Due Diligence Procedures for FedCash® Services Requests
The Federal Reserve Banks have due diligence procedures for certain FedCash Services requests that use information collected through the Certificate of Resolution and Official Authorization List (OAL) process. Due diligence is the process of validating the authenticity and authority of a requestor prior to completing specific types of requests. These procedures were implemented to protect both our customers and the Federal Reserve Banks.
The due diligence procedures are used for the following Cash Services requests:
- Late or special same day requests for FedCash Orders (not made via FedLine Web®)
- FedCash Services Cross-Zone Form
- Request for the following items:
- New customer setup
- Changes in armored carrier
- Addition or deletion of endpoints
- Changes to shipping address or branch number
Requests for the services listed above must be made in writing and signed by an individual listed on the OAL using the standard forms available for these services. Requests made by individuals who are not listed on their institution’s OAL will be delayed until proper authorization has been obtained by Federal Reserve Bank staff. If your institution has submitted an OAL, we encourage you to review it and ensure that at least one of the listed individuals is authorized to place the FedCash Services requests listed above.
To complete an OAL for your institution or to add authorized individuals to your institution’s OAL, review and complete the Certificate of Resolution and Official Authorization List (OAL). Instructions and a set of questions and answers are included in this package, as well as a listing of Federal Reserve Bank representatives that you may contact with questions.