Full text of Federal Reserve Bank of New York Circulars : [Letter Regarding Processing Delays]

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FEDERAL RESERVE BANK
OF NEW YORK

July 6, 1978

To All Banks in the Second
Federal Reserve District:
On Monday

evening, July 3, 1978, a check courier

vehicle transporting cash items and return items to our Jericho
and Head Offices from banks in Dutchess, Orange, Putnam, Rockland,
Sullivan and Ulster counties was involved in a multi-car accident
on the Tappan Zee Bridge.

As a result of the accident many

checks and other items were lost in the Hudson River.

Accordingly,

banks are advised that there will be delays in the presentment
of items and return of unpaid items, pending preparation of
photocopies of these items.
Because of this unfortunate incident, there will be
many photocopies in circulation in this District during the
coming weeks.

We urge all paying banks to accept the photocopies

of those checks lost in the shipment as cash items and to make
every effort to see that they are paid.

Paul A. Volcker,
President.