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Account Services

Reminder - Ensure your institution has a current Board Resolution (BR) and Official Authorization List (OAL) on file

January 15, 2016

Having the proper account information is imperative to engaging in business with the Federal Reserve Banks. Your institution needs to have a current Board Resolution (BR) and Official Authorization List (OAL) on file with your respective Federal Reserve Bank to identify the individuals who have the authority to take action as it relates to the operation of your account. These documents allow those individuals to issue instructions with respect to your institution's relationship with a Federal Reserve Bank and its use of Federal Reserve Financial Services.

Agreements, forms and other requests need to be signed by an individual authorized by the OAL. Please note that it is your institution's responsibility to confirm that the BR and OAL are reviewed regularly and new documents filed when changes warrant.

For more information about updating forms and agreements, please visit the Account Services Forms page or contact your institution’s respective district’s BR and OAL contact.

Reminder

Your institution needs to have a current Board Resolution (BR) and Official Authorization List (OAL) on file with your respective Federal Reserve Bank to identify the individuals who have the authority to take action as it relates to the operation of your account. For more information about updating forms and agreements, please visit the Account Services Forms page or contact your institution’s respective district’s BR and OAL contact.

 

Check/Check 21 Services

Check Adjustments Tip: Understanding a CA1100 message for a PAID adjustment

January 15, 2016

As you may know, when an item is processed twice, the Receiving Institution can report either item (first or second presentment/return) as a Paid Item (PAID) as long as the item being reported was received in a cash/return letter from a Federal Reserve Bank (FRB). The Receiving Institution is required to provide information for both sources when submitting a CA1000 (case open) message. Refer to the original announcement for more information on the changes for PAIDs or the tips (PDF) for submitting a PAID.

The PAID request, submitted by the Receiving Institution, is resolved by charging the source for the item reported as PAID, using a CA1100 (case open with entry) message. Refer to the Comments for a description of the PAID circumstances.

The following scenarios are designed to better assist you with understanding the information on a CA1100 message when you have been charged for a PAID. Three of the seven scenarios are featured below. To view previous scenarios, please refer to the November and December 2015 Check Adjustments Tips in FedFlash.

Case Scenario #5 - Single item Encoding Error (ENC) on one of the items

In this scenario, your institution is the source for both items, and the item has an Encoding Error (ENC); the Comments will generally read:

Comments for case scenario #5

 

Information for both items is located in the Check Adjustments Data section of the CA1100 message. The From Cash Letter Field (065555228) shows the FRB’s source (To Cash Letter 061000146 (FRB Atlanta)) for the item reported as PAID. Processing information, showing how that item was deposited with the FRB, is located in the C/L Total, Work Date, Tape Total, Sequence, Item Before and Item After fields. By using this information, you should be able to locate when and how your institution received credit for the item you deposited with the FRB.  Documentation is no longer required for a single PAID.

The Other Item From Cash Letter (065555228), Other Item Cash/Return Letter Date, Other Item Sequence Number and Other Item To Cash Letter (061000146 (FRB Atlanta)) fields identify the FRB’s source for the other item. Totals for this item are no longer required fields; however, by using the date and sequence number fields, you should be able to locate when and how your institution received credit for the item you deposited with the FRB.

Check Adjustment data for case scenario #5

 

Case Scenario #6 - Single item PAID three or more times

In this scenario, your institution is the source for the item reported as PAID, and the item was deposited multiple times; the Comments will generally read:

Comments for case scenario #6

 

Information for both items is located in the Check Adjustments Data section of the CA1100 message. The From Cash Letter Field (065555228) shows the FRB’s source (To Cash Letter 061000146 (FRB Atlanta)) for the item reported as PAID. Processing information, showing how that item was deposited with the FRB, is located in the C/L Total, Work Date, Tape Total, Sequence, Item Before and Item After fields. By using this information, you should be able to locate when and how your institution received credit for the item you deposited with the FRB.  Documentation is no longer required for a single PAID.

The Other Item From Cash Letter (065555228), Other Item Cash/Return Letter Date, Other Item Sequence Number and Other Item To Cash Letter (061000146 (FRB Atlanta)) fields identify the FRB’s source for the other item. Totals for this item are no longer required fields; however, by using the date and sequence number fields, you should be able to locate when and how your institution received credit for the item you deposited with the FRB. Refer to the Comments for the sequence numbers for the other items.

