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F E D E R A L R E SE R V E BANK O F N E W YO RK f* C ircular N o. L 90721 May 18, 1981 J NEW CURRENCY AND COIN ORDERING PROCEDURE To A ll Member Banks Located in the H ead Office Territory of this Bank, and Others Concerned: Enclosed is a copy of the Second Supplement to Operating Circular No. 3, effective May 15, 1981, implementing a new procedure for member banks located in our Head Office territory to request currency and coin from this Bank by telephone. This telephone call-in system is designed to enable such institutions to comply more easily with a requirement for providing 3 business days’ advance notice to this Bank when ordering coin or currency. Also, test words will no longer be necessary when placing telephone coin and currency orders. We intend, through this change in procedure, to eliminate the inconvenience and operating problems associated with currency and coin orders that have been delayed or lost in the mail. In addition, the Supplement amends Op erating Circular No. 3 to reflect the use of revised coin and currency deposit and withdrawal forms, which were sent to all member banks last November. New telephone procedure for ordering currency or coin Under the new telephone procedure, member banks that had previously submitted order forms for currency or coin by mail to this Bank should now submit requests by telephone (Tel. No. 212791-5061), in accordance with the schedule set forth in paragraph 25 of Operating Circular No. 3. A sample of our Currency and Coin Order form is enclosed. It will serve as a guide to assist you in providing the proper information, in the correct sequence, when using the new telephone order ing procedure. Banks that hand-deliver order forms to this Bank, at least three days prior to the requested delivery date, may continue to do so; banks that wish to begin hand-delivery of currency and coin order forms rather than use the new telephone order system may also do so. Alternative procedure for ordering currency There is an alternate method for ordering currency for those member banks that experience little fluctuation in currency needs. Such institutions may obtain currency in predetermined amounts and denominations at designated intervals by submitting a Standing Currency Order Authorization form to this Bank (form Mon. 327). Banks using this form may cancel or change their order by advising this Bank by telephone of any such change not later than the third business day prior to the anticipated delivery date of the currency. If your institution does not currently participate in our Standing Currency Order Program and you believe that you might qualify for that service, please contact our Currency Department. * * * If you have any questions or would like to discuss the new procedures, please contact David S. Slackman, Manager, Currency Department (Tel. No. 212-791-7959), or Hildon G. James, Chief, Currency Paying and Receiving Division (Tel. No. 212-791-5369). A n t h o n y M. S olomon , President. f e d e r a l R e s e r v e Ba n k of n e w Y ork Second Supplement to Operating Circular No. S (R e v is e d J u ly 13, 1979) Effective May 15, 1981 CURRENCY AND COIN To A ll Member Banks in the Second Federal Reserve D istrict: Paragraphs 5, 9, 19, 25, and 39 of Operating Circular No. 3, Revised July 13, 1979, have been amended to read as follows: Coin 5. Member banks not shipping coin by armored carrier or making direct deposits should send their shipments by insured fourth class mail. When coin shipments are sent by insured fourth class mail, the bank’s reserve account will be credited for the postage charges. For the Head Office, form Mon. 394 and, for the Buffalo Branch, form B Mon. 12 (B Mon. 13 for Head Office territory institutions served by the Buffalo Branch) must be completed and forwarded to us. The amount of coin contained in each bag shipped by insured fourth class mail should be limited to the following: pennies $50; nickels $200; dimes, quarters, and half-dollars $500; and Susan B. Anthony dollars $2,000. It is not necessary for any member bank to pay for a Postal Service return receipt because the seventh copy of the deposit form will be returned to the sending bank to acknowledge receipt of the deposit. Shipm ents or deposits of currency 9. Bundles of currency should be shipped or deposited in strong, undamaged tear-resistant bags. Each bag should be well secured with a crimped seal or comparably secure method. It is recommend ed that crimped seals bear some form of identification of the mem ber bank, such as an abbreviation of names or initials. Bags shipped by registered mail should be tagged as indicated in paragraph 4. Each deposit shipped by armored carrier must have a manila enve lope tag, Env. 161, securely affixed to the outside of the bag. Also, each bag must have a completed bag tag, Mon. 395. A supply of envelope and bag tags will be furnished on request. (These tag requirements do not apply to deposits made at the Buffalo Branch.) Each shipment or deposit of currency must be accompanied by a completed copy of our Currency/Coin Deposit form (Mon. 394, for the Head Office, B Mon. 12A for the Buffalo Branch, and B Mon. 13A for Head Office territory banks served by the (Enc. Cir. No. 9072] r Buffalo Branch) showing the full address of the depositing office, the total amount of the deposit by denominations, and the total number of bags comprising the deposit. If additional information or instructions are placed on the deposit form, such as instructions to credit an account other than the depositing bank’s account, the depositing bank should affix sufficient first class postage to the back of the sealed envelope tag containing the deposit form and cancel the postage with ink; no reimbursement is made for this postage. The postage is necessary for compliance with the postal laws, which prohibit the shipment of “letters” outside the mails without the payment of postage. Deposit form s 19. Each deposit of coin must be accompanied by a completed copy of