The leased wire system, connecting all federal reserve banks and their branches with each other and with the Federal Reserve Board and the Treasury Department, is used to provide telegraphic transfers of funds for member banks. No charge is made to member banks for such transfers. Through the gold settlement fund it is possible to create without cost any amount of exchange that may be needed at any point where a federal reserve bank or branch is located, as well as to obtain without cost immediate settlement for any amount of exchange that may accumulate there. The funds of each member bank on deposit with its federal reserve bank may be made immediately available in any other federal reserve district by telegraphic transfer at par, free of charge even for the telegram. Exchange charges, which were based upon the necessity of shipping currency, have been eliminated between federal reserve cities now that the necessity of shipping currency has been removed. The account of the sending bank is charged at the federal reserve bank with the amount of the transfer/row the reserve bank on the day transmitted, and the member bank is advised of the charge. On telegraphic transfers to the reserve bank, the banking institution for whose account the transfer is made is credited on the receipt of the telegram, provided it comes within banking hours, and a letter of advice (or, in case of credit to an out-of-town bank, a telegram) is sent covering the details of the credit. Wire transfers of funds through the federal reserve banks are strictly limited to those ordering payments or credits to banks or bankers. Direct payments by reserve banks to individuals, firms, or corporations are not permitted, but such transfers can be effected through their banks.