Check/Check 21 Services
Federal Reserve Banks announce change of receipt time for adjustments made through the FedLine Web® access solution
August 15, 2012
As announced , effective August 27, 2012, the Federal Reserve Banks will extend the receipt time for adjustments entered through the FedLine Web access solution and destined for the Federal Reserve Bank of Atlanta (Routing Transit Number 061000146) to 6:00 p.m. ET. This change is being made in support of the Check Platform Modernization effort and will enable customers in all time zones the ability to receive same day entries on eligible adjustment transactions.
Why is this change being made?
Currently, the receipt time for same day entries on eligible adjustment transactions entered into the FedLine Web access solution is 3:00 p.m. local time of the receiving Reserve Office, and adjustment requests are typically directed to the Reserve Office which processed the item in question. When Check Platform Modernization is implemented, all presentments will originate from the Federal Reserve Bank of Atlanta. To ensure that customers in the Central, Mountain and Pacific Time zones are not negatively impacted by this change, the receipt time is being extended to 6:00 p.m. ET, which equates to the current 3:00 p.m. local timeframe in the Pacific Time zone.
What does this mean for your institution?
With the extension of the case submission deadline, institutions will be able to initiate and receive same day entries on eligible adjustment requests if submitted to the Federal Reserve Bank of Atlanta (RCVR=061000146) by 6:00 p.m. ET. Provisional entries, as applicable, will be passed to the originators of these requests during the extended window. While entries to offsetting institutions may also be passed during the extended window, courtesy calls will continue to be made for large dollar entries functioned late in the day in accordance with current procedures.
If you have any questions regarding these changes, please contact Check Customer Support at (877) FRB-CHKS or (877) 372-2457.
Effective Date
August 27, 2012
The Federal Reserve Banks will extend the receipt time for adjustments entered through the FedLine access solution and destined for the Federal Reserve Bank of Atlanta (Routing Transit Number 061000146) to 6:00 p.m. ET. If you have any questions regarding these changes, please contact Check Customer Support at (877) FRB-CHKS or (877) 372-2457.
