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Account Services

Account Services plans changes

August 15, 2015

As announced on July 16, 2015 (PDF), the Federal Reserve Banks will be preparing to make changes in Account Services. These changes include:

  • Integrating key Service Charge Information (SCI) into the Account Management Information (AMI) application
  • Making changes to the monthly Statement of Service Charges and monthly Billing Data files
  • Changing how the settlement of Billing charges will be presented on your daily Statement of Account

When will the changes be implemented?

The changes are planned to be implemented in late 2016, and details regarding the changes will be provided later this year. We are notifying you now because customers have indicated that it is helpful to have advance notice about application changes that may require testing so they can incorporate it into plans for the coming year.

What action is required?

While testing is required for Data File customers, all customers are encouraged to test to help ensure you are able to view AMI changes and Billing statements/data files in AMI depository institution test (DIT) environment. The test environment is planned to be available in the second and third quarters of 2016.

Additional information

Additional information, including Frequently Asked Questions and test details will be provided as this initiative moves forward.

In the meantime, if you have any questions, please contact your Account Services Customer Support Contact.

Announcement

As announced on July 16, 2015 (PDF), the Federal Reserve Banks will be preparing to make changes in Account Services. The changes are planned to be implemented in late 2016, and details regarding the changes will be provided later this year. If you have any questions, please contact your Account Services Customer Support Contact.

 

The Federal Reserve Banks Billing Product Code Dictionary to be decommissioned

August 15, 2015

The Federal Reserve Banks Billing Product Code Dictionary will be removed from FRBservices.org on September 12, 2015. After that date, product information will be available on the applicable fee schedules.

If you have any questions, please contact Account Services at (800) 309-6156.

 

 

Check/Check 21 Services

Effective September 1, 2015, change in process for handling items drawn on retired routing numbers

August 15, 2015

Effective September 1, 2015, the Reserve Banks will return items drawn on retired RTNs directly to the bank of first deposit (BOFD) (or the depositing financial institution if there is no BOFD routing number in the 26 record) rather than flowing these items to the paying bank for subsequent return. This change will align our process with the industry, and will also result in these items usually being returned to the BOFD the same day that they are deposited with the Reserve Banks.

Once we make the change, we will begin using the industry standard return reason code 6: Retired/Ineligible RTN. We encourage you to verify that your systems will accept items using that reason code. We also encourage you to contact Accuity to obtain a quote to purchase a list of retired routing numbers or if you have a retired RTN that you would like to reactivate.

If you have questions, please contact Customer Support at (877) 372-2457 or your account executive.

Announcement

Effective September 1, 2015, the Reserve Banks will return items drawn on retired RTNs directly to the bank of first deposit (BOFD) (or the depositing financial institution if there is no BOFD routing number in the 26 record). Once we make the change, we will begin using the industry standard return reason code 6: Retired/Ineligible RTN. If you have questions, please contact Customer Support at (877) 372-2457 or your account executive.

 

New posting rules operational and product changes

August 15, 2015

On December 1, 2014 (Off-site Link), the Board of Governors of the Federal Reserve System announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes became effective July 23, 2015.  Below are a few changes that could impact your organization. Review the summary of changes (PDF) for more information.

Changes in posting times
FedACH® transactions

  • The morning posting time for FedACH debit transactions will change from 11:00 a.m. to 8:30 a.m. ET

Commercial Check transactions

  • Credits for deposits or returns of electronic items will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after deposit. Today these items post hourly beginning at 11:00 a.m. ET.
  • Debits for items presented or returned electronically will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after presentment. These items currently post on the clock hour one hour after presentment, but not before 11:00 a.m. ET
  • Credits for deposits or returns of Paper Checks will post at 8:30 a.m. ET and debits for checks presented or returns delivered as paper will post at 5:30 p.m. ET

If you have any questions, please contact the following:

  • Accounting questions can be directed to your District’s Account Services contact
  • ACH questions can be directed to FedACH Customer Support at (866) 234-5681
  • Check questions can be directed to Check Customer Support at (877) 372-2457
  • Federal Reserve Policy on Payment System Risk changes can be directed to your local Credit and Risk Management contact

Announcement

On December 1, 2014 (Off-site Link), the Board of Governors of the Federal Reserve System announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes became effective July 23, 2015. Below are a few changes that could impact your organization. Review the summary of changes (PDF) for more information.

 

Check Adjustments Tip: Check Adjustments Automated Status Report at your fingertips

August 15, 2015

Are you a FedLine® access solutions customer with access to the Check Adjustments application? Would you like to increase the efficiency of Check Adjustment case status maintenance?

