To the Chief Executive Officers of all Depository Institutions in the Second Federal Reserve District:
Our Circular No. 11187, dated September 29, 1999, advised all depository institutions that implementation of 2000 price changes for payments services would be delayed until April 1, 2000 and that prices would be announced in November of this year. The Federal Reserve made the decision to delay the implementation of prices in order to minimize changes during the period surrounding the century rollover.
The Federal Reserve Banks are taking some additional time to carefully review costs and assess necessary price changes. Prices to be effective on April 1, 2000 will be communicated to all institutions as early in the new year as possible. Complete product and fee schedules will be distributed to all financial institutions soon after the announcement of price changes.
We recognize that many of you are looking for this information to plan your ongoing operations and expenses, and we want you to know that we will maintain our regular schedule of announcing prices in November in the future. We remain committed to providing all depository institutions with high-quality, competitively priced financial services.