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FEDERAL RESERVE BANK OF NEW YORK fa tu i X Septem ber 19, 1990 CHANGES IN U.S. TREASURY CHECK TIM E LIM ITS Effective October 1, 1990 To All Depository Institutions in the Second Federal Reserve District, and Others Concerned: In our C ircular No. 10332, dated January 10, 1990, we advised you of a change in our Operating Circular No. 4 that limits the time within which U.S. Treasury checks may be paid. Further clar ification of this m atter was provided in our notice dated February 2, 1990. We wish to reiterate the need for institutions to be prepared for these changes, which will be effective October 1, 1990. Beginning October 1, 1990, depository institutions should: 1. Instruct tellers to look for the issue date — in the upper left corner (to the right of the seal) under the words “United States Treasury” — and not to accept Treasury checks more than 12 m onths after issuance. 2. Identify stale-dated Treasury checks — dated 13 months or more prior to deposit — during automated processing operations through software changes that edit for the is sue date (MICR line positions 15-18). For example, a Treasury check dated in October 1989 (represented as MICR characters 1089 in M ICR line positions 18, 17, 16, 15) should not be accepted beginning November 1990. The following guide m ight be useful: Treasury Check Issue Month Do Not Accept In 09/89 or before 10/89 or before 11/89 or before October 1990 November 1990 D ecem ber 1990 (etc.) (etc.) In addition, when institutions reject paym ent of U.S. Treasury checks due to stale date, they should stamp the item as “Stale Dated” and direct the individual to the Federal agency that authorized the payment for a reissued check. Questions regarding the new Treasury check tim e limits should be directed to George Ferraro, Assistant Chief, U.S. Treasury Check Processing, at our Jericho Office (Tel. No. 516-997-4500). John F. S obala , Vice President.
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