The Federal Reserve Banks have made status tracking convenient for you. At the end of each processing day, the Check Adjustments Automated Status Report is available as a menu option under the Import/Export feature.

The daily Status Report provides information on the status of adjustment requests submitted to the Federal Reserve Banks that are pending a response from another institution, are awaiting supporting documentation, referred to as Documents-to-Follow (DTF), or for which a provisional entry or requested information has not been provided.

How is this report beneficial to your institution?
You can update and track your requests internally with a click of the mouse. You can also use the report as documentation for cases that are pending a response from the Federal Reserve Banks. By using the Check Adjustments Automated Status Report, combined with responses to your requests (located in the Inbox feature), you are able to manage adjustments with greater efficiency.

Need a run-through session on how to access the report?
The Federal Reserve Banks have prepared an online learning tool that provides step-by-step instructions for accessing and downloading the report. Refer to the Learning Center, located in FedLine Home, for an interactive tutorial entitled Daily Status Report, which is a menu option under the Import/Export feature.

For additional assistance or questions with the report, please contact Check Services Support at (877) 372-2457.

Reminder

The daily Check Adjustments Automated Status Report provides information on the status of adjustment requests submitted to the Federal Reserve Banks. For additional assistance or questions with the report, please contact Check Services Support at (877) 372-2457.

 

Federal Reserve Banks to publish new FedReceipt® RTNs

August 15, 2015

New FedReceipt RTNs for FedForward® and FedReturn® Services deposits will be published the week of September 7, 2015. These lists will reflect changes to the FedReceipt lists that have occurred between August 1 and August 31, 2015. For more information, please visit the Check 21-Enabled Services Endpoint Tier Listings page where you can review the July 31, 2015 Summary of Changes to FedReceipt Routing Numbers (XLS).

 

FedACH® Services

FedACH Feature: Complimentary one-on-one onboarding support available for FedACH value-added services

August 15, 2015

Complimentary, one-on-one onboarding support is available to new and existing customers of the FedACH Risk® Origination Monitoring and RDFI Alert services and the FedACH FedPayments® Reporter Service.

The onboarding support program’s goal is to help new and existing customers easily maximize the benefits of these services by walking them through the setup screens used to establish origination caps, email alert criteria and/or payment information reports.

Existing and new service users can request onboarding support through their account executives. To find account executive contact information for your institution, enter your institution’s ABA number into the My FedDirectory® Service.

Learn more about the FedACH value-added services by visiting the FedACH Risk Origination Monitoring, RDFI Alert and FedPayments Reporter service pages.

Announcement

Complimentary, one-on-one onboarding support is available to new and existing customers of the FedACH Risk® Origination Monitoring and RDFI Alert services and the FedACH FedPayments® Reporter Service. Learn more about the FedACH value-added services by visiting the FedACH Risk Origination Monitoring, RDFI Alert and FedPayments Reporter service pages.

 

Reminder - Effective September 1, 2015, FedACH® Services to change process for pended files

August 15, 2015

As a reminder, effective September 1, 2015, FedACH® Services will discontinue its practice of calling customers when their files pend. 

Each sending point has the ability to monitor its file status throughout the day and to contact FedACH Central Operations Support with instructions to either release or reject a pended file. 

As is the case today, any pended files remaining at the end of the processing day will automatically reject. Additionally, customers subscribing to the FedACH Risk® Origination Monitoring Service will continue to receive e-mail notifications of files pended by that service.

Customers using a FedLine Advantage®, FedLine Direct® or FedLine Command® access solution can view file status via the FedLine Web® access solution. FedLine Command and FedLine Direct customers can also use electronic file acknowledgements. 

Instructions for viewing FedACH file status via the FedLine Web access solution

  1. Log in to FedLine® and proceed to the FedACH Services page.
  2. Select the Processing Summary link within the File Information category.
  3. Once on the Processing Summary screen, enter a process date (it defaults to the current date) and sending point ABA (if applicable), and click View List for the processing summary.
  4. At this point, you will see the status of your ACH files. If you have a Pended File or Pended Batch you will have to call the FedACH Central Operations Support line at (866) 234-5681 to instruct FedACH Services to either release or reject the pended file.  As is the case today, any pended files remaining at the end of the processing day will automatically reject. 

Receiving electronic file acknowledgements (APPLID)

  • If you are a FedLine Command or FedLine Direct customer and have not added electronic file acknowledgments, you can contact the Customer Contact Center (CCC) for the required syntax (command) to add to your backend system.

To prepare for the September change, we encourage FedACH customers not already doing so to begin monitoring file status as soon as they can reasonably incorporate this process into their daily operations. 

