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Account Services

Testing and training opportunities for billing data file layout changes

June 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 later this year.

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

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.

Testing Opportunities
Testing will be required for Data File customers. All other customers are encouraged to test in order to help ensure that they are able to view AMI changes and billing statements/data files in the AMI Depository Institution Test (DIT) environment starting June 1 through implementation.

Training Opportunities
To help you prepare for these changes, we are offering several complimentary webinars throughout the next few months. These webinars will cover specific changes related to the SCI into AMI transition, including:

  • Integrating SCI into the AMI application
  • Changes to the Monthly Statement of Service Charges and Monthly Billing Data files
  • How the settlement of Billing charges will be presented on your Daily Statement of Account

Registration
Register today (Off-site Link) for one of the complimentary SCI into AMI webinars. Sessions are about an hour long and will take place on the following dates:

  • July 12, 12-1 p.m. ET
  • July 14, 12-1 p.m. ET
  • September 14, 1-2 p.m. ET
  • September 22, 12-1 p.m. ET

Webinar dates and information, including Frequently Asked Questions and testing details, will be provided 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.

Announcement

The Federal Reserve Banks will be making changes to Account Services by integrating Service Charge Information (SCI) into the Account Management Information (AMI) application later this year. 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. If you have questions regarding this effort, please contact the National Accounting Customer Support Team at (800) 309-6156.

 

Check/Check 21 Services

Upcoming Check Services operations freezes

June 15, 2016

Technical Readiness Test
The Federal Reserve Banks’ Check Services will be unavailable between 3 a.m. ET, Saturday, June 25, through 2 p.m. ET, Sunday, June 26, 2016. The freeze period is necessary to conduct a Systemwide technical readiness test.

During the test, Check files will not be processed, and Deposit Notifications will not be generated. Check files normally deposited during this period will need to be held and processed after the test is completed, which is expected to be after 2 p.m. ET on June 26. Additional information will be communicated via Email Alert Notifications and on the Check Services page.

Business Resumption Test
The Federal Reserve Banks’ Check Services will be unavailable between 3 a.m. ET, Saturday, July 16 through 2 p.m. ET, Sunday, July 17, 2016. The freeze period is necessary to conduct a Systemwide business resumption test.

During the test, Check files will not be processed, and Deposit Notifications will not be generated. Check files normally deposited during this period will need to be held and processed after the test is completed, which is expected to be after 2 p.m. ET on July 17. Additional information will be communicated via Email Alert Notifications and on the Check Services page.

 

CheckImage Central gets a new look

June 15, 2016

The CheckImage Central (Off-site Link) website was originally launched several years ago by the CheckImage Collaborative, a group initiated by the Electronic Check Clearing House Organization (ECCHO) and the Federal Reserve Banks. The purpose of the group, and the CheckImage Central website, is to raise awareness, promote the benefits and encourage best practices for image exchange and Check 21. The website now has a new look and feel, but it is still your premier resource for check image trends as well as technical and operational papers on check image exchange.

 

Announcing modified mid-day FedForward® deposit options

June 15, 2016

Effective July 1, 2016, the Federal Reserve Banks will modify the structure of mid-day FedForward® deposit options. These changes will better align the FedForward deposit and FedReceipt® presentment services with the new accounting environment created during the July 2015 implementation of new Payment System Risk posting rules.

The following changes are expected to limit instances of the Federal Reserve Banks offering same-day credit for items that cannot be collected that same day. Therefore, these changes will also reduce the associated cost that must ultimately be recovered by the Federal Reserve Banks.

  • Eliminate the current noon ET deadline for the Mixed Image Cash Letter (ICL) and Premium Mixed D deposit options
  • Introduce a 9:30 a.m. ET deadline for Mixed ICL, Premium Mixed D, Deferred Mixed ICL and Deferred Fine Sort deposit options
  • Align the current 10 a.m. ET deadline for the deferred deposit options – Mixed ICL and Fine Sort – with the new 9:30 a.m. ET deadline (Deferred Fine Sorts are expected to be sunset on January 1, 2017)
  • Include an Endpoint-Cut Mixed Deposit service option at the noon ET deadline. With this option, depositors will pay a surcharge to the Federal Reserve Banks for identifying items drawn on Premium Presentment routing numbers and those presented as substitute checks, and then placing those items into a Deferred Mixed ICL cash letter on behalf of the depositor.

