Full text of Federal Reserve Bank of New York Circulars : Delays in Processing of Cash Items

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FED ER AL RESERVE BANK
O F NEW YORK

December 20, 1972

DELAYS IN PROCESSING OF CASH ITEMS

To th e Member B a n ks and Nonmember C learing B a n ks
o f the S eco n d F ed era l R e se rv e D istrict:

Because of an unprecedented increase in the volume
of cash items received at the Head Office of this Bank during
recent weeks and other circumstances beyond our control,

the

processing of cash items at this Bank has been delayed,
particularly those items that are not machine -pr oc ess abl e.
We therefore expect that there will be delays in the
presentment of cash items
sable items),

(particularly non-machine-proces-

in the return of unpaid items, and in the

giving of advices of nonpayment of such items.
We will continue to give credit in accordance with
our time schedules, but we reserve the right to charge back
any unpaid items at any time.
We will advise you when the processing delays that
we are now experiencing cease to exist.




Alfred Hayes,
P r e s id e n t.