Full text of Roundup : December 1984
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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. 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