Additional questions can be directed to FedACH Central Operations Support or to your account executive.  Use the My FedDirectory® service to locate all of your institution’s Federal Reserve Financial Services contacts.

Reminder

As a reminder, effective September 1, 2015, FedACH® Services will discontinue its practice of calling customers when their files pend. If you have any questions visit FedACH Central Operations Support or contact your account executive. Use the My FedDirectory® service to locate all of your institution’s Federal Reserve Financial Services contacts.

 

September 2015 ACH rules changes

August 15, 2015

As a reminder, effective September 18, 2015, several Automated Clearing House (ACH) rules changes will be implemented in support of NACHA’s efforts to improve the overall quality of the ACH Network. A summary of these changes is provided below:

  • The return rate threshold for unauthorized debit entries (R05, R07, R10, R29 and R51) will be reduced from 1 percent to 0.5 percent
  • A new return rate level of 3 percent will apply to debit entries returned for administrative or account date errors (R02, R03, and R04)
  • A new return rate level of 15 percent will apply to all debit entries (excluding RCK) that are returned for any reason

For additional information, visit NACHA’s website (Off-site Link) or contact your Regional Payments Association (RPA) (Off-site Link).

Reminder

Effective September 18, 2015, several Automated Clearing House (ACH) rules changes will be implemented in support of NACHA’s efforts to improve the overall quality of the ACH Network. For additional information, visit NACHA’s website (Off-site Link) or contact your Regional Payments Association (RPA) (Off-site Link).

 

New posting rules operational and product changes

August 15, 2015

On December 1, 2014 (Off-site Link), the Board of Governors of the Federal Reserve System announced changes to Part II of the Federal Reserve Policy on Payment System Risk. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes became effective July 23, 2015.  Below are a few changes that could impact your organization. Review the summary of changes (PDF) for more information.

Changes in posting times
FedACH® transactions

  • The morning posting time for FedACH debit transactions will change from 11:00 a.m. to 8:30 a.m. ET

Commercial Check transactions

  • Credits for deposits or returns of electronic items will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after deposit. Today these items post hourly beginning at 11:00 a.m. ET.
  • Debits for items presented or returned electronically will post at 8:30 a.m., 1:00 p.m. and 5:30 p.m. ET. Items will post at the next posting time that is at least 30 minutes after presentment. These items currently post on the clock hour one hour after presentment, but not before 11:00 a.m. ET
  • Credits for deposits or returns of Paper Checks will post at 8:30 a.m. ET and debits for checks presented or returns delivered as paper will post at 5:30 p.m. ET

If you have any questions, please contact the following:

  • Accounting questions can be directed to your District’s Account Services contact
  • ACH questions can be directed to FedACH Customer Support at (866) 234-5681
  • Check questions can be directed to Check Customer Support at (877) 372-2457
  • Federal Reserve Policy on Payment System Risk changes can be directed to your local Credit and Risk Management contact

Announcement

As announced on July 16, 2015 (PDF), the Federal Reserve Banks will be preparing to make changes in Account Services. The changes are planned to be implemented in late 2016, and details regarding the changes will be provided later this year. If you have any questions, please contact your Account Services Customer Support Contact.

 

FedLine® Access Solutions

Reminder - Submit Subscriber requests via the EUAC Center

August 15, 2015

Effective August 16, 2015, the Federal Reserve Bank External Subscriber Request Form and the Subscriber Request Form for Armored Carriers will no longer be available on FRBservices.org. All Subscriber requests should be submitted via the End User Authorization Contact (EUAC) Center in FedLine® Home.

The EUAC Center is a FedLine application designed to streamline EUAC responsibilities and provide time-saving, self-service functionality to help make managing your EUAC duties easier. Features of the EUAC Center include the ability to:

  • Submit Subscriber requests (create, modify, renew, revoke/reissue and delete). Benefits of submitting Subscriber requests via the EUAC Center include:
    • Prepopulated profile information and access levels for existing Subscribers, reducing the amount of data you need to enter
    • The ability to create and save templates for Subscriber requests, which are especially useful for Subscribers with similar job responsibilities
  • Reset Subscribers' passwords
  • Access FedLine documentation, such as EUAC Access Management Guides, Subscriber Guides and Technical Setup Guides
  • Access Subscriber reports online, including the Event Tracker Report and the Subscriber and Roles Report

Additional benefits include:

  • Reduced calls to and from the Customer Contact Center (CCC)
  • Reduced turn-around time for Subscriber requests

If you have questions about the EUAC Center, please call the CCC.