Check Adjustment data for case scenario #6

 

Case Scenario #7 – PAID incident reported by the Depositing Institution

In this scenario, your institution created a duplicate incident and notified the FRB, and a service request was generated to document the incident. When the Receiving Institution reports the PAID, the debit entry is passed to your institution; the Comments will generally read:

Comments for case scenario #7

 

Information for both items is located in the Check Adjustments Data section of the CA1100 message; however, your case reference number, provided in the Comments, should assist you in offsetting the debit entry.

In addition to notifying the FRB, FedMail® services Subscribers can send and receive notifications to and from other FedMail services Subscribers in the event that a Check 21 duplicate situation occurs.  Refer to the Check 21 Duplicate Notification Service page for more information.

Check Adjustment data for case scenario #7

 

Refer to the Check Adjustments Quick Reference Guide for case submission requirements for all investigation types (ITYPs) as they may have changed in recent years. For example, did you know a copy of the item is no longer required for Encoding Error (ENC), Non-Cash Item (NCH) or Paid Item (PAID) adjustments?  The Federal Reserve Banks also offer Check Adjustments webinar training on topics ranging from case submission requirements for electronic adjustments to detailed information on ITYPs you may encounter in today’s processing environment. For more information visit Federal Reserve Bank Events. Please contact Customer Support at (877) 372-2457 should you have questions.

 

Federal Reserve Banks to publish new FedReceipt® RTNs

January 15, 2016

New FedReceipt RTNs for FedForward® and FedReturn® Services deposits will be published the week of February 1, 2016. These lists will reflect changes to the FedReceipt lists that have occurred between January 1 and January 31, 2016. For more information, please visit the Check 21-Enabled Services Endpoint Tier Listings, where you can review the December 31, 2015 Summary of Changes to FedReceipt Routing Numbers (XLS).

 

FedACH® Services

FedACH Services Customer Support number changed

January 15, 2016

On January 4, 2016 the FedACH® Services central operations support name and number changed to FedACH and Check Customer Support at (877) 372-2457.

To help you remember the new number, please print and post this little reminder (PDF).

 

Reminder - FedGlobal® ACH Payments A2R Option Discontinued

January 15, 2016

As announced (PDF) on December 1, 2015, the Account-to-Receiver (A2R) option for delivery of FedGlobal® ACH payments will no longer be available. This change took effect December 31, 2015. New regulation in Mexico with financial inclusion efforts in Latin America have made it easier to open no-fee accounts and transfer funds, significantly reducing demand for the A2R feature. Please note that FedGlobal ACH payments services to Canada, Europe and Panama will not change nor will the Account-to-Account delivery option to Mexico change.

We appreciate your continued support of the FedGlobal ACH Payments suite of services and encourage you to contact your account executive with any questions that you may have surrounding this change.

 

FedCash® Services

2016 marks the seventh year of the America the Beautiful Quarters® Program

January 15, 2016

For the seventh year, the Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters Program (Off-site Link). Since 2010, the U.S. Mint has issued five new quarter-dollar coins each year featuring designs depicting national parks and other national sites. All 56 coins in the America the Beautiful Quarters Program are expected to be introduced by 2021.

New quarters to be released
The following quarters are scheduled for release in 2016:

Quarter2016 Release Date1
Shawnee National Forest in Illinois February 1
Cumberland Gap National Historical Park in Kentucky April 4
Harpers Ferry National Historical Park in West Virginia June 6
Theodore Roosevelt National Park in North Dakota August 29
Fort Moultrie (Fort Sumter National Monument) in South Carolina November 14

To be considered for the America the Beautiful Quarters Program, a site must be under the supervision, management or conservancy of the National Park Service, the U.S. Forest Service, the U.S. Fish and Wildlife Service or any similar department or agency of the federal government. The five national parks depicted in 2016 will join those introduced in previous years, including the Chickasaw National Recreation Area (Off-site Link), White Mountain National Forest (Off-site Link) and Yellowstone National Park (Off-site Link), to name a few. You can reference the America the Beautiful Quarters National Site Register (Off-site Link) to read more about each national site to be honored through 2021.

1Release dates are subject to change, and new coin designs will not be released prior to the dates provided.

“America the Beautiful Quarters” is a registered trademark of the United States Mint.

