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.
