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Account Services

Reminder - Account Services SCI into AMI integration planned for early next month

September 15, 2016

The Federal Reserve Banks will be making changes to Account Services by integrating Service Charge Information (SCI) into the Account Management Information (AMI) application early next month. These changes have been communicated over the last several months and are also outlined in detail on the Account Services SCI into AMI Resource Center.

Changes will impact:

  • The AMI application
  • The Monthly Statement of Service Charges
  • The Service Charges presented on the Daily Statement of Account
  • The billing data file format

One training opportunity remains
Register today (Off-site Link) for the remaining complimentary SCI into AMI webinar taking place on Thursday, September 22, from noon to 1 p.m. ET. The webinar will cover specific changes related to the SCI into AMI transition.

Other information, including Frequently Asked Questions, is available on the Account Services SCI into AMI Resource Center.

If you have questions regarding this effort, please contact the National Accounting Customer Support Team at (800) 309-6156.

Reminder

The Federal Reserve Banks will be making changes to Account Services by integrating Service Charge Information (SCI) into the Account Management Information (AMI) application early next month. Other information, including Frequently Asked Questions, is available on the Account Services SCI into AMI Resource Center. If you have questions regarding this effort, please contact the National Accounting Customer Support Team at (800) 309-6156.

 

Check/Check 21 Services

Check Adjustments Tip: Checking the status of a Check Adjustment message

September 15, 2016

Check Adjustments Tip LogoIn continuation of our series of tips on Check Adjustments, Tip Sheet #4 (PDF) explains the steps for checking the status of a Check Adjustment message. The Check Adjustments Automated Status Report (PDF) allows you to monitor cases pending a response from another institution, awaiting Documents-to-Follow (DTFs) or for which a provisional entry or requested information was not provided.

Refer to the Check Adjustments Tips (PDF) to see previous tip sheets as well as other tips related to Check Adjustments. Please contact Customer Support at (877) 372-2457 if you have any questions.

 

FedACH® Services

Same Day ACH Phase 1 reminders

September 15, 2016

A partial summary of the changes FedACH® customers will see upon the September 23, 2016, Phase 1 implementation of Same Day ACH is provided below. Details on each of the following can be found in the Fed’s Same Day ACH Resource Center along with additional information pertaining to the Phase 1 implementation.

  • FedACH processing schedule changes: A revised processing schedule was published on October 8, 2015 (PDF) and includes new distribution and settlement windows. As a reminder, any return item (commercial or government) that is not future-dated will be processed and settled as a same-day item if it is received by FedACH Services between 2:15 a.m. and 4 p.m. ET.
  • Afternoon return file APPLID: Return items that are not future-dated and are submitted between 2:45 p.m. and 4 p.m. ET will be delivered with a file transmission APPLID of AJ19. An institution can receive two AJ19 files; the first will contain return items received between 2:45 p.m. and 3:15 p.m. ET, and the second will contain return items received between 3:15 p.m. and 4 p.m. ET. Only a single settlement advice will be generated after 5 p.m. ET for these AJ19 files. Please ensure that your application has the ability to process an AJ19 APPLID file.
  • New advice names/titles: Along with the implementation of Same Day ACH, FedACH advices will reflect the following new names/titles:
    • Deadline at 10:30ET: “13:00ET Settlement”
    • Deadline at 14:45ET: “17:00ET Settlement”
    • Deadline at 16:00ET: “17:30ET Settlement”
    • Deadline at 02:15ET: “08:30ET Settlement”
  • New accounting transaction codes: Same Day ACH items, both originated and received, will be separated from non-Same Day ACH items on FedACH advices by use of unique accounting transaction codes. Furthermore, the totals will be separated by credits and debits, as is done today. Please confirm that any automated tools within your institution are updated to reflect the new accounting transaction codes (PDF).

Among the resources available to all ACH network participants are the following:

We encourage you to contact your regional payments association (Off-site Link) for additional information and for answers to questions you may have surrounding the ACH Rules.

Announcement

In preparation for the September 23, 2016 Phase 1 implementation of the Same Day ACH Rules change, FedACH Services created a list of reminders about some of the changes its customers can expect to see. Details on each can be found in the Federal Reserve Banks' Same Day ACH Resource Center. We encourage you to contact your regional payments association (Off-site Link) for additional information and for answers to questions you may have surrounding the ACH Rules.

 

September 23 implications for FedACH file ID modifiers

September 15, 2016

The September 23, 2016, Phase 1 implementation of NACHA’s Same Day ACH Rule is quickly approaching, and FedACH customers should be aware that they may receive files whose file ID modifiers are not sequential. This possibility exists only when the following scenario occurs:

  • The first item received by the FedACH Service after the 2:45 p.m. ET cutoff is a forward item that triggers the creation of a customer’s “C” file
  • A subsequent item received by the FedACH Service is a return item that triggers the creation of that customer’s “D” file, which would be an AJ19 returns-only file

Under these circumstances, a customer would receive its “D” file and perhaps even its “E” file (also an AJ19 returns-only file) before receiving its “C” file on that processing day. Customers can be assured that, should they receive an AJ19 file with a file ID modifier of “D,” they will also receive a “C” file at a later distribution time. The FedACH Service will continue to assign file ID modifiers sequentially as items are received and processed even if the delivery of those files is not sequential. Should you have any questions regarding this scenario, please contact FedACH and Check Customer Support at (877) 372-2457.

