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9-1584

IMPLEMENTATION SCHEDULE

The one-day deferral of credit for interterritory returned items will be implemented on August 1, 1983, in order to provide Reserve Banks and depository institutions sufficient time to make the appropriate operational adjustments.
Virtually all other categories of check float will be priced by adding the value of the float to the cost of the check-collection service. Any necessary adjustments to fee schedules will be implemented beginning in October 1983, thus providing Reserve Banks with an opportunity to implement operational adjustments designed to reduce float further and to put into place and test the systems necessary to implement the adopted procedures. An October 1983 implementation date also will enable Reserve Banks to coordinate these changes with modifications to fees that may result from the comprehensive review of their fee schedules planned for this summer. The Board believes that piecemeal adjustments to fee schedules at an earlier time could be disruptive to depository institutions that take Federal Reserve fee schedules into account in their planning and operations. After implementation of these procedures, all Federal Reserve float arising from the provision of check-collection services to depository institutions will have been eliminated or priced in accordance with the Monetary Control Act of 1980.

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