Changes coming for checks drawn on routing numbers that start with “1214” or “3214”
December 8, 2023
What is happening?
Effective Jan. 2, 2024, Federal Reserve Financial Services (FRFS) is making a change to align the timing of depositor credits and receiver debits for checks drawn on routing numbers that start with “1214” or “3214”.
How does this affect me?
- Currently, credit is received on the day of the deposit.
- Starting Jan. 2, financial institutions that deposit these checks at select deadlines will receive credit for them at the first posting time of the following business day.
- Deadlines impacted by this change include:
- The 7:30 a.m. ET deadline for the Standard Image Cash Letter (ICL), Premium ICL, Dollar-Culled ICL and Standard Daily Fee A ICL deposit options
- The 12 p.m. ET deadline for all deposit options
Questions or concerns?
- For more information, please see the 2024 Electronic Check Collection fee schedule or the Federal Reserve Policy on Payment System Risk.
- If you have any questions regarding this change, please contact your relationship manager.