The Federal Reserve Banks are committed to ensuring that your financial institution has the information it needs to use our products effectively. We know our customers can have many questions, which is why we have a variety of Frequently Asked Questions (FAQs) pages available on our websites.
Take a look at FAQs pages based on service area:
- Accounting Services
- Central Bank
- Check Services
- FedACH®
- FedCash® Services
- FedLine® Solutions
- FedNowSM Service (Off-site)
- FedTransaction Analyzer®
- Fedwire® Services
- Treasury Services
You can also browse the following examples of common questions and answers from our service areas below.
Q: Are there any hardware and software requirements for using FedLine Solutions?
A: Yes, review the latest hardware and software requirements for FedLine Web® and FedLine Advantage® and work with your IT department to ensure compliance with these requirements before implementing either solution.
Q: How will the FedNow Service compare to other faster payment services already in the market?
A: The growing demand for instant payments has driven the creation of several faster payment systems, but there are some differences among them. Some are closed loop systems (PayPal®, Venmo®, Square’s Cash App®), others are open loop (Visa Direct®, MasterCard Send®, Zelle®, RTP, etc.) and some settle payments between financial institutions on a deferred basis while others settle in near real time.
The FedNow Service will be open to all eligible depository institutions across the country, no matter their size or geographic location. The FedNow Service will support interbank clearing and settlement in real time and will allow financial institutions to innovate to provide their customers with the ability to send and receive instant payments for a range of use cases.
For more information on the differences among various faster and instant payment systems, read our article Fast, faster, instant payments: What’s in a name? (Off-site)
Q: How do I enroll in Account Management Information Services?
A: To subscribe to the AMI application via FedLine Web, you must complete an End User Authorization Contact (EUAC) form, if one is not already on file. In addition to the EUAC form, a Federal Reserve Bank External Subscriber Request Form must be submitted for each user. Please refer to the FedLine Web Setup page for further instructions.
Q: Which denominations of currency does the Federal Reserve issue?
A: The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note. On July 14, 1969, the Federal Reserve and the Department of the Treasury announced that banknotes in denominations of $500, $1,000, $5,000 and $10,000 would be discontinued due to lack of use (Off-site). Although they were issued until 1969, they were last printed in 1945.
Source
Board of Governors, FAQs (Off-site)
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