Check/Check 21 Services

Keeping up as Check Adjustment Services evolve

July 2009

We realize that reliable, timely check adjustments case resolution is critical to your operations. Just as the methods used to process check adjustments have evolved, particularly in the image exchange environment, the types of check adjustments being handled have changed as well. We're helping to streamline the check adjustment process by offering enhancements to the FedLine Web^® access solution, a series of Check Adjustment Webinars and monthly Check Adjustments Tips.

The online tool of choice

Check Adjustments via the FedLine Web access solution is increasingly becoming the tool of choice for managing adjustment inquiries. By using the Electronic Check Adjustment Services, you gain access to time-saving features at every step in the process, including:

• Data requirement/logic edit checks as you key in or import adjustment requests to online case management features, such as same-day acknowledgements or provisional entries for cases received by 3 p.m. local time (for the office receiving your request)
• FedLine Web messages that contain electronic copies of supporting documentation, viewed as attachments from within the case, for up to one full year

The efficiencies gained from using electronic adjustments as opposed to paper-based adjustments are enormous. Sara Morgan is the assistant vice president of information technology at Farmers Bank and Trust (Off-site Link) in Magnolia, Arkansas. She explained that resources are allocated differently since her institution implemented electronic check adjustments. What used to take several hours per day has been reduced to only 30 minutes a day.

To get started, follow the steps to streamline your Check Adjustment Services Setup or contact your account executive via My FedDirectory^®.

Training at your desktop

Online Check Adjustment Webinars can help you understand how to quickly and effectively resolve settlement discrepancies on checks that were processed or handled by the Federal Reserve Banks.

Our training staff has in-depth adjustment knowledge. They provide you with the latest adjustment information using technology that enables you to register and attend Webinars without ever leaving your desk. The cost savings associated with eliminating travel, and the ability to have multiple participants attend sessions from one location, adds tremendous value.

The following Webinars are designed to assist you in maximizing the benefits of our Check Adjustment Services:

• Basic Principles and Concepts of Check 21 Adjustments
• Basic Principles and Concepts of Check Adjustments
• Basic Principles and Concepts of Return Item Check Adjustments
• Check Adjustments Insights into Investigation Types (ITYPs)
• Documents to Follow Archiving
• Managing Check Adjustments on FedLine Web

Bookmark these resources

Do you know what determines the Federal Reserve Banks’ initial action in responding to an adjustment request? Answers to such questions are contained in the ongoing set of Check Adjustments Tips included in FedFlash^® each month. You can also find a set of Check Adjustments Frequently Asked Questions available online. For detailed information about investigation types, reporting timeframes and the resulting Reserve Bank actions, refer to the Check Adjustments Quick Reference Guide (PDF).

The Federal Reserve System has consolidated customer support for check processing-related inquiries into the national Check Adjustments Customer Support Center. If you have additional check adjustment questions, call (877) FRB-CHKS or (877) 372-2457 from 7:30 a.m. ET to 7:30 p.m. ET, Monday through Friday.

 

Pricing on paper check adjustment requests changes effective January 2, 2010

Since the Check Clearing for the 21st Century Act (Check 21) was enacted, the Federal Reserve Banks have made significant investments in technology to increase the efficiency associated with handling check adjustment requests. These investments have been embraced by many financial institutions that now use the FedLine Web access solution to send and receive check adjustment requests and non-live item supporting documentation.

The rapid migration from paper to electronic alternatives places increased cost pressures on all industry participants who continue to use paper alternatives. As a result, effective January 2, 2010, the Federal Reserve Banks will implement the following pricing on the paper submission of check adjustment requests and archivable documents-to-follow (DTFs):

• $15.00 fee for paper submission of check adjustment requests
• $15.00 fee for Federal Reserve to fax non-live item DTFs associated with cases submitted electronically into the archive

If you are not using the FedLine Web access solution for adjustments, we encourage you to evaluate the benefits of our Electronic Check Adjustment Services. The FedLine Web access solution enables you to conveniently create, view, print, import and export adjustment cases. It also provides you with access to a 12-month archive of all adjustments advices, messages and acknowledgements. Associated DTF images are also available, eliminating the need to request copies of documents that have been lost or misplaced.

We will continue to provide you with ongoing information and details about how this change will affect you. In the meantime, please contact your designated Customer Contact Center (CCC) via My FedDirectory^® if you have any questions.

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