Announcement

The September 23, 2016, Phase 1 implementation of NACHA’s Same Day ACH Rule is quickly approaching, and FedACH customers should be aware that they may receive files whose file ID modifiers are not sequential. Should you have any questions regarding this scenario, please contact FedACH and Check Customer Support at (877) 372-2457.

 

FedACH SameDay Service modifications and fees

September 15, 2016

In conjunction with the September 23, 2016, Phase 1 implementation of the ACH Rules change that provides for a ubiquitous Same Day ACH, the FedACH® SameDay Service will be modified to reflect the new rules.

Most significantly, a financial institution’s opt in is no longer the trigger for participation in same-day processing and settlement of its Automated Clearing House (ACH transactions). As required by the ACH Rules, virtually all credit and non-monetary ACH items will be processed and settled on the same day they are originated if the following conditions are met:

  • Files are submitted before a same-day processing deadline
  • Entries meet the technical criteria for treatment as same-day items

Also effective September 23, 2016, FedACH SameDay service fees will be modified. They will consist of a forward per-item surcharge of $0.001 and a monthly origination account servicing surcharge of $10 per routing transit number for any month during which at least one same-day item is originated.

As a reminder, on a monthly basis, FedACH Services will also collect the NACHA Same Day Entry Fee of $0.052/item from originating depository financial institutions. Receiving depository financial institutions will receive the corresponding $0.052/item Same Day Entry Credit.

The updated FedACH Services fee schedule effective September 23, 2016, is available on the fee schedules page.

Announcement

In conjunction with the September 23, 2016, Phase 1 implementation of the ACH Rules change, the FedACH® SameDay Service will be modified to reflect the new rules. The updated FedACH Services fee schedule effective September 23, 2016, is available on the fee schedules page.

 

Revisions to FedACH Services Operating Circular 4

September 15, 2016

As a reminder, the Federal Reserve Banks have amended Operating Circular 4 (OC 4), Automated Clearing House Items, in conjunction with the September 23, 2016, Phase 1 implementation of Same Day ACH in the ACH Rules.

In addition, revisions reflect that, effective October 3, 2016, the Federal Reserve Banks will begin to collect and disburse the Unauthorized Entry Fee provided for in the ACH Rules as a means of improving Automated Clearing House (ACH) network quality.

Appendix G to OC 4 has been amended to reflect planned enhancements to the FedGlobal® ACH Payments compliance program.

To help depository institutions prepare for the changes, the revised version of OC 4 (PDF) and a complete Summary of Changes (PDF) are available for review at the Operating Circulars page.

Your continued use of Reserve Bank services on or after September 23, 2016, constitutes agreement to the new terms of the operating circular.

Announcement

As a reminder, the Federal Reserve Banks have amended Operating Circular 4 (OC 4), Automated Clearing House Items, in conjunction with the September 23, 2016, Phase 1 implementation of Same Day ACH in the ACH Rules. To help depository institutions prepare for the changes, the revised version of OC 4 (PDF) and a complete Summary of Changes (PDF) are available for review at the Operating Circulars page.

 

FedCash® Services

2016 holiday currency special ordering information now available

September 15, 2016

For the 2016 holiday season, the Federal Reserve Banks will process your holiday currency special requests during two separate ordering periods. The special ordering periods are as follows:

  • Friday, October 28 through Thursday, November 3
  • Friday, December 2 through Thursday, December 8

All orders placed during the special ordering periods must be picked up from the Federal Reserve’s docks by the Friday following the last order day, that is, Friday, November 4, and Friday, December 9, respectively. Thus, you must ensure your institution has made appropriate transit accommodations, as no orders will be held over to the following week.

Holiday currency order processing
Your institution may place orders to meet its holiday currency needs using the FedLine Web® access solution, which provides easy-to-use features to request either fit currency or new currency. If you desire both fit and new currency, you will need to place two separate orders — one for fit and one for new. All orders will be filled with your requested currency type unless the supply has been temporarily exhausted.

During the holiday currency special ordering periods, standard cash ordering requirements will remain in place. If your institution places two orders for any of your ten non-priced designated endpoints, one for fit and one for new currency, the Uniform Cash Access Policy (UCAP) fee will be waived and reversed for the second order. Any additional orders placed beyond the second order, or for endpoints that do not meet the requirements for free access, will still be subject to the UCAP fee. Also, if your institution deposits fit currency in a denomination covered by the Recirculation Policy and orders new currency in the same denomination within the same Federal Reserve Bank zone or sub-zone from October 28 through November 3, and December 2 to December 8, any resulting cross-shipping fees will be waived for those weeks.

Additional resources
For additional information, visit the FedCash® Services page. If you have questions, please contact your local Federal Reserve Office Cash Services Department.

Announcement

For the 2016 holiday season, the Federal Reserve Banks will process your holiday currency special requests during two separate ordering periods, Friday, October 28 through Thursday, November 3 and Friday, December 2 through Thursday, December 8. For additional information, visit the FedCash® Services page. If you have questions, please contact your local Federal Reserve Office Cash Services Department.

 

First District

Federal Reserve Bank of Boston announces seminars for fall 2016

September 15, 2016

During October and November 2016, the Federal Reserve Bank of Boston will be conducting separate Reserves Management and Federal Reserve Intra-Day & Overnight Credit Seminars throughout the New England area. These two seminars will take place on the same day at each location, one in the morning and one in the afternoon. Attendees may choose to enroll in one or both sessions based on their level of interest in the topics covered. There is no fee to attend the seminars and no limit on the number of staff who can attend. A high-level overview of the seminars and a link to register are available on the Federal Reserve Bank of Boston's website (Off-site Link).

 

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