Operating Circulars

Federal Reserve Financial Services are governed by the terms and conditions that are set forth in the following operating circulars. Redlined versions of recently updated documents are available for review for approximately six months following a document update.

Please refer to the Communications page for announcements related to changes to the operating circulars.

Operating Circular 1 (OC 1)

OC 1 contains the terms for opening, maintaining, and terminating a master account with a Federal Reserve Bank, as well as general provisions regarding Reserve Bank services applicable to institutions whether or not they maintain a Reserve Bank account.

• Account Relationships (PDF) effective 09/01/23
• Account Relationships Agreements and Forms
• FedTransaction^® Analyzer Terms and Conditions (PDF) effective 09/01/23
• Account Structure Guide (PDF) effective 09/01/23
• Account Structure Guide (ASG) Forms last updated June 2023

Operating Circular 2 (OC 2)

OC 2 contains the provisions that apply to a financial institution’s cash transactions with a Federal Reserve Bank.

• Cash Services (PDF) effective 01/04/16
• International Cash Services Letter of Agreement Template (PDF)
• Cash Services Manual of Procedures (PDF) effective 03/01/19
  The Cash Services Manual of Procedures (CSMOP) describes the operational guidelines and requirements of the Federal Reserve Banks with respect to a financial institution’s cash transactions with the Federal Reserve Banks.
• Deposit Visual Reference Guide Revised 11/01/23
  To reflect the OC 2 and CSMOP changes and help your organization comply with new or revised depositing procedures, the Deposit Visual Reference Guide has recently been updated and is now available online and in a printable format (PDF).

Operating Circular 3 (OC 3)

OC 3 applies to the handling of all cash items that we accept for forward collection and all returned checks that we accept for return.

• Collection of Cash Items and Returned Checks (PDF) effective 01/05/26
  • Summary of Changes (PDF)
  • Redlined from prior 10/28/24 version (PDF)
• Collection of Cash Items and Returned Checks (PDF) effective 10/28/24

Operating Circular 4 (OC 4)

OC 4 applies to clearing and settlement of commercial automated clearing house (ACH) credit and debit items by the Federal Reserve Banks, sending banks, and receiving banks.

• Automated Clearing House Items (PDF) effective 01/05/26
  • Summary of Changes (PDF)
  • Redlined from prior 10/28/24 version (PDF)
• Automated Clearing House Items (PDF) effective 10/28/24

Operating Circular 5 (OC 5)

OC 5 will be retitled as of January 2026 from Electronic Access to General Financial Service Provisions to reflect the full scope of its coverage. OC 5 sets forth the general terms applicable across all financial services provided by the Reserve Banks, including terms associated with electronic access and information security requirements.

• General Financial Service Provisions (PDF) effective 05/15/26
  • Summary of Changes (PDF)
  • Reference Table (PDF)
  • Prior 1/5/26 version (PDF)
• Certification Practice Statement
  The Certification Practice Statement describes the policies and practices of the Federal Reserve Banks’ public key infrastructure with respect to the issuance, management and usage of digital certificates and sets forth the obligations of certificate users. The Federal Reserve Banks now use two Certification Authorities to issue digital certificates relating to FedLine^® access solutions and each Certification Authority has its own Certification Practice Statement. For additional information regarding the Certification Authorities, and to determine which Certification Practice Statement applies to particular FedLine^® access services for your institution, please review the Certification Practice Statement Fact Sheet (PDF).
  • Certification Practice Statement—Federal Reserve Banks’ Certification Authority (PDF) effective 07/08/14
  • Certification Practice Statement of the Federal Reserve Banks’ Services Public Key Infrastructure (PDF) effective 06/30/21
• Password Practice Statement (PDF) effective 01/20/05
  The Password Practice Statement describes the policies and practices of the Federal Reserve Banks with respect to Federal Reserve Bank-issued passwords used to access Federal Reserve Bank business applications.

Operating Circular 6 (OC 6)

OC 6, along with subpart B of Regulation J, applies to funds transfers made through the Fedwire^® Funds Service.

• Funds Transfers Through the Fedwire Funds Service (PDF) effective 01/05/26
  • Summary of Changes (PDF)
  • Redlined from prior 02/18/25 version (PDF)
• Funds Transfers Through the Fedwire Funds Service (PDF) effective 02/18/25

Operating Circular 7 (OC 7)

OC 7 contains the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.

• Fedwire Securities Service (PDF) effective 01/05/26
  • Summary of Changes (PDF)
  • Redlined from prior 05/01/24 version (PDF)
• Fedwire Securities Service (PDF) effective 05/01/24

Operating Circular 8 (OC 8)

OC 8, along with subpart C of Regulation J, applies to funds transfers made through the FedNow^® Service.

• Funds Transfers Through the FedNow Service (PDF) effective 04/01/26
  • Summary of Changes (PDF)
  • Redlined from prior 01/05/26 version (PDF)
• Prior Funds Transfers Through the FedNow Service (PDF) effective 01/05/26
• The FedNow Service Operating Procedures (PDF), effective 04/28/26, provide operational details, including expectations, requirements and guidance for FedNow participants on the use of the service.
  • Redlined from prior 02/13/26 version (PDF)

Operating Circular 9 (OC 9)

OC 9 sets forth the terms under which each Federal Reserve Bank, as fiscal agent of the United States, administers aspects of investments of the Department of the Treasury and monitors collateral pledged to a Federal Government department, agency or instrumentality in lieu of furnishing a surety bond, or pledged to secure public deposits and investments of government funds.

• Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government (PDF) effective 07/25/13

Operating Circular 10 (OC 10)

OC 10 contains the terms under which an entity may obtain Advances from, incur Obligations to, or pledge Collateral to a Federal Reserve Bank.

• Lending (PDF) effective 08/28/23
• Lending Agreements (Off-site) effective 08/28/23
  • Amendments to Appendix 5 Form of Letter of Agreement to Correspondent Credit and Payment Agreement (PDF)
    • Appendix 5 Form of Letter of Agreement to Correspondent Credit and Payment Agreement (Off-site)
    • Appendix 5 redlined from prior version (PDF)

Operating Circular 11 (OC 11)

There is no OC 11.

Operating Circular 12 (OC 12)

OC 12 contains the terms under which the Federal Reserve Banks provide certain settlement services through what is called the National Settlement Service.

• Multilateral Settlement (PDF) effective 03/08/21

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