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Circular Letters

Circular Letter 5560

February 15, 2002

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

Attention: Chief Executive Officer or Officer in Charge of Checks, ACH, and Net Settlement


The Federal Reserve Bank will be open for business as usual on Good Friday, March 29, 2002. If your institution plans to be closed, please read the following information pertaining to delivery and settlement of checks, ACH, and arrangements for net settlements.

Checks: All items will be delivered or available for pickup on Friday, March 29, 2002. Charges will be made to paying institutions on that day, UNLESS YOU ADVISE US OTHERWISE BY Monday, March 18, 2002. Any check presentments deferred to the next business day will be subject to an as-of adjustment on the next business day.

ACH Receivers: All items will be transmitted or available for receipt. Settlement will be made on Friday, March 29, 2002, UNLESS YOU ADVISE US OTHERWISE BY Monday, March 18, 2002.

ACH Originators: Originators of credit items settling on Friday, March 29, 2002, will be debited that day as though your institution were open. PLEASE PLAN TO FUND ACCORDINGLY. NO AS-OF ADJUSTMENTS WILL BE GIVEN.

Net Settlement: SPECIAL NOTE FOR GROUP AND WIRE CLEARING MEMBERS: If you plan to be closed for Good Friday, YOU MUST also notify your group and/or wire clearinghouse participants to hold your charges. The Fed will process any charges received from group and wire clearings for your institution on Friday, March 29, 2002 ,REGARDLESS OF WHETHER YOU HAVE INFORMED US YOU ARE CLOSED.

Special Arrangements: All Checks, ACH, and Net Settlement customers who plan to be closed on Friday, March 29, 2002, and require special arrangements for checks and/or ACH should FAX A LETTER TO TERRI WOESSNER IN OUR CUSTOMER SERVICE DIVISION AT (215) 574-3864 NO LATER THAN Monday, MARCH 18, 2002, so that the appropriate arrangements can be made in time for March 29. If you have any questions, please contact Terri Woessner at (215) 574-7224.

As-of Adjustments: Institutions that are closed on a nonstandard holiday will be subject to an as-of adjustment(s) for charges held. Payment through a debit as-of adjustment will be processed to your account in the subsequent maintenance period after a nonstandard holiday for weekly reporters and in the second future maintenance period after a nonstandard holiday for quarterly reporters. (Refer to Operating Circular #3, paragraph 17, for further details).

Additional Information: Circular Letter 4321 dated July 21, 1986
Circular Circular Letter 4365 dated January 28, 1987
Circular Letter 4445 dated July 20, 1988

Additional copies of this circular letter can be obtained from Customer Service at (215) 574-7224.