Announcing COVID-19 Federal Reserve Financial Services Customer Assistance Package
May 1, 2020
COVID-19 has disrupted all of our daily lives, both personally and professionally. We recognize that our financial institution customers have had to enact extraordinary modifications to their payments operations and we are here to provide you and your customers with meaningful support during this difficult time.
In an effort to provide some relief and assistance to our customers, we are offering a COVID-19 Federal Reserve Financial Services Customer Assistance Package, which is available May 1 through at least July 31. We recognize that the COVID-19 situation remains fluid and we will continue to address customer needs as the situation further transpires.
What’s in the package?
We have carefully considered which of our services would be the most useful to our existing customers of all sizes as you and your customers operate in a contingency mode with remote staff. With that as our focus, we designed this package to waive several fees related to our FedACH® and Check Services reports, RDFI alerts, Exception Resolution Service, as well as paper and manual exception processing. To remove any barriers for our customers taking advantage of these services, we are also waiving additional FedLine® Solutions fees for new signups for access to these services.
More detailed information on all of the components in this package, including service descriptions and use cases, is available on FRBservices.orgSM.
Review package details
We know many financial institutions have recently signed up for these services over the past several weeks in an effort to proactively support their staff during this crisis. In light of this, we will also retroactively credit each of the applicable package components for the month of April 2020.
How will the package work?
Your institution may choose to take advantage of any or all of the services available in this package. If you are already subscribed to a service included in the package, you do not need to take any action to receive the fee waivers for that service. If you wish to sign up for a new package service, then your authorized signer will need to complete and return the Customer Assistance Package for Check and ACH Services Agreement form.
Interested customers should contact their account executive to discuss which components might be beneficial for them and begin the setup process. Once active, customers will see credits on their billing statements for the months in which they were used.
Approximately 30 days prior to the package’s expiration, we will endeavor to contact your institution and provide you with options to either retain or delete the services your institution has subscribed to during the package window. If we do not receive a response from your institution, then the Customer Assistance Package services will be discontinued.
Thank you for being a valuable partner with our Federal Reserve Financial Services. We wish for your health and safety during this challenging time.