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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 7 4 7 8 "1 L October 15, 1974 J COLLECTION OF CASH ITEMS End-Point Sorted Deposits of New York Clearing House Cash Items To All Banks in the Second Federal Reserve District, and Others Concerned: A s 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, effective November 1, 1974, accept cash letters containing end-point sorted deposits of cash items payable by or through certain banks (as listed on the attached Pre-Sorted Immediate Credit Items— Cash Letter Recap form) that receive cash letters from this Bank’s Head Office through the New York Clearing House. Such cash letters may be deposited for immediate credit until 7 :30 a.m. at our Head Office, Monday through Friday. Provided that the senders of such end-point sorted cash letters have applied for, and received, authorization from this Bank to make such deposits, the requirements for the deposit of end-point sorted cash letters are: 1. E nd-point sorted cash letters must be enclosed in sealed packages, which should be stamped with the legend “ P re-S orted Immediate Credit Item s.” 2. 3. Such letters must not contain nonmachineable cash items. A ll items (e x ce p t those described in paragraph 3 b elow ) should be fully qualified for high-speed processing. A m erican E xpress Travelers Cheques and First National City T ravelers Checks may be deposited as non-dollar amount encoded items in such cash letters, provided each type o f such items is sorted and packaged separately. 4. Each sealed package should contain at least 200 items, and all tape listings and recaps should be clearly identified and dated. 5. Tape listings and recaps o f bundles should be included within each sealed package. 6. Each package should be clearly marked with the names, routing symbols, and A B A numbers of the deposit ing and paying banks. 7. T he total dollar amount o f the cash letter should be clearly marked on the package. 8. T he total dollar amount of the packages destined for each o f the paying banks must be listed on a P re-S orted Imm ediate Credit Item s— Cash Letter Recap form , copies o f which will be provided by this Bank, which should accom pany each deposit. With regard to such deposits— ( a ) T he grand total shown on the P re-S orted Imm ediate Credit Item s— Cash Letter R ecap form will be credited to the depositing bank’s account on the books o f this Bank. (b ) R eturn items will be processed by this Bank under the provisions o f our Operating Circular N o. 6 . ( c ) T h e usual claim and allowance procedures should be used by the payor banks. T his Bank will make the resulting debit or credit adjusting entries and forw ard advices to the depositing bank. ( over) 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. The attached Second Supplement, effective November 1, 1974, to Appendix No. 1 to our Operating Circular No. 5 contains the credit availability schedule for such deposits. 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 John F. Sobala, Chief, Automated Check Processing Division (Telephone No. 2 12-791-5346), during the day, or Fred A. Denesevich, Manager, Check Processing Department (Telephone No. 212-791-5321), at night. A lfred H a y e s , President.
@FedFRASER