Due Diligence Procedures for FedCash® Services Requests

The Federal Reserve Banks have implemented due diligence procedures for certain FedCash Services requests by using information collected through the Board Resolution and Official Authorization List (OAL) process. Due diligence is the process of validating the authenticity and authority of a requestor prior to completing specific types of requests. These procedures are being implemented to protect both our customers and the Federal Reserve Banks. Since June 2004, an effort has been underway to collect a Board Resolution and Official Authorization List (OAL) from each Federal Reserve Bank Account Holder. This effort was designed to enhance the verification of authorized signatures and expedite the processing of customer requests.

The due diligence procedures will be used for the following Cash Services requests:

  • Late or special same day requests for FedCash Orders (not made via FedPhone or FedLine Web)
  • FedCash Services Cross-Zone Form
  • Requests for the following items:
    • New customer setup
    • Changes in armored carrier
    • Addition or deletion of endpoints
    • Changes to shipping address or branch number

Please note that the automated ordering process for currency or coin will not change.

Requests for the services listed above must be made in writing and signed by an individual listed on the OAL using the standard forms available for these services. Requests made by individuals who are not listed on their institution's OAL will be delayed until proper authorization has been obtained by Federal Reserve Bank staff. If your institution has submitted an OAL, we encourage you to review it and ensure that at least one of the listed individuals is authorized to place the FedCash Services requests listed above.

To complete an OAL for your institution or to add authorized individuals to your institution's OAL, review and complete the Board Resolution and Authorized Approver Package forms (PDF). Instructions and a set of questions and answers are included in this package, as well as a listing of Federal Reserve Bank representatives that you may contact with questions.

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