FedCash® Services Offerings

The Federal Reserve Banks offer FedCash Services to help ensure that depository institutions have sufficient supplies of currency and coin to meet public demand. To drive improved efficiency, security and risk management of currency and coin processing, the Reserve Banks are advancing technology and delivering greater standardization of services across the Federal Reserve System. Today’s FedCash Services are easy-to-use and provide consistent, timely and robust services and information.

Currency

Each Federal Reserve District maintains currency depositing and ordering operations to accept deposits of excess and unfit currency and process currency orders. The Federal Reserve Banks act as a distribution center for the issuance of new currency designed and printed by the Bureau of Engraving and Printing (Off-site Link). To accommodate the growth of U.S. currency in circulation and replace destroyed unfit currency, the Federal Reserve issues newly printed currency each year. In order to operate efficiently and reduce societal cost, the Federal Reserve Banks fill orders for currency with fit currency first and then with newly printed currency and require the recirculation of fit currency by financial institutions.

Coin

Each Federal Reserve District maintains coin depositing and ordering operations to accept deposits of excess coin and process coin orders. The Federal Reserve Banks act as a distribution center for new coins developed by the United States Mint (Off-site Link). To best meet public demand for new coin releases, the Federal Reserve Banks have established an ordering process to make distribution easy and efficient.

Food Coupons

The Federal Reserve Bank of Memphis receives deposits of, processes and destroys existing food coupons based on the issuance for one-time use. The United States Department of Agriculture (Off-site Link) originally issued food coupons to provide assistance to low-income people and families to help them buy food necessary for good health. These benefits are now issued in the form of debit cards which do not require Federal Reserve Bank processing. As part of the Food, Conservation and Energy Act of 2008, financial institutions have until September 17, 2009 to submit properly redeemed paper Food Coupons to the Federal Reserve for credit to their account, for more information please review the following customer communication (PDF).

Accessing FedCash Services

Two automated options are available for submitting cash orders and deposit notifications, FedLine Web® and FedPhone®:

FedCash Services via the FedLine Web Access Solution

A secure and powerful solution for placing orders for currency, coin and supplies; sending deposit notifications; monitoring and managing cross-shipping activity; and activating self-service control of FedCash Services for your institution.

FedCash Services via the FedPhone Access Solution

As of June 15, 2008, the Federal Reserve Banks no longer process enrollments for FedCash Services via the FedPhone access solution for NEW customers. New customers are defined as customers not currently subscribing to FedCash Services via FedPhone and de novo institutions.

Some financial institutions with access to FedCash Services via FedPhone are now receiving communications from the Federal Reserve Banks with information and next steps on their upcoming conversions. No customer action is required until your institution receives its instructions via mail.

If you currently use FedCash Services via FedPhone and have not received conversion communications, you may continue to use the service as you do today. This includes the ability to request new Subscriber Personal Identification Numbers (PINs) and applications for new branches. Review your local FedCash Services via FedPhone page for more information.

FedACH® Services access via FedPhone will not be affected and will continue to be available to all Subscribers and institutions. If you have any questions, please consult your local FedCash Services contact.

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