We will continue to monitor volumes at the various deadlines. Should we observe any volume shifts between deadlines that result in debit float accumulation, additional modifications to the deposit options may result.

A summary of changes (PDF) is available for your reference. An updated fee schedule has been posted as well.  For additional information, please contact your account executive.

Announcement

Effective July 1, 2016, the Federal Reserve Banks will modify the structure of mid-day FedForward® deposit options. A summary of changes (PDF) is available for your reference. An updated fee schedule has been posted as well.  For additional information, please contact your account executive.

 

FedACH® Services

Same Day ACH and FedLine Web® derived return functionality

June 15, 2016

The FedACH derived returns function within the FedLine Web® access solution uses item-level information not available until the next processing day. For this reason, when the Same Day Automated Clearing House (ACH) Rule change is implemented on September 23, 2016, the FedLine Web derived returns functionality cannot be used to derive returns for Same Day ACH forward entries settled that same processing day.

To return Same Day ACH forward entries for settlement on the same day as received, a return file will need to be created and submitted to FedACH Services by the 4 p.m. ET return deadline.

Please reference the Same Day ACH Resource Center for up-to-date information about this ACH Rules change.

 

Do you know what the New Same Day ACH accounting transaction codes and Entry Fee billing codes will be?

June 15, 2016

Do you know what transaction codes the Fed will use for Same Day Automated Clearing House (ACH) accounting?

The new accounting transaction codes (PDF) for Same Day ACH and the Same Day Entry Fee billing product codes (PDF) are available on the Same Day ACH Resource Center.

The Same Day ACH Resource Center is designed to help ACH network participants prepare for the September 23, 2016 Phase 1 implementation of the ACH Rules change regarding Same Day ACH. The center provides relevant information in one centralized location and is an evolving resource that is updated as new information becomes available.

You may want to bookmark the resource center page so you can return often to check for updates.

Announcement

The new accounting transaction codes (PDF) for Same Day ACH and the Same Day Entry Fee billing product codes (PDF) are available on the Same Day ACH Resource Center. You may want to bookmark the resource center page so you can return often to check for updates.

 

FedCash® Services

Reminder - Federal Reserve Banks temporarily suspend the acceptance of uncurrent coin deposits

June 15, 2016

As announced on May 9, 2016, the Federal Reserve Banks temporarily suspended the acceptance of uncurrent coin deposits.

Change in U.S. Mint Policy
On November 2, 2015, the U.S. Mint temporarily suspended its redemption of bent and partial coin due to concern that unlawful activity was being conducted through the coin redemption program (see the Federal Register (Off-site Link) notice for more information). As a result, several Federal Reserve Banks have been approached by depository institutions (DIs) about sending bulk deposits of bent or partial coin mixed with uncurrent coin. The Operating Circular 2 (OC-2) deposit allowance for uncurrent coin was intended for occasional DI deposits and not bulk deposits, through which unlawful activity could be occurring.

Change in Federal Reserve’s Uncurrent Coin Deposit Process
Due to the suspension of the U.S. Mint’s bent or partial coin redemption program, and the potential use of the Federal Reserve Banks’ uncurrent coin acceptance channel to deposit bent or partial coin, effective May 9, 2016, the Federal Reserve Banks temporarily suspended the acceptance of uncurrent coin deposits. This suspension will remain in effect until the U.S. Mint resumes its bent or partial coin redemption program. The Federal Reserve Banks will send a notification once they resume accepting deposits of uncurrent coin.

The U.S. Mint has not determined when it will resume its bent or partial coin redemption program. It will assess the requirements for depositing coin using this program and develop additional safeguards, as necessary, to ensure the integrity of U.S. coinage.

What are uncurrent and bent or partial coins?

  • Uncurrent coins are whole U.S. coins that are merely worn or reduced in weight by natural abrasion yet are readily and clearly recognizable as to genuineness and denomination, and are machine countable.
  • Bent or partial coins are coins that can be identified as to genuineness and denomination, but have been bent or twisted out of shape, punched, clipped, plugged, fused or defaced.

Additional information
If you have questions, please contact your local FedCash® Services District Contacts.

