbus Bank
Commercial Exchange Bank
Community State Bank
Cosmopolitan Bank
County Trust Company
Empire Trust Company
Federation Bank & Trust Company
Fordham National Bank
Franklin National Bank
Fulton Trust Company
Hamilton National Bank
Harlem Bank of Commerce
Harriman National Bank
International Acceptance Securities & Trust Company
International Union Bank
Interstate Trust Company
Joseph Liccione
Lebanon National Bank
Liberty National Bank
Longacre Bank
Manufacturers Trust Company
Melrose National Bank
Merchants Bank of New York City
Murray Hill Trust Company
Mutual Bank
National Bank of Yorkville
New Netherland Bank

LIST B—(Continued)

OTHER NEW YORK CITY BANKS
Located in Borough of Brooklyn

Atlantic State Bank
Bank of Coney Island
Bank of Sheepshead Bay
Bank of Glendale
Brooklyn Trust Company
Bushwick National Bank
Citizens Bank of Brooklvn
Dewey State Bank
Erasmus State Bank
First National Bank of Brooklyn
Globe Exchange Bank
Granite National Bank
Kensington Bank
Kings County Trust Company
Lafayette National Bank
Mechanics Bank of Brooklyn
Midwood Trust Company
Montauk Bank
Municipal Bank
Nassau National Bank
National Bank of Ridgewood
Nostrand Bank
Peoples National Bank
Rugby National Bank
Security State Bank
Anthony Sessa & Son
L. M. P. Scotto & Bro.
Traders National Bank

LIST C
MEMBERS OF NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION AND
NON-MEMBERS CLEARING THROUGH THEM

Name

No.
11
14
6

12
16

7
3
13
9

8
18
15

Bayonne Trust Company, Bayonne
HA *The Bayonne National Bank, Bayonne
The Claremont Bank of Jersey City
Commercial Trust Company of New Jersey, Jersey City
6A Grove Street Branch, Jersey City
6B Five Corners Branch, Jersey City
6C *Bergen Avenue Trust Company, Jersey City
Federal Reserve Bank of New York
The First National Bank of Hoboken
5B *Hoboken Trust Company, Hoboken
5C *The First National Bank of Secaucus
The First National Bank of Jersey City
2A *Hudson City Savings Bank, Jersey City
2B *Bergen National Bank, Jersey City
2C *The Franklin National Bank, Jersey City
2D •Jackson Trust Company, Jersey City
2E *Labor National Bank, Jersey City
Greenville Banking & Trust Company, Jersey City
Hudson Trust Company, Hoboken
16A Hudson Trust Company, Union City
16B *North Bergen Trust Company, North Bergen
Jefferson Trust Company, Hoboken
Lincoln Trust Company of New Jersey, Jersey City
Mercantile Trust Company, Jersey City
The Merchants National Bank, Jersey City
The New Jersey Title Guarantee & Trust Company, Jersey City
9A Bergen Branch, Jersey City
9B West New York Branch, West New York
9C *West Bergen Trust Company, Jersey City
9D *Bank of Lafayette, Jersey City
The Second Bank & Trust Company of Hoboken
8A *Columbia Trust Company of New Jersey, Hoboken
Steneck Trust Company, Hoboken
18A #City Trust Company, Hoboken
Trust Company of New Jersey, Jersey City
15A Bergen & Lafayette Branch, Jersey City
15B Hoboken Branch, Hoboken
15C Peoples Safe Deposit Branch, Jersey City
15D Union City Branch, Union City
15E *West New York Trust Company, West New York
Union Trust & Hudson County National Bank, Jersey City
17A Jackson Avenue Branch, Jersey City
17B Bayonne Branch, Bayonne
17C * Highland Trust Company of New Jersey
17D *Pavonia Bank, Jersey City
Weehawken Trust and Title Company, Union City

* Non-member Clearing Bank*.

Full text of Federal Reserve Bank of New York Circulars : 728. Collection of Checks

FRASER