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To the Addressee: Appendix No. 2, on ACH Time and Fee Schedules, to Operating Circular No. 10, which was sent to you on December 21, 1990 with Circular No. 10417, contained errors on page 4— (a) in the description of the 4-cent automated return item processing surcharge (effective April 1, 1991); and (b) in the amount of the fee for input tapes. In addition, the ACH participant fee (of $10 per month) , which will become effective in April, has been added to the schedule of fixed fees on page 4. Enclosed is a corrected copy of that Appendix. for any inconvenience this may have caused. We apologize Circulars Division FEDERAL RESERVE BANK OF NEW YORK (CORRECTED COPY) Federal Reserve Bank of New York Appendix 2 to Operating C ircular No. 10 Revised effective January 1, 1991 ACH TIME AND FEE SCHEDULES TIME SCHEDULE Cutoff Hours This time schedule shows the closing hours for receipt by us from an ACH of presorted ACH formatted files containing debit and/or credit items of various classes. Closing Times1 Files with Remakes12 Interregional: Presort Files without Remakes Day Cycle Night Cycle Day Cycle Night Cycle 8:30 a.m. 9:00 p.m. 11:30 a.m. 12:00 mid. 1 Closing times represent the end of the deposit window. Files must be completely received ( e .g ., data trans mission fully concluded) by the closing time. Sending institutions using data transmission, especially those having large and/or variable volumes of deposits, should coordinate the beginning of their transmission within the window to ensure completion by the closing time. All times are Eastern Time. 2 We will notify the sending institution of the need for a remake not later than one-half hour before the final closing time for the particular class of deposit. If for any reason we do not notify the sending institution one-half hour before the final closing time, we will extend the final closing time for that deposit up to one-half hour beyond the time of notification. [Ref. Cir. No. 10417] Effective Date Windows Items (other than returns, NOCs and NACS3 items) should specify an ef fective date within the following effective date windows, computed from our processing date. Class Effective Date Window Credit Items One (1) or Two (2) Banking Days Debit Items One (1) Banking Day Only Items with an effective date later than the effective date window will be returned to the sender. Settlement Dates If an effective date is not specified, or if an item specifies an effective date the same as or earlier than our processing date, the settlement date is the banking day following our processing date. The settlement date for return items and NACS items is the banking day of processing (day cycle) or the next banking day (night cycle). If an item specifies a settlement date that is a standard Reserve Bank hol iday, the settlement date is the next banking day for us. If an item specifies a settlement date that is not a banking day for the send ing institution or the receiving institution, settlement is effected, with respect to that party, as follows: ACH Debit Items: Sending Institution Closed: Credit sending institution’s account on settle ment date. Receiving Institution Closed: Debit receiving institution’s account on set tlement date or receiving institution may choose next day debit with as of ad justment or explicit charge for float. ACH Credit Items: Sending Institution Closed: Debit sending institution’s account on settle ment date. Receiving Institution Closed: Credit receiving institution’s account on set tlement date. The receiving institution is not considered to receive an item made avail able to it on the day it is closed until its next banking day for purposes of de termining the deadline for return. 3 National Association for Check Safekeeping. 2 Banking Days Our banking days include all days except the following standard holidays that are observed by Reserve Banks:4 All Saturdays, All Sundays, New Year’s Day (January 1), Martin Luther King’s Birthday (third Monday in January), Washington’s Birthday (third Monday in February), Memorial Day (last Monday in May), Independence Day (July 4), Labor Day (first Monday in September), Columbus Day (second Monday in October), Veteran’s Day (November 11), Thanksgiving Day (fourth Thursday in November), and Christmas Day (December 25). If January 1, July 4, November 11, or December 25 fall on a Sunday, the next following Monday is a standard Reserve Bank holiday. Settlement statement time schedule The following schedule shows the cutoff hours for receipt by us of settlement statements from local ACH associations: Receipt Deadline (Day of Settlement) Type of Settlement Day Cycle Night Cycle 11:00 a.m. 11:00 a.m. Supplemental 3:00 p.m. Truncation 5:00 p.m. 4 The New Orleans Branch of the Federal Reserve Bank of Atlanta closes on Mardi Gras. 3 FEE SCHEDULES Transaction Fees5 Origination: Interregional presorted deposits6 ....................... Interregional addenda re c o rd ............. 1.20 0.20 Nighttime surcharges: Debits ........................................................... Next-day credits .......................................... 2.00 1.00 Receipt: Interregional items ............................................... Interregional addenda re c o rd ............................. 1.20 0.20 Automated return item processing surcharge (effective April 1, 1991) ................ 4.00 Fixed Fees ACH participant fee (effective April 1, 1991) ................. File processing ............................................................. Non-electronic delivery fe e .......................................... Input tapes .................................................................... $10.00 $ 1.25 $ 5.25 $ 6.00 per per per per month file delivery tape 5 The following Automated Clearing House transactions will be billed as regular items: Corporate Trade Payments (CTP), Corporate Trade Exchange (CTX), Depository Institution Automated Re turns (RET), Depository Institution Automated Notification of Changes (COR), and Prenotifi cations. 6 Presorted deposits consist of files of interregional transactions presorted by receiving Federal Reserve Office. * * * Effect of this Appendix on previous Appendix This Appendix supersedes Appendix A, revised January 1, 1990, to Operating Circular No. 10. E. G e r a l d C o r r ig a n , President. 4
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