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FED ER AL RESERVE BANK OF NEW YORK [ Circular No. 8 3 7 7 June 29,1978 ] Procedures in the Event of a Disruption of Normal U. S. Postal Services T o A l l B a n k s , a n d O th e r s C o n c e r n e d , in t h e S e c o n d F e d e r a l R e s e r v e D is tr ic t: In the event of a disruption of normal U.S. postal services, you are requested to use other means of transportation and communication to this Bank’s offices. In this connection, please note the following: Collection m atters and other correspondence 1. There may be delays in the presentment, return, and giving of advices of nonpayment of cash items and noncash items. 2. We will continue to give credit for cash items in accordance with our time schedules from the date of actual receipt of such items (when received by applicable closing hours) at the Head Office, Buffalo Branch, and Regional Check Processing Centers, but we reserve the right to charge back any unpaid items at any time. 3. Provided that appropriate arrangements can be made, cash letters from this Bank (other than the non-machinable cash letters described in paragraph 4 below) that are nor mally sent by mail will be sent by courier to a central point where paying banks can pick them up. In addition, sending banks may leave cash letters at those central points for delivery to this Bank or to their New York City correspondents; such cash letters may be accompanied by any return items, noncash items sent for collection, related advices, and other correspond ence that the sending banks may wish to send to this Bank or to their New York City cor respondents. Reports being submitted to our Financial Statistics Division (including the Report of Deposits, Vault Cash, and Federal Funds Transactions), or to our Market Statistics or International Reports Divisions should be included in these shipments. However, valu ables (e.g., currency, securities, or coupons) should not be included in these shipments. Banks will be individually notified of their pickup and dropoff points. If more convenient, cash letters and other correspondence that would normally be sent by first-class mail to the Head Office may be delivered by banks to the Buffalo Branch or a Regional Check Processing Center for forwarding to the Head Office. 4. In cases where we normally send, within the Second Federal Reserve District, nonmachinable cash letters by mail directly to a bank and machinable cash letters by courier to a processing center or another bank, the non-machinable cash letters (and other correspond- ence normally sent by mail) will be sent together with the machinable cash letters to the processing center or other bank, where they may be picked up by the paying banks. Interdistrict shipments 5. Our consolidated check shipments to Federal Reserve offices (including RCPCs) in other districts will continue to be made in accordance with the schedules in effect at the beginning of the disruption. 6. We will also attempt to provide for the transportation of return items and first-class mail addressed to financial institutions in other Federal Reserve districts. Such material should be enclosed in individually addressed, sealed envelopes that bear the correct amount of firstclass postage, if the provisions of the Private Express Statutes are not waived by the U. S. Postal Service. The envelopes should then be sorted according to receiving Federal Reserve office and consolidated in individual containers; both the envelopes and the containers should be identified as to (1) sending banks, and (2) destination ( Reserve Bank office) . Such material received at our Head Office by midnight or at our Buffalo Branch by 8 p.m. will be dispatched shortly thereafter. If the material is delivered to one of our Regional Check Processing Centers, it will be forwarded to our Head Office and dispatched with the next sqheduled Head Office shipment. While each office of this Bank will exercise diligence in handling these shipments and will make every effort to expedite delivery, this Bank cannot assume liability for the timeliness or the contents of such shipments. In addition, you may be charged the related shipping costs for the dispatch of this mail. Valuables will not be accepted for shipment under this arrangement. (Any questions relating to paragraphs 1 - 6 above may be referred to our Check Proces sing Department (212-791-5323).) 7. Other Federal Reserve offices will provide for shipments to this District of the kinds described in paragraph 6 above. Accordingly, when our Head Office receives shipments addressed to financial institutions in this District, we will forward them to the addressees by the methods indicated in paragraphs 3 and 4 above; however, local financial institutions will be requested to make pickups at our Head Office. The cooperation of local financial institu tions is requested in making pickups as promptly as possible. Similar mail received by our Buffalo Branch will be available for pickup at the Branch; for information call the Mail Room (716-849-5058). Direct deposit program 8. For financial institutions participating in the Direct Deposit of Federal Recurring Payments Program that normally receive entry registers and settlement reports by mail, such data will either be sent by courier to a central point for pickup or directly to their processing centers, or delivered with their cash letters in the manner indicated in paragraph 3 above. Financial institutions will be individually notified of the mode of delivery that will be followed in the event of a disruption of mail service. (Any questions relating to the Direct Deposit of Federal Recurring Payments Program may be referred to our Automated Payments Staff (212-791-6788).) Currency and coin 9. Banks that normally receive currency or coin by armored carrier at this Bank’s risk and expense should send orders for currency and coin to our Head Office or Branch together with their cash letters in the manner indicated in paragraph 3 above. Banks served by the Buffalo Branch may elect to telephone their currency and coin orders at the number listed below. Delays should be anticipated, and banks should order accordingly. We request that 2 any banks normally receiving or depositing currency or coin by registered mail minimize ship ments to and from this Bank by making exchanges with other banks in their local area, when possible. Any bank normally using registered mail that experiences undue hardship because of its inability to receive currency or coin through such exchanges should telephone this Bank collect as noted below: Head Office — C u rre n c y ............................ — Coin .................................... Buffalo Branch — Currency or c o i n .......... (212) 791-5061, -5062, -5063 (212) 791-5114, -5115, -5116 (716 ) 849-5024 and 5041 Securities and coupons 10. Banks wishing to send securities to this Bank for redemption, registration, denomi national exchange, CPD transfer, or collateral or other safekeeping transactions should make arrangements to ensure safe delivery. To provide added protection, it is suggested that the banks use restrictive endorsements, where applicable, as provided in Treasury Department Circular No. 853, Bevised effective April 11, 1973 (the text of which is contained in this Bank’s Circular No. 7143, dated May 15, 1973). Questions or instructions regarding securities ship ments or securities held in safekeeping at this Bank may be directed to the appropriate personnel by telephoning the Head Office of this Bank collect: Redemption of registered securities ................................................................. Redemption of bearer securities ....................................................................... Registration ............................................................................................................. Denominational exchange ................................................................................... CPD transfer ......................................................................................................... Collateral and other safekeeping transactions (other than collateral for advances) .............................................................. Collateral for advances ......................................................................................... (212) (212) (212) (212) (212) 791-5364 791-6723 791-5364 791-5820 791-5820 (212) 791-5382 (212) 791-5394 The Bank is considering arrangements for the shipment of securities from this Bank, but delays in receipt should be anticipated. 11. Paying agents for U.S. Savings Bonds, Series E, that normally send their paid bond transactions to this Bank by mail should make arrangements to send them by other means. Questions or instructions concerning all savings bond transactions may be directed to the appropriate personnel by telephoning the appropriate numbers at the Head Office of this Bank: Paid bonds .................................................................................................... Redemption .................................................................................................... Reissue ............................................................................................................ Unissued stock shipments .............................................. (212) 791-5962, -5963 (212) 791-5968, -5969 (212) 791-5964, -5966 (212)791-5978,-5979 If necessary, special instructions will be given with respect to shipments of unissued bond stock by this Bank to issuing agents, but delays in receipt should be anticipated. 12. Financial institutions wishing to submit subscriptions or tenders for offerings of Treasury securities should telegraph the Head Office of this Bank. Member banks and Govern ment agencies may telephone the Securities Operations Division collect (212-791-5465) and should be prepared to give the appropriate word from the Securities Test Word List. Such subscriptions or tenders will be subject to written confirmation, which should be sent to this Bank together with cash letters in the manner indicated in paragraph 3 above. 13. Banks should make their own arrangements to deliver coupons and bonds to this Bank. If you have any questions regarding such items, please call the Head Office of this 3 Bank collect (212-791-5081). Although we are making special arrangements for shipping coupons and bonds for collection, delays should be anticipated. 14. Banks located in the Buffalo Branch territory may direct any inquiries regarding paragraphs 9 through 12 above by telephoning the Branch (716-849-5043 or 5130). Federal tax deposits 15. Banks that are designated as Federal Tax Depositaries and that normally send their completed Federal Tax deposit advices of credit (Form 2284) to this Bank by mail should make arrangements to use one of the following alternatives for delivering such advices: — Hand-deliver the advices directly to this Bank’s Treasury Tax and Loan Section located at 33 Liberty Street, Room 618; or — Deliver the advices either to this Bank’s RCPC serving the depositary or to the desig nated dropoff point mentioned in paragraph 3 above. Enclose such advices in a sealed envelope and address the envelope to the attention of the Treasury Tax and Loan Section at this Bank or affix our address label to the envelope. Accounting matters 16. Daily Reserve Account statements and TT&L Account statements, supporting advices, and reports prepared by the Accounting Department of this Bank relating to the maintenance of required reserves will be forwarded with our cash letters to the pickup points indicated in paragraph 3 above. Of course, those banks that normally pick up such statements and advices directly at this Bank should continue to do so. Any other bank that wishes to pick up such material directly at this Bank may do so; the material will be available at the Member Bank Accounts Section, Room 617. However, if you normally do not make such pickups please advise us of your intention to do so, in order that this material will not be forwarded by us to the designated pickup points; you may request this service by telephoning the Member Bank Accounts Section (212-791-6623 or 6624). General 17. In view of the emergency conditions which will prevail, this Bank will handle mail as provided above only at the sender’s own risk and under the following conditions: All shipments should comply with regulations which would apply if the shipments were sent by means of the U.S. Postal Service. Any and all packages may be refused for any reason and may be returned if refused by any other party. No Federal Reserve Bank shall have any responsibility for any valuables or nonmailable matter sent to it, for any failure on the part of the sender to comply with the Private Express Statutes or any other law, for any neglect, misconduct, mistake or default of any other person, for procuring insurance on any shipment, or for any special instructions. This Bank, and any other Reserve Bank to which a package may be sent, shall have no liability to any sender or any other person in connection with a ship ment handled by it, including without limitation liability for misdelivery, loss, or delay. The sender shall indemnify each Reserve Bank handling a shipment for any loss to it resulting from such handling. 18. If you have any inquiries not covered by the foregoing, please call, at the Head Office, our Bank Relations Office (212-791-6071, -6072, -6600) or, at the Buffalo Branch, our Bank Relations and Public Information Staff (716-849-5022). Paul A. V o lc k er , President. 4
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