The notes are also entered in a tickler according to maturity dates, and filed chronologically in note boxes, notes payable in the city being placed in one box and those payable out of town in another. The latter arc turned over to the country collection department in ample time to assure their being presented at maturity. On the day before the city notes are due, a credit ticket and advice of payment are written for each note, and the notes are then entered in the route book which gives the place of payment. The totals of the route book, tickler, and credit tickets must prove. The notes are presented for payment by messengers who have assigned routes; the degree of co-operation with the city collection department varies with the banks, but to save con fusion a bank may find it advisable to employ a different set of messengers and routings for each department. In case a note is not paid, the collecting bank is guided entirely by its correspon dent's instructions in regard to protesting and telegraphing the disposition of the note.
Miscellaneous Collections Drafts with securities attached sent for collection are entered on sheets giving the name of the drawee, amount, and a complete descriptive record of the securities. The collection of these drafts is entrusted to a special messenger, great care being required in the handling of the drafts owing to the negotiability of the securities attached. In many instances payment is refused on account of some irregularity, which necessitates considerable tele graphing and correspondence.
Bonds and coupons are received by express, registered mail, and over the counter. They are checked, entered in the coupon blotter, and charged to the coupon collection department, whose work is to effect collection and credit the proceeds to the deposi tors' accounts.
Country items sent for collection and requiring special advice of payment are entered in the country collection blotter and delivered to the country collection department for attention.
Items payable in the city and deposited over the note teller's counter for collection are delivered to the city collection depart ment against receipt.
Certain up-town banks may deposit country checks with the note teller for collection. These are charged to the transit de partment. Deposits of clearing house checks from non-member banks of the city and vicinity may also be received and they are charged to the mail teller.
Miscellaneous Duties The note teller receives over the counter all deposits requiring special advice.
Some parties for whom the bank collects country items prefer to pay the exchange directly and not have it charged to their account. Such charges are billed and entered in the exchange book kept for that purpose by the analysis desk of the transit department. Payment of these charges is made to the note teller,
who credits the Exchange account and records the payment in the exchange book.
Credits arc received from many departments in the bank which have no credit journals; they are accompanied by debits in the form of checks or cash. Such items come, for instance, from the certification department, the code department, the customers' securities department, etc. When a sufficient number of credits and debits have accumulated, they arc listed and proved. The tickets are given an identification number and listed in the credit journal under the proper account; the entry shows the amount, number of the ticket, and a brief description of the debit offset.
Packages which are known to contain remittances of currency from customers pass directly to the paying teller, but are credited and acknowledged by the note teller.
Certificates of deposit are usually issued only upon the ap proval of an officer. They are issued in three classes, namely: demand, definite time, and indefinite time. The first are payable upon presentation; the second are payable in accordance with their tenor; the third are payable a certain number of days, say, thirty-one, after the payee has served notice. A specimen of the payee's signature is procured. A credit ticket is written, giving the number of the certificate, the amount, and the terms of issue.
A special form of certificate of deposit is the "margin" certificate, which is issued only under instructions of certain officers of the speculative exchanges. These officers select certain banks as legitimate depositories of money sent by principals to be used as margins by brokers in executing orders, and the deposit certificates run in the name of the officer or the principal or both. The contracts which these margins cover are recorded on the exchange, and at the termination of the contract the certificates are paid under the direction of the officers. The credits are handled in the same manner as are those for regular certificates of deposit.
To protect itself, a bank may adopt the policy of making telegraphic transfers of funds only upon written request. The telegrams are prepared in code and in triplicate. A translation of the message is made on the second and third copies. After the telegram has been checked and a test word added, the original copy is given to the telegraph operator for transmission, the dupli cate is sent to the correspondent as a confirmation, and the tripli cate, with the instructions of the transmitter, is sent to the general file department.