82-3

MEMORANDUM

MAY 10, 1982

TO:                R. DOMINGUEZ
R. CAMERON
J. PAULUS
K. QUENNEVILLE

FROM:         H. DOYLE

RE:                POINT‑OF‑SALE TERMINALS

FILE:

Today, I advised ________ of ________ that our current position is that we do not consider the establishment of merchant/vendor electronic point‑of‑sale terminals involving the electronic transfer of funds to facilitate a cash transaction to be the business of accepting deposits, and at this time would not interpose objection or take jurisdiction over point‑of‑sale terminals.

________ indicated that he would forward to us an outline of bank’s proposal for informational purposes.