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Federal Reserve Bank of Dallas

December 1984

Check Prices for 1985 Announced
A new fee schedule for check collec­
tion services will be implemented on
December 27, 1984. The new schedule
is expected to recover fully all
operating and float costs through
1985. All deposit options currently
available to financial institutions have
been retained. The only pricing struc­
ture change is the addition of a cash
letter fee for most types of deposits
(see table).
For a complete listing of checks ser­
vices, prices and availability schedules
for this district or for other Federal
Reserve districts, please call the
checks department at the nearest
Federal Reserve office.

NEW CHECK PRICES—Effective December 27, 1984
Price*
Type of item

(cents per item)

Mixed
High Dollar Group Sort
C ity
RCPC
R egular
Prem ium
C ountry
O ther Fed
G roup Sort
Fine Sort
City
RCPC
C ountry
O ffsite
Nonm achineable
Local
O ther Fed
Return items
Regular
A uto m ated
A m ount Encoding

Cash letter fee

3.7
7.5
1.6

$1.00

2.2
3.2
2.6
6.0
2.1

$1.00
$1.00
$1.00
$1.00
$1.00

1.0
1.0
1.0
1.1

$2.50
$2.50
$2.50
none

15.0
33.2

none
none

50.0
25.0
4.0

none
none
none

$1.00

* Prices per item are tor the Dallas office only.
v* The cash letter fee for high dollar group sort items is $9.00 for the Dallas, Houston
and San Antonio offices and $13.50 for the El Paso office.

An Update on Deregulation
Effective Jan. 1, 1985, the minimum
deposit requirement will be lowered
from $2,500 to $1,000 for NOW ac­
counts, money market deposit ac­
counts and time deposits of seven to
31 days. This action is part of the con­
tinuing deregulation of time and sav­
ings deposits undertaken by the
Depository Institutions Deregulation
Committee. On Jan. 1, 1986, the
minimum deposit requirement will be
eliminated, as will the 5.25% interest
rate ceiling on NOW accounts. On
March 31, 1986, the 5.5% ceiling on
passbook savings accounts will be
removed.

Account
NOW account
NOW account
A TS account
Savings
M oney m arket
deposit account
Tim e deposits of
7-31 days
Tim e deposits of
7-31 days
Tim e deposits of
32 days or more

Deposit size

Interest rate ceiling

0 - $1,000
$1,000 or m o re *
all
all

S 'A %
none
5V4%
5Vi %

$1,000 or more

none

0 - $999
$1,000 or more
all

5% %
none
none

* There is no minimum deposit requirement tor funds held in these accounts if they are

designated Individual Retirement Accounts fIRAs) or Keogh Plan accounts.

Barton Lidice Benes

MASTER
OF
DISGUISE

Chinese Dragon

Many visitors to Federal Reserve
Banks receive tiny packets of shredded
money as souvenirs of their tour. But in
April 1983 one man persuaded the
Federal Reserve Board to let him take
home a whole carton full—$6 million in
shredded fives and tens.
The shredded money has taken on
new value, having been transformed
into art by Barton Lidice Benes, who
uses money as his medium. Twentyfour of Benes’ money works will be on
display at the Federal Reserve

buildings in Washington D.C., Dallas
and Cleveland. The exhibit will be at
the Dallas Fed Jan. 24 through Feb. 15.
Benes' work includes collages,
mounted objects and freestanding
figures. Currency from around the
world is put through a blender to form
colorful mosaics, other bills are cut
and pasted, still others are papered on
three-dimensional objects.
Shredded money proves a first-rate
medium for Benes' often humorous
and occasionally irreverent social com-

mentary. “ King Midas” is a remainder
that, though money may be the corner­
stone of financial security and stature
within the community, too much impor­
tance can be placed upon having it.
“Graven Image” is rooted in the JudeoChristian admonition against worship­
ping idols.
Benes’ earlier work gained national
attention for its satirical wit. “Travel
Book” was mounted on wheels, “Cen­
sored Book” was nailed shut, “ No, No,
1000 Times No” was a large sheet of

G raffiti

paper imprinted, 1,000 times, with the
word “ NO". Other art objects used the
text of letters sent him by his aging,
reclusive Aunt Evelyn—a rolling pin in­
scribed with her comments on Hallo­
ween and poison cookies, a box of em­
broidered hankies with her remarks on
a good cry.
Benes leads a cloistered life in a
Greenwich Village apartment. His loft,
which he leaves only once or twice a
week, is crowded with pottery shards
and bits of fabric from ancient Middle

American cultures; sculpture, masks
and fabrics from Africa; and a mum­
mified fish from Egypt.
Benes’ collection of artifacts from
past cultures influences many of the
decorative and ornamental patterns in
his work. His inherent sense of design
draws on emblems, textures and pat­
terns of the past and transforms them
into artifacts of our own civilization.

______________________________

Regalia
“ B a rto n L id ic e

Benes,

M a s te r o f D is g u is e "

w il l b e o n d is p l a y in t h e lo b b y
o f t h e F e d e r a l R e s e r v e B a n k o f D a lla s
J a n u a r y 2 4 th ro u g h F e b ru a r y

15.

T h e B a n k is lo c a t e d a t 4 0 0 S o u t h A k a r d S t r e e t .
P u b lic v ie w in g h o u r s a r e 9 :0 0 a .m . t o 2 :0 0 p .m .
M o n d a y t h r o u g h F r id a y . A d m is s i o n is fre e .
F o r m o r e i n f o r m a t io n c o n t a c t
t h e P u b lic A f f a i r s D e p a r t m e n t .

Graven Image

Rate Declines
When the basic discount rate
was lowered to 8.5 percent
November 21, it was only the se­
cond change in two years. The
rate was 8.5 percent from
December 1982 throughout all of
1983. It was raised to 9 percent
on April 9, 1984. The discount
rate, which is the interest rate the
Federal Reserve charges finan­
cial institutions for borrowing
funds, was lowered in response
to the declining trend in other
short-term interest rates.
For up-to-date information re­
garding the discount rate and its
effective date, the Dallas Fed
operates a recorded message at
(214) 651-6177 or metro number
(214) 263-1093.
The Houston Branch, which serves the southeastern portion of Texas, opened for business
on August 4, 1919, in the Hermann Building in Houston. The Branch moved to its present
location at 1701 San Jacinto Street in 1958.

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