our coin deposit form (Mon. 394 for the Head Office, B Mon. 12 for the Buffalo Branch, and B Mon. 13 for Head Office territory banks served by the Buffalo Branch) showing the full address of the depositing office, the total amount of the deposit, and the total number of bags containing the deposit. When deposits are sent by insured fourth class mail, the member bank’s reserve account will be credited for the postage charges. Requests for currency and coin 25. Requests for currency and coin should be made in the following manner: Head Office—Requests for currency and coin from member banks in the Head Office territory should be made by telephone (Tel. No. 212-791-5061) in accordance with the following schedule: Scheduled Day of D elivery Monday Tuesday Wednesday Thursday Friday Orders M ust Be Submitted By Wednesday of previous week Thursday of previous week Friday of previous week Monday of same week Tuesday of same week N o te : When a banking holiday falls on a weekday, orders must be submitted one business day earlier. Banks located in New York City that hand-deliver requests for currency and coin, and other banks that desire to do so, may handdeliver form Mon. 393 in accordance with the above schedule. Buffalo Branch—Requests for currency and coin by offices of member banks in the Buffalo Branch territory should be made on forms supplied by the Buffalo Branch (form B Mon. 11), except that, at our option, requests may be made by telephone. Order forms that are not properly completed may be returned unprocessed, and late orders may not be processed in time for delivery on the re quested date. Urgent or emergency requests for coin and cur rency can be made to the Buffalo Branch by calling Tel. No. 716-849-5024, or to the Head Office at Tel. No. 212-791-5061. 2 This Bank also reserves the right to require the requesting member bank to confirm its telephone request by a letter over an authorized signature. As an alternative method of ordering currency, member banks that experience little fluctuation in currency needs can obtain currency in predetermined amounts and denominations at designated intervals by submitting a Standing Currency Order Authorization form (Mon. 327) to this Bank. Offices of institutions using the Standing Currency Order Authorization may cancel or change such orders by advising this Bank by telephone of the cancellation or change not later than the third busi ness day prior to the expected delivery date. Those offices that meet specific volume requirements, have adequate facilities, and meet loading dock specifications can make arrangements to receive shipments of coin directly from the United States Mint. Any bank that is interested in arranging for direct shipment from the United States Mint should contact the Head Office of this Bank by calling Tel. No. 212-791-5111. Forme in use 39. The following forms are referred to in this circular: Name of form Standing Currency Order Authorization Currency and Coin Order Currency and Coin Deposit FORM N U M B E R S N ew York Buffalo Mon. 327 Mon. 393 Mon. 394 B Mon. 11 B Mon. 12; B Mon. 12A B Mon. 13; B Mon. 13A ( to be used by Head Office territory banks that deposit with the Buffalo Branch) Green Front Card Manila Envelope Tag Bag Tag Registered Mail Mon. 200 Env. 161 Mon. 395 Mon. 82 Not Not Not Not applicable applicable applicable applicable Supplies of these forms may be ordered by letter or telephone to the Head Office (Tel. No. 212-791-5114) or, if appropriate, to our Buffalo Branch (Tel. No. 716-849-5041). Supplies of Standing Currency Order Au thorization forms (Mon. 327) can be ordered at the same number at the Buffalo Branch. Supplies of Standing Currency Order Authorization forms (Mon. 327) and Registered Mail forms (Mon. 82) can be ordered at the Head Office by calling Tel. No. 212-791-5061. A nthony M. S olom on, President. 3 Telephone Instructions for Currency and Coin Orders All telephone requests for currency or coin should be called into the Head Office of this Bank (Tel. No. 212-791-5061) not later than the third business day prior to the requested delivery date. Printed on the reverse side is a sample Currency and Coin Order form that is to serve as a guide when placing telephone orders. To expedite the processing of orders, please be sure that all information is provided in the proper numerical sequence, as illustrated on the sample form. The correct address, member bank account number, cash numbers, and office charged numbers (sequence num bers 1 and 2) must be provided each time a request for currency or coin is placed. All orders are to be submitted according to the following schedule: Scheduled, Day of Delivery Orders Must Be Submitted By* Monday Tuesday Wednesday Thursday Friday Wednesday of previous week Thursday of previous week Friday of previous week Mohday of same week Tuesday of previous week * In instances where a banking holiday fall on a weekday, orders are to be submitted one business day earlier than the schedule indicates. ( over ) FEDERAL RESERVE BANK O F N EW YORK MON 393 (12/79) CURRENCY & COIN ORDER (Use as a guide for placing telephone orders) DATE ORDER LEAVES FRB S H I P TO D EB IT R E S E R V E A C C O U N T O F ■ (BRANCH CASH tvlO., BRANCH NAME & ADDRESS) (MEMBER CASH NO., MBA NO., MEMBER HEAD OFFICE NAME & ADDRESS) 2 1 TO BE COM PLETED BY BANKING O FFIC E CH EC K ONE 1------ 1 CURRENCY ORDER J ^ 1------1 [___ | C O I N O R D E R BRANCH TELEPHONE NUMBER DEBIT RESERVE ACCT. DATE (MO.. DAY, YR.) 1------1 B O T H C U R R E N C Y |___ | A N D C O I N O R D E R ______________ A _ 6 SHIP ORDER VIA 7 C UR RENCY ORDER NEW DENOM 1’s BUNDLES M ILLIO N S SORTED THOUSANDS HUNDREDS DENOM 1’S $ 9 M ILLIO N S THOUSANDS HUNDREDS $ 10’s 2 0 ’s 2 0 ’s 5 0 ’s 5 0 ’s 100’s 100’s $ 10 11 5 ’s 10’s SUB TOTAL BUNDLES 2 ’s 2 ’s 5 ’s ______________ p n r n y ^ 5 .o o DATE ORDER FORM PREPARED (MO., DAY, YR.) SUB TOTAL TOTAL CURRENCY ► $ 12 $ 13 ^ I 1 ARMORED 1___ 1 C A R R I E R O ° 1------ 1 R E G I S T E R E D I___ I M A I L
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