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FE D E R A L R ESER VE BANK O F N E W YORK [ Circular No. 9 1 0 2 ] July 1, 1981 Changes in Wire Transfer Charges and Procedures To A ll Depository Institutions in the Second Federal Reserve District, and Others Concerned: Enclosed is a copy of the T hird Supplem ent, and a revision of A ppendix B, to our O perating C ircular No. 8, on wire transfers of funds. Both docu m ents are effective July 1, 1981. T hey reflect — (a) A new service being offered to all institutions that have on-line access to Fedwire. Under the new service, on-line institutions are now permitted to request payment or a credit transfer from another on-line institution over the Federal Reserve Communications System. This was previously permitted only for transactions involving the U.S. Treasury. A letter explaining the new service in detail was sent to all on-line institutions in this District on June 16, 1981. (b ) Clarification of procedures with respect to service messages and settlement transfers. Questions on this m atter should be directed to H enry F. W iener, M an ager, Funds T ransfer D epartm ent (Tel. No. 212-791-5079) or Charles J. M ineer, Chief, Funds T ransfer Division (Tel. No. 212-791-5073) a t the H ead Office; or R obert J. M cD onnell, O perations Officer (Tel. No. 716-849-5022) or Phillip G. C oletti, Chief, A ccounting Division (Tel. No. 716-849-5064) at our Buffalo Branch. A nth ony M. S o lo m o n , President. F ed eral Reserve ban k o f n ew York T hird Supplem ent to O perating C ircular No. 8 (Revised effective November 13, 1980) Effective July 1, 1981 W IR E T R A N S FE R S O F FU ND S R equests for Paym ent, Service M essages, an d S ettlem en t T ra n sfe rs To A ll Depository Institutions in the Second Federal Reserve District, and Others Concerned: Effective July 1, 1981, Operating Circular No. 8, Revised effective November 13, 1980, is amended as follows: 1. Paragraph 9 is amended by adding the following sentence at the beginning thereof : 9. A “transfer request,” as defined in Regulation J, refers to a transfer of funds initiated by telephone, and differs from a request for paym ent described in paragraph 10A. . . . 2. Paragraph 10A and a heading are added following paragraph 10, as follows: Requests for payment 10A. A request for paym ent is a m essage sent by an institution authorized to be a transferee, requesting an institution authorized to be a transferor to send a transfer item to the transferor’s Reserve Bank for credit to the institution requesting the paym ent. W e handle a request for payment, or a negative response, involving only on-line institutions, subject to our time and fee schedules, and w ithout transferring funds. A request for paym ent is not an item and in itself imposes no obligation on the recipient to respond. 3. Paragraph 14 is amended by adding the following sentence at the end thereof: W e do not give telephone advice of credit for a transfer, identified as a settlem ent transfer, betw een a transferor or transferee for their own accounts, or for the account of another institution authorized to be a transferor, unless the transferee has given a standing order for advice of all transfers of funds. 4. Paragraph 22A and a heading are added following paragraph 22, as follows: Service messages 22A. W e handle for a transferor or transferee a service m essage in a prescribed format concerning a previously sent or received transfer of funds. 5. Appendix A is amended by adding a new paragraph 5 and a heading, as follows: Requests for payment 5. This Bank accepts requests for paym ent until 2:30 p.m., Eastern Tim e, each business day. A nthony M. Solomon , President. [Enc. Cir. No. 9102] F ed er a l Res er v e Bank o f N ew Y o r k Appendix B to Operating Circular No. 8 Effective July 1, 1981 SCHEDULE OF CHARGES To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: 1. The following schedule of charges has been established for this Bank: Wire Transfer of Funds T elephone Advice No Originator on -lin e....................................... Originator off-line ..................................... Receiver off-line......................................... Yes $0.80 $3.50 — $2.60 $5.30 $1.80 Request for Credit Transfer Service (O n-line institutions only) Request for payment (Code 1031) ...................... Transfer of funds in response to request for pay ment (Code 1032) ............................................... Refusal of request for payment (Code 1033) . . $0.80 $0.80 No Charge 2. This Appendix supersedes Appendix B, effective January 29, 1981, to Operating Circular No. 8. A nthony M. Solomon , President. LEnc. Cir. No. 9102]
