Agenda - Council - 10/13/1981 - Laserfiche WebLink

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I I ! I I I I I I I I I I I I I I I First Bank Minneapolis October 9, 1981 City of Ramsey Attn: Lloyd Schnelle 15153 Nowthen Blvd. Anoka, MN 55303 First National Bank of Minneapolis First Bank Place Minneapolis, Minnesota 55480 612 370-4141 Dear Mr. Schnelle: As you are aware from our letter of September 8, the Federal Reserve Bank will continue the unbundling and pricing of their services on October 1 by beginning to charge member banks for the safekeeping of collateral held for public fund deposits. In an effort to minimize these charges we have chosen to safekeep the collateral held for your deposit at the First National Bank of St. Paul. First National Bank of St. Paul will begin billing us for their custodian services on October 1, 1981. As a result of the institution of this charge, we will begin assessing a fee to our public fund customers on November 1, 1981. This charge will be made on a per item basis ($4.00 per item) and will be assessed monthly. Ail billing will be completed by the 15th of the following month and will be based upon an average monthly number of items pledged. Customers will have an option of either having their demand deposit account debited automatically or remitting the fee on a monthly basis. For those opting for automatic debit, a duplicate advice will be sent to you and the item will be detailed on your monthly statement. Customers choosing the direct billing will receive charges in the manner detailed above. Over the next month I will be getting in touch with you to find which procedure will be easier for your individual operation. I will also have information available on opening checking accounts for those customers who desire the convenience of an automatic debit. Thank you for your attention and cooperation in this matter. Very t~uly yours, ] Karen B. Jarv~y Money Market Officer KBJ/aalm