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FED ER A L RESERVE BANK OF NEW YORK J" Circular No. 7 3 3 5 ~l U February 4, 1974 J COLLECTION OF CASH ITEMS End-Point Sorted Deposits T o A ll Banks, and O thers Concerned, in the Second Federal R eserve D istrict: As part of its continuing program to improve the availability of credit for cash items deposited for collection in the Federal Reserve System, the Federal Reserve Bank of New York will, effec tive February 26, 1974, accept cash letters containing end-point sorted deposits of cash items pay able by or at certain banks (as listed on the attached Cash Letter Recap form ) that receive cash letters from the Jericho Office— Federal Reserve Bank of New York. Such cash letters may be deposited for immediate credit until 2:30 a.m. at the Head Office or until 4 a.m. at the Jericho Office, Tuesday through Saturday. (Credit for Saturday deposits is given on the next business day.) The requirements for the deposit of end-point sorted cash letters are: 1. Cash letters must be enclosed in sealed packages. 2. Cash 3. Each sealed package should contain at least 200 items. A ll tape listings and recaps are to be clearly identified and dated. 4. Tape listings and recaps o f bundles should be included within each sealed package. 5. Each package paying banks. 6. The total dollar amount of the cash letter should be clearly marked on the package. 7. T he total o f the packages destined to each of the paying banks is to be listed on the Cash Letter Recap form . T his form , copies o f which will be provided by this Bank, should accom pany each deposit. 8. T he grand total shown on the Cash Letter R ecap will be credited to the depositing bank’s account on the books o f this Bank. 9. A duplicate o f the Cash Letter R ecap form may be prepared by the depositing bank. T his duplicate form will be receipted and returned to the depositing bank for its records. 10. Return items will be listed by the paying bank on the Return Item Cash Letter (fo rm R & R 9 0 ) to gether with other returns. 11. T he depositing bank will agree to accept all accounting entries resulting from differences reported by the paying banks. In addition, any inquiries regarding adjustm ents will be handled directly by the depositing banks with the paying banks. letters should should contain only machineable be clearly marked with items that are com puter processable. the name and A B A number o f the depositing and All of the provisions of our operating circulars will apply with respect to items included in the end-point sorted deposits described above in the same manner as in the case of all other cash items accepted and forwarded by this Bank for collection. Our Operating Circular No. 5 will be revised to reflect the changes contained herein. Banks interested in taking advantage of this program or desiring additional information should contact Joseph M. O ’Connell, Manager, Check Processing Department (Telephone No. 212-791-5321) or Edward H. Denhoff, Chief at the Jericho Office (Telephone No. 516-997-4500). A lfred H a y e s , President.
@FedFRASER