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FEDERAL RESERVE BANK OF N EW YORK r L Circular No. 9 1 0 7 July 15, 1981 Procedures in the Event of a Disruption of Normal U. S. Postal Services To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District: 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 matters 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 Deposit Reports Division (including the "Report of Transaction Accounts, Other Deposits and Vault Cash” and "Report of Certain Eurocurrency Transactions”), or to our Market Reports or International Reports Divisions should be included in these shipments. However, valuables (e.g., currency, securities, or coupons) should not be included in these shipments. Depository institutions will be individually notified of their pickup and dropoff points. If it is more convenient to do so, cash letters and other corres pondence that would normally be sent by first-class mail to the Head Office may be delivered by depository institutions 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 depository institution and machinable cash letters by courier to a processing center or another depository institution, the non-machinable cash letters (and other correspondence normally sent by-mail) will be sent together with the machinable cash letters to the processing center or other depository institution, where they may be picked up by the paying banks. Interdistrict shipm ents 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 first -lass 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 scheduled 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. Therefore, indicate the weight of the shipment on the lower right hand corner of the tag. V aluables w ill not be a cce p te d for ship m ent under this arrangement. (A ny questions relating to paragraphs 1 - 6 above may be referred to our C h e ck Process ing D epartm ent (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 depository institutions in this District, we will forward them to the addressees by the methods indicated in paragraphs 3 and 4 above; however, local depository institutions will be requested to make pickups at our Head Office. The cooperation of local depository 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). D irect d ep osit program 8. For depository 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. Depository institutions will be individually notified of the mode of delivery that will be followed in the event of a disruption of mail service. (A ny questions relating to the D irect D ep osit o f F ederal Recurring Paym ents Program may b e referred to our E lectro n ic Paym ents Staff (212-791-6788).) C urrency and coin 9. Institutions that normally receive currency or coin by armored carrier service provided either by this Bank or by the Buffalo Branch should continue to use that service in accord 2 ance with this Bank’s Operating Circular No. 3. Institutions that normally receive currency or coin from this Bank or the Buffalo Branch by registered mail should anticipate delays; such banks are requested to minimize shipments to and from this Bank and the Buffalo Branch by making exchanges with other institutions in their local area when possible. Institutions using registered mail that experience undue hardship because of their inability to receive currency or coin through exchanges should call this Bank collect for alternate arrangements, as indicated below: Head Office — Currency or Coin o rd e rs .............................. Buffalo Branch — Currency or Coin .................................... (212) 791-5061 (716) 849-5024 Securities and coupons 10. Institutions wishing to send securities to this Bank for redemption, registration, denom inational 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 institutions use restrictive endorsements, where applicable, as provided in Treasury Department Circular No. 853, Revised 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 calling the Head Office of this Bank collect as noted below: Redemption of registered or bearersecurities ............................. (212) 791-5815 Registration ................................................................................. (212) 791-5364 Denominational exchange............................................................ (212) 791-5815 CPD transfer ............................................................................... (212) 791-5820 Collateral and other safekeeping (transactions (other than collateral foradvances) ......................................... (212) 791-5382 Collateral for advances ............................................................... (212) 791-5395 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 that normally send their paid bond trans actions 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 as follows: (212) (212 ) (212) (212) Paid b o n d s..................... Redemption .................... Reissue ........................... Unissued stock shipments 791-5962, 791-5968, 791-5965, 791-5978, -5963 -5969 -5966 -5979 If necessary, we will attempt to make special arrangements for shipments of unissued bond stock by this Bank to issuing agents, but delays in receipt should be anticipated. 12. Institutions wishing to submit subscriptions or tenders for offerings of Treasury securities should send them by telegraph to the Securities Operations Division of our Head Office. Such subscriptions or tenders should be sent in sufficient time to be received by this Bank prior to the Treasury’s official deadline for receipt of subscriptions or tenders. Banks may telephone the Securities Operations Division (212-791-5465), also in a timely manner, 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. Of course, those institutions that normally hand-deliver subscriptions or tenders to this Bank should continue to do so. 3 13. D epository institutions should m ake their own arrangem ents to deliver coupons and bonds to this Bank. If you have any questions regarding such item s, please call the H ead Office of this B ank collect (212-791-7726). A lthough w e are m aking special arrangem ents for ship p ing coupons and bonds for collection, delays should be anticipated. 14. D epository institutions located in the Buffalo Branch territory m ay direct any in quiries regarding paragraphs 10 through 12 above by calling the Branch (716-849-5043 or 5130). Federal tax deposits 15. D epository institutions th at are designated as Federal Tax D epositaries and th at norm ally send th eir com pleted F ederal Tax deposit advices of credit (F orm 2284) to this B ank by m ail should m ake arrangem ents to use one of the follow ing 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. D aily D eposit A ccount and TT&L Account statem ents, supporting advices, reports p rep a re d by the A ccounting D ep artm en t of this Bank relating to the m aintenance of required reserves, and m onthly statem ents of service charges will be forw arded w ith our cash letters to th e pick-up points indicated in parag rap h 3 above. T he distribution of these statem ents an d reports to those banks th at norm ally receive the daily D eposit Account and TT&L state m ents through our Regional C heck Processing C enters will not be affected. Of course, those banks th a t norm ally pick up such statem ents and advices directly at this Bank should continue to do so. Any other bank th at wishes to pick up such m aterial directly at this Bank m ay do so; th e m aterial will be available at the A ccount Processing Section, Room 617. However, if you norm ally do not m ake such pick-ups, please advise us if you intend to do so, in order th a t this m aterial will not be forw arded by us to the designated pick-up points; you m ay request this service by calling the A ccount Processing Section (212) 791-6623 or 6624. General 17. In view of the em ergency conditions th a t m ay prevail, this Bank will handle mail as provided above only at the sender’s own risk and under the follow ing conditions: All shipm ents should com ply w ith regulations th a t w ould apply if the shipm ents w ere sent by m eans of the U.S. Postal Service. Any and all packages m ay be refused for any reason an d m ay be retu rn ed if refused by any other party. No F ed eral Reserve Bank shall have any responsibility for any valuables or nonm ailable m atte r sent to it, for any failure on the p art of the sender to com ply w ith the Private Express Statutes or any other law, for any neglect, m isconduct, m istake or d efau lt of any other person, for procuring insurance on any shipm ent, or for any special instructions. This Bank, and any other Reserve Bank to w hich a package m ay be sent, shall have no liability to any sender or any oth er person in connection w ith a ship m en t handled by it, including w ithout lim itation liability for m isdelivery, loss, or delay. T he sender shall indem nify each Reserve Bank handling a shipm ent for any loss to it, or expense incu rred by it, resulting from such handling. 18. If you have any inquiries not covered by the foregoing, please call, at the H ead Office, our Bank Relations Office (212-791-6071, -6072, -6600) or, at the Buffalo Branch, our Bank Relations and Public Inform ation Staff (716-849-5022). M. S o l o m o n , President. A nthony 4
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