FedCash® Services: Cross-shipping and UCAP fee waivers issued for the weeks of June 1 and June 8
May 28, 2020
Federal Reserve Bank staff is closely monitoring conditions in our servicing areas and preparing to take action as needed to maintain access to FedCash® Services. All Reserve Bank cash offices are open and operating and maintaining normal order deadlines and dock hours. Unless otherwise noted, Federal Reserve Financial Services will continue normal operations.
Cross-shipping and UCAP fees are waived for the weeks of June 1 and June 8
- Throughout the pandemic, financial institutions (FIs) have substantially increased their currency orders to ensure they had enough vault holdings to meet the public’s demand in these unprecedented times. We understand that as a precaution some FIs may have built currency inventories well in excess of what is needed to meet normal demand. To support institutions that wish to rebalance their inventories and to mitigate the risk that additional orders may be necessary in the event that unforeseeable demand materializes, the Federal Reserve will waive cross-shipping fees for the $10 and $20 denominations for the weeks of June 1 and June 8.
- In addition, the Federal Reserve will also waive the Uniform Cash Access Policy (UCAP) fees for the same two weeks, from Monday, June 1 through Friday, June 12. Work with your currency transportation provider to develop a plan for making deposits that is informed by carrier truck capacity, insurance limits and other considerations. We encourage FIs take advantage of the full two-week waiver period rather than returning excess notes in a single or in a few particularly large deposits.
Deposit excess currency in Fed packaging
If you have excess currency in original Federal Reserve packaging that has not been opened or in any way altered, you are encouraged to deposit this currency with a Reserve Bank office in its original packaging. Returning such inventories in intact Federal Reserve packaging expedites the process for both FIs and the Federal Reserve.
What Can You Do?
Service and Support
Please contact your local FedCash Services customer support if you have any questions
For a complete list of customer support contacts for your institution, please visit the Contact page. You may wish to print a hard copy of this list in case of power or internet disruptions.