Full text of Federal Reserve Bank of New York Circulars : 8775. Contingency Plan for Currency Processing in the Event of a New York City Transit Strike

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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 8775
March 20, 1980

Contingency Plan for Currency Processing
In the Event of a New York City Transit Strike

To All Banks in the Head Office Territory
o f the Second Federal Reserve District:
In the event of a transit strike in N e w Y o r k City, our H e a d Office Currency Processing
D e p a r t m e n t is expected to experience a severe reduction in its capacity for verifying deposits
of m e m b e r banks a n d supplying fit currency for payments. In view of this anticipated reduc­
tion in capacity, a n d to satisfy currency needs in our area, w e encourage banks to inter­
change fit currency a m o n g themselves to the extent possible. In addition, the B a n k will
segregate fit deposits as they are received, a n d prepare t h e m for paym e n t s

without piece-

count verification.
Fit currency deposits w o u l d be bulk verified, separated by denomination, a n d sealed by
bundle (1,000 notes) in plastic wrapping. Should any errors be discovered by banks receiving
currency so prepared, the straps a n d bundle front cards should be returned to this B a n k
within three days after receipt for adjustment. This b a n k will, in turn, adjust the accounts of
the m e m b e r banks that originally deposited the currency.

Should y o u have a ny questions in this regard, please contact our Currency Processing
Depa r t m e n t (Tel. N o . 212-791-5057 or 791-5058).




T h o m a s M . T im l e n ,

First Vice President.