Effective Date

August 16, 2015
After this date, the Federal Reserve Bank External Subscriber Request Form and the Subscriber Request Form for Armored Carriers will no longer be available on FRBservices.org. All Subscriber requests should be submitted via the End User Authorization Contact (EUAC) Center in FedLine® Home. Self-Service EUACs already have the ability to submit Subscriber requests via the EUAC Center. 

 

General

Your opinion is important to us! Take the Fed’s publications survey by August 21, 2015

August 15, 2015

As a FedFlash subscriber, you’ve likely come to rely on each monthly issue to keep you informed about issues critical to your day-to-day operations, providing you the latest Federal Reserve Financial Services (FRFS) operational news.

The Federal Reserve Banks are seeking input from subscribers to our FRFS publications, FedFlash and FedFocusSM, via an online survey. The Federal Reserve Banks invite you to take the survey, which focuses on our FRFS publications. Your feedback is greatly appreciated. It helps us determine how we can best meet your needs for information from the Fed in the future.

The survey (Off-site Link) will take about 10 minutes and is available now through August 21, 2015. We thank you for your participation and look forward to reviewing your feedback.

If you have any questions or experience any problems taking the survey, please contact FRBsurveys@chi.frb.org.

Announcement

The Federal Reserve Banks are seeking input from subscribers to our FRFS publications, FedFlash and FedFocusSM, via an online survey. The survey will take about 10 minutes and is available now through August 21, 2015. If you have any questions or experience any problems taking the survey, please contact FRBsurveys@chi.frb.org.

 

Treasury Services

Treasury Retail Securities Services mailing addresses and phone numbers were consolidated July 27, 2015

August 15, 2015

Treasury Retail Securities Services is completing the implementation of a multi-year initiative to modernize operations and maximize efficiencies in support of the U.S. Treasury’s Bureau of the Fiscal Services’ mission to provide financial stability to the U.S. government and related individual investors. The nation’s two Treasury Retail Securities sites — located at the Federal Reserve Bank of Minneapolis and at the Bureau of the Fiscal Service in Parkersburg, West Virginia — began using new technologies designed to improve their processes.

This change became effective on July 27, 2015. Some mailing addresses and phone numbers have been consolidated. The chart below outlines contact information that was affected for Treasury Retail Securities Services.

Old AddressesNew Addresses 

EE/E/I Bond Servicing
PO Box 7012
Parkersburg, WV 26106

EE/E/I Bond Servicing
PO Box 0214
Minneapolis, MN 55480-0214

H/HH Bond Servicing
PO Box 2186
Parkersburg, WV 26106

H/HH Bond Servicing
PO Box 2186
Minneapolis, MN 55480-2186

TreasuryDirect®
PO Box 7015
Parkersburg, WV 26106

TreasuryDirect®
PO Box 7015
Minneapolis, MN 55480-7015

Legacy Treasury Direct®
remains the same
PO Box 9150
Minneapolis, MN 55480-9150

Legacy Treasury Direct®
remains the same
PO Box 9150
Minneapolis, MN 55480-9150

Old Phone NumbersNew Phone Numbers 
(800) 553-2663
(800) 245-2804
(304) 480-7711
(800) 722-2678
(800) 487-2663
(800) 872-6637
(844) 284-2676
Fax
(304) 480-6010
Fax
(612) 629-4285
Non-toll-free number for international customers
remains the same
(304) 480-6464
Non-toll-free number for international customers
remains the same
(304) 480-6464

There are several things you should know about this initiative:

  • Redemption of paper savings bonds for customers at financial institutions has not been affected. This change affects contact information for Treasury Retail Securities Services. Financial institutions can redeem Series A–E, EE and I paper savings bonds, savings notes and savings stamps for customers who present proper identification.
  • Internal procedures should be updated to reflect the consolidated addresses and new phone number.
  • Begin using updated savings bonds forms available at www.treasurydirect.gov (Off-site Link). Effective July 27, 2015, destroy any remaining unused savings bond forms you have on hand that contain old contact information.
  • Tell your customers about the new contact information.

Contact the Treasury Retail Securities Site for additional details on updated contact information.

"TresuryDirect" is a registered service mark of the U.S. Department of the Treasury, Bureau of the Fiscal Service.

Announcement

Treasury Retail Securities Services is completing the implementation of a multi-year initiative to modernize operations and maximize efficiencies in support of the U.S. Treasury’s Bureau of the Fiscal Services’ mission to provide financial stability to the U.S. government and related individual investors. This change became effective on July 27, 2015. Some mailing addresses and phone numbers have been consolidated. Contact the Treasury Retail Securites Site for additional details on updated contact information.

 

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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.