Circular
Automated Clearning House Items
January 16, 1997
Circular No. 10913

1997 Time and Fee Schedules

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The new Systemwide ACH consolidation was completed last summer when this Bank cut over to the new FedACH software in the central environment. By letter dated August 8, 1996, this Bank announced that, effective August 16, 1996, Operating Circular No. 10 (effective January 1, 1991, together with its Supplements, Exhibits, and Appendices) would be superseded by a new Automated Clearing House operating circular, which had been distributed to all depository institutions in this District with Circular No. 10838.

As a result of the Systemwide changes, the Federal Reserve has been able to reduce fees and offer new features. Enclosed is the 1997 Fee Schedule for the ACH service (Appendix 5 to Operating Circular No. 10), reflecting these reductions; the fee schedule became effective January 2, 1997. Also enclosed is a revised ACH Time Schedule (Appendix 2 to Operating Circular No. 10), which is effective immediately.


Appendix 2 to
Operating Circular No. 10
January 16, 1997

Cutoff Hours

This time schedule shows the closing hours for receipt by us of automated files containing debit and/or credit items of various classes, as well as voice response, paper, automated and telephone returns and notifications of change (NOCs).

Closing Times¹


¹Closing times represent the end of the deposit window. Files must be completely received (e.g., data transmission fully concluded) by the closing time. Sending institutions should coordinate the beginning of their transmission within the window to ensure completion by the closing time. Deposits of 600,000 items or more must be received one-half hour earlier than the indicated deadline. Times listed are Eastern Time. Sending Institutions using non-electronic means for transmission, due to contingency situations, may be required to submit tapes at earlier deadlines.
²Immediate Settlement is applicable only to returns and NACS (National Association of Check Safekeeping) items. Items received after the immediate settlement deadline will get next day settlement.
³Fees for premium processing of automated items will begin at 8:00 p.m. ET and end at 3:00 a.m. ET.


Effective Date Windows

Items (other than returns, NOCS and NACS items) should specify an effective date within the following effective date windows, computed from our processing date.

Items received 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 immediate settlement items (returns and NACS items) is the date of receipt, or the next banking day if received after the immediate settlement window has closed.

If an item specifies a settlement date that is a standard Reserve Bank holiday, 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 sending 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 settlement date.

Receiving Institution closed: Debit receiving institution's account on settlement date or receiving institution may choose next day debit with as of adjustment or explicit charge for float.

ACH Credit Items:

Sending Institution closed: Debit sending institution's account on settlement date.

Receiving Institution closed: Credit receiving institution's account on settlement date.

The receiving institution is not considered to receive an item made available to it on the day it is closed until its next banking day for purposes of determining the deadline for return.

Banking Days

Our banking days include all days except the following standard holidays that are observed by Reserve Banks:

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.

William J. McDonough,
President.


Appendix 5 to
Operating Circular No. 10
Effective January 2, 1997

ACH Mixed Deposit

ACH Presorted

ACH Addenda Record

Premium Surcharge (After 8 p.m. ET)

¢0.9

¢0.3

¢0.5

ACH Item

ACH Addenda Record

¢0.3

Input File Processing Fee (per file)

Account Servicing Fee (per month per routing number).

$1.75

$25.00

Paper Return/NOCs

Government Paper NOC

Telephone Return Service

Voice Response Return/NOC

$15.00

$15.00

$2.00

Including the first ten pieces of information

Each additional piece of information

¢0.5

Tape Input/Output

Paper Output

Diskette Output

$15.00

$15.00

William J. McDonough
President.