Effective Oct. 15, FedCash® Services has implemented updated deposit guidance for financial institutions handling highly contaminated currency. Financial institutions must now complete a Highly Contaminated Notification Form (PDF) before submitting a request to deposit currency exposed to hazardous substances. The form is required for all highly contaminated currency requests submitted on or after Oct. 15. Highly contaminated currency will not be physically deposited at local Federal Reserve Banks.
Highly contaminated currency is defined as currency exposed to substances such as fentanyl, cyanide or other materials deemed unsafe to handle using standard contamination procedures. Financial institutions dealing with regular contaminated currency should continue following existing protocols, as those procedures remain unchanged.
What’s new
- New required form: Financial institutions must complete the Highly Contaminated Notification Form (PDF) for all highly contaminated currency deposits.
- Enhanced protocols: The Deposit Visual Reference Guide has been updated to ensure the protection of personnel who handle contaminated currency.
Steps to take before completing the form
- Gather as much information as possible from the customer about the type and extent of contamination before submitting a request.
- Contact the local Federal Reserve cash office to confirm the contaminant meets the criteria for classification as highly contaminated.
- Review the Contaminated Currency Depositing Procedures and Deposit Visual Reference Guide to ensure compliance with all requirements. Deposits that fail to meet these requirements will not be accepted and could result in delayed credit.
What to do after completing the form
Once the form is complete, financial institutions should email or fax it to their local Federal Reserve cash office before submitting the request to deposit contaminated currency. Financial institutions can contact their local office directly for the appropriate email address or fax number. Local cash offices will respond to each submission and coordinate with the institution to establish a timeline for removing the currency from circulation.
Questions?
Financial institutions with questions about the updated guidance should contact their local Federal Reserve cash office.