Announcement

The Federal Reserve Banks are preparing for the continuation of the America the Beautiful Quarters® Program (Off-site Link), now in its seventh year. You can reference the America the Beautiful Quarters National Site Register (Off-site Link) to read more about each national site to be honored through 2021.

 

Fedwire® Services

Federal Reserve Banks publish PFMI disclosures for Fedwire® Services

January 15, 2016

The Federal Reserve Banks have published the Fedwire Funds Service Disclosure under the Principles for Financial Market Infrastructures (PFMI) (PDF) and the Fedwire Securities Service Disclosure under the PFMI (PDF).

For further information, read the full announcement (PDF) regarding publication of the disclosures.

 

General

Federal Reserve Banks announce readiness to expand National Settlement Service operating hours

January 15, 2016

The Federal Reserve Banks are accepting requests from current settlement agents to open the National Settlement Service (NSS) settlement window as early as 9:00 p.m. ET the prior calendar day for the next business day. The NSS settlement window currently opens at 7:30 a.m. ET for the current business day. The close of the NSS settlement window will remain at 5:30 p.m. ET.

All requests are subject to approval by the Federal Reserve Banks in their sole discretion.

Requirements and lead times for submitting initial and subsequent requests and additional information are included in the full announcement (PDF).

 

Treasury Services

U.S. Treasury has updated The Guide To Cashing Savings Bonds

January 15, 2016

The U.S. Treasury’s Bureau of the Fiscal Service has updated information contained in The Guide To Cashing Savings Bonds (Off-site Link) (FS P 0022) and has created a more interactive PDF version that flows through the process of cashing savings bonds. This is the official guidance for financial institutions.

The new version replaces all previous versions of this document, including The Quick Start Supplement to The Guide To Cashing Savings Bonds (FS P 0022-1), which has been decommissioned. The information contained in FS P 0022-1 has been incorporated into the updated version of The Guide To Cashing Savings Bonds.

Please take a few moments to:

  • Update any links as necessary
  • Delete any earlier versions you may have downloaded to your system
  • Recycle any paper versions of the FS P 0022 and the FS P 0022-1 you may have referenced in the past

For more information about savings bonds, visit the Treasury Services page.

Announcement

The U.S. Treasury’s Bureau of the Fiscal Service has updated information contained in The Guide To Cashing Savings Bonds (Off-site Link) (FS P 0022) and has created a more interactive PDF version that flows through the process of cashing savings bonds. For more information about savings bonds, visit the Treasury Services page.

 

Seventh District

Reminder - Do you need additional liquidity to meet your customers’ seasonal credit needs? The Fed can help!

January 15, 2016

The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. Under the program, depository institutions may obtain funds through the Discount Window during periods of seasonal need, allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local communities. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used.

Do you need supplemental funding to complement your seasonal business?
The Seasonal Credit Program may be of interest to you if your institution experiences regular fluctuations in liquidity because of your customers’ seasonal types of businesses, such as:

  • Agriculture
  • College
  • Construction
  • Municipal financing
  • Tourism

Does your institution qualify?
If your institution holds less than $500 million in deposits and can demonstrate a clear pattern of recurring seasonal swings in funding needs, then your institution may qualify for the Seasonal Credit Program.

Are you ready to get started?
The first step is to establish access to the Discount Window by completing the required Operating Circular 10 (OC-10) agreements (Off-site Link) found on the Discount Window website. Instruction forms (Off-site Link) are available to help you complete the agreements.

The next step is to read more about the program requirements (Off-site Link) and follow the directions to complete an application (Off-site Link) on the Discount Window website. Applications should be submitted at least three weeks prior to the requested seasonal line start date.  Please note that all loans must be fully secured and that adequate collateral (Off-site Link) must be pledged prior to initiating a loan request.

Do you need more information?
Our staff is ready to assist you. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Chicago, as follows:

Email address: loanschicago.chi@chi.frb.org

Mailing address:
Federal Reserve Bank of Chicago
Loans, 12th Floor
230 S. LaSalle Street
Chicago, IL 60604

Phone: Toll Free: (800) 380-3762

Reminder

Seventh District - The Seasonal Credit Program (Off-site Link) provides a reliable source of funding to small depository institutions that lack access to national money markets and experience seasonal fluctuations in deposits and loans. For additional information on this or any other credit program, please contact the Discount Window team at the Federal Reserve Bank of Chicago.

 

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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.