Reminder

As announced on May 9, 2016, the Federal Reserve Banks temporarily suspended the acceptance of uncurrent coin deposits. This suspension will remain in effect until the U.S. Mint resumes its bent or partial coin redemption program. The Federal Reserve Banks will send a notification once they resume accepting deposits of uncurrent coin. If you have questions, please contact your local FedCash® Services District Contacts.

 

Fourth District

Federal Reserve Bank of Cleveland Cash Services Department prepares for the Republican National Convention

June 15, 2016

The Federal Reserve Bank of Cleveland (the Bank) will remain open and operational during the Republican National Convention, which will take place in Cleveland from Monday, July 18 through Thursday, July 21, 2016. The Bank will provide full currency and coin operations in Cleveland and expects Buffalo and Pittsburgh depot services to remain unchanged during the event.

The convention is designated as a “National Special Security Event,” and security zones will be established throughout the city. The main venues for the convention are located within a half-mile radius from the Bank. The Bank is working closely with federal, state and local law enforcement agencies and others to remain informed of street closure plans during the convention. Conditions surrounding the event are fluid and may change at any time before or during the convention. The Bank is prepared to make and communicate changes to its operations if conditions dictate.

The Bank anticipates armored carriers will experience transportation delays due to street closures and traffic congestion. The Bank is meeting with them to discuss the potential impact on accessing the Federal Reserve’s docks and will coordinate dock hours with each carrier to mitigate the event impact as much as possible. However, events beyond the Bank’s control may impede the ability of the armored carriers to access the Federal Reserve’s docks, which may impact the timing of the debits and credits to depository institutions’ accounts.

Primary convention activity is expected to be between 10 a.m. until 2 p.m. ET and from 7 p.m. until 11 p.m. ET. Local authorities anticipate traffic access near the Federal Reserve docks could be most impacted around these times. To help alleviate the burden on armored carriers negotiating potential road closures or detours, the Bank is working with them to arrange schedules as early in the day as possible.

For institutions with offices in or near Cleveland, please consider the following when planning for the likely effects of this event:

  1. Evaluate the potential for increased currency needs leading up to, during and after the event. Review the impact to your institution, your carrier’s transportation schedule and your customers.
  2. Increase your currency and coin orders and decrease your deposits in the weeks before the convention to build currency and coin inventories.
  3. If you will be ordering currency during the event, we encourage placing the orders as early as possible during the day.
  4. Cross-shipping fees will be waived during the weeks of July 11, July 18 and July 25, 2016, for the Cleveland District to allow for this increased activity. To make re-depositing of excess currency after the event easier, leave surplus currency in Federal Reserve packaging until it is needed.
  5. Visit the Cleveland.com (Off-site Link) website for more information on road closures and/or scheduled traffic detours during the convention.

During the event, the Federal Reserve will post the operating status of FedCash® Services on the Service Status page. If conditions warrant, the Federal Reserve will communicate any FedCash status changes via email and the FedCash Services screen via the FedLine Web® access solution. To ensure that you are on the distribution list for these important communications, please register to receive FedCash Services updates.

Thank you for your patience during the convention. If you have questions, please contact the Federal Reserve Bank of Cleveland Cash Services at (216) 579-2274.

Announcement

Fourth District - The Federal Reserve Bank of Cleveland will remain open and operational during the Republican National Convention, which will take place in Cleveland from Monday, July 18 through Thursday, July 21, 2016. The Bank will provide full currency and coin operations in Cleveland and expects Buffalo and Pittsburgh depot services to remain unchanged during the event. If you have questions, please contact the Federal Reserve Bank of Cleveland Cash Services at (216) 579-2274.

 

Tenth District

Federal Reserve Bank of Kansas City to transition support services for Board Resolutions and Official Authorization Lists

June 15, 2016

Effective July 1, 2016, the Federal Reserve Bank of Kansas City will transition its Board Resolution (BR) and Official Authorization List (OAL) support services to the Federal Reserve Banks’ National Accounting Customer Support area.

As of this date, customers in the Kansas City District should direct customer-related BR and OAL inquiries to (800) 309-6156. The National Accounting Customer Support area is available weekdays from 7 a.m. to 7:30 p.m. ET.

 

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FedFlash is your source for the latest Federal Reserve Financial Services operational news. Each bulletin keeps you informed of issues critical to your day-to-day operations, providing you with National and District updates regarding our products and services, processes, technical protocols and contact information.