Full text of Federal Reserve Notes : October 1984

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Federal Re/erve Dote/
Federal Re/erve Bank of Jan Franci/co • October 1984
/erving flla/ka, Rrizona, California, .^AW^ Idaho, Nevada, Oregon, Utah, & UJa/hington

OPERATIONS UPDATE
Funds Transfer
and Electronic

The Board of Governors of the Federal Reserve System has revised the fee structure for the Federal
Reserve's wire transfer of funds service. This change involved a reduction of the basic fee for

Connection Pricing

originating or receiving a wire transfer of funds from 65« to 60$ and took effect September 27, 1984.
At the same time, the Board established fixed monthly fees for all depository institutions that have
an electronic connection with the Federal Reserve for one or more priced services. The new fees,

which will become effective January 2, 1985, will be assessed for each connection to the Federal
Reserve. They will vary depending upon the type of electronic connection. In the Twelfth District,
the three new monthly fees will be $60 for FedLine (dial-up), $225 for leased line (multi-drop line),
and $300 for computer interface (dedicated line).

For further information, please contact the Financial Services Officer serving your territory:
Martha Perry

(415) 974-2127

Los Angeles

Mary E. Martin

(213) 683-8318

Portland

Susan Robertson

(503) 221-5909

Salt Lake City

Andrea Wolcott

(801) 322-7927

Seattle

William Ferensen

(206) 442-2754

San Francisco

Cash Transportation
Prices Revised

A new armored carrier agreement for the Salt Lake City zone and a second year contractual price
increase for the Los Angeles zone have resulted in revised cash transportation prices that took effect
November 1, 1984. A new agreement for the Seattle zone will take effect November 29, 1984. For
detailed information, please contact:
Charles Huffstetler

Salt Lake City Zone

Don Sheets

(801) 322-7823

Ken Peterson

(206) 442-4492

Seattle Zone

Pricing Change:
RCPC Package Sort
FRB Minneapolis

(213) 683-8466

Los Angeles Zone

The Board of Governors approved a reduction in the per item fee for RCPC package sort items of the
Federal Reserve Bank of Minneapolis, from 1.2* to .9* per item, effective September 27, 1984. The
Twelfth District has adjusted its fees to direct and consolidated shippers for the October billing cycle
to reflect this change.

For further information, please contact the Check Officer in your local Federal Reserve Office.

NOVEMBER HOLIDAY SCHEDULE
November 6

Election Day

November 12

Veteran's Day

Portland, Salt Lake City, Seattle Offices closed.

November 22

Thanksgiving Day

All offices closed (San Francisco, Los Angeles,
Portland, Salt Lake City, Seattle).

Seattle Office closed.

REGULATIONS UPDATE

Regulation E
Electronic
Fund Transfers

The Federal Reserve Board has adopted several amendments to Regulation E— Electronic Fund
Transfers, and published an update of the official staff commentary on Regulation E, effective
October 16, 1984. The amendments do the following:
•
•

Expand coverage to all transfers resulting from debit card transactions, including transactions
that do not involve an electronic terminal at the point of sale (effective November 16, 1984)
Extend time periods for resolving errors that result from point-of-sale debit card transactions
(effective October 16, 1984)

•
•

Exempt consumer asset accounts, subject to the Board's Regulation T, from provisional recrediting requirements (effective October 16, 1984)
Provide more flexibility for the disclosure of charges for electronic fund transfers on periodic
statements (effective October 16, 1984)

Financial institutions have until April 16, 1985, to comply with certain requirements relating to
transfers resulting from debit card transactions that do not involve electronic terminals.
For further information, please contact David Vandre in Consumer Affairs at (415) 974-2965. Copies
of the Board's notice are available from Corporate Services at (415) 974-2752.
Regulation Z
Truth-in-Lending

The Federal Reserve Board has published in final form, changes in the official staff commentary on

Regulation Z regarding the disclosure of fees for the use of automated teller machines. The changes
were effective October 16, 1984. The Board has withdrawn a proposed change to the official staff
commentary that pertained to the application of the securities transaction exemption.

For further information, please contact David Vandre in Consumer Affairs at (415) 974-2965. Copies
of the Commentary are available from Corporate Services at (415) 974-2752.