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The UCAP does not state that the first access (deposit or order) is free, and that subsequent accesses should meet the volume threshold to qualify for free access. In the two examples above (A & B), both orders will be free. For each ten designated endpoints, the UCAP allows one free deposit and one free order weekly without any volume restrictions. Any additional accesses must meet the twenty bundle threshold to qualify as a free access.
In delivering billing statements, there will be no change under the new interstate account structure. All billing charges will settle in one account held at one Reserve Bank. Billing charges for routing numbers used to process currency transactions will be broken out by subaccount. So that it can continue to get multiple billing deliveries, an institution can direct its statement to the local Reserve Bank of its subaccounts.
Legitimate endpoints consist of the head office, branch offices, and any cash operation center(s) or vault(s).
No. The UCAP states that each institution can receive free cash access for up to ten endpoints. For example, if your institution has only three endpoints in a Federal Reserve Office territory, only three endpoints can receive free access. Institutions with more than ten legitimate endpoints can receive free access to ten endpoints. A Bank Holding Company, with multiple separately-chartered institutions, cannot transfer any unused free access from one institution to another institution. Similarly, institutions requiring access to less than ten endpoints cannot sell or transfer their unused free access to another institution.
Yes, under certain conditions. Under its role as a "wholesale" supplier of currency, the Federal Reserve Office will provide free cash access to endpoints beyond ten, provided these additional endpoints meet the local Federal Reserve Office’s large volume (high bundle) threshold and satisfy the local denomination bundle standard.
No. The UCAP requires that institutions include all large volume locations in their designated ten free access endpoints. The intent of the UCAP is that if an institution receives free access to more than ten endpoints, all designated endpoints must satisfy the large volume test.
An institution may require changes to the designated ten endpoints due to various, valid business reasons, such as seasonality, special events, or new or closed branches. At least one month advance notice is expected from you when you request a change in the designated ten endpoints.
Yes. Any of the ten designated endpoints may receive more frequent access than once per week (order or deposit) if volumes equal or exceed a 20 bundle aggregate threshold and satisfy the local Federal Reserve Office’s denomination bundle standard.
No. You cannot transfer missed access opportunities from one week to another week.
The flow of accounting charges/credits is not relevant to the UCAP. The Cash Department records will reflect the respondent bank as the transaction originator, which is the receiver of the access.
Yes. Deposits and orders sent by registered mail are considered cash accesses. Even if the basic access is free, any registered mail surcharge levied by the local Federal Reserve Office will apply. In determining access charges, large registered mail orders and/or deposits that are split into two or more orders or deposits for insurance reasons will be considered one order or one deposit.
The access (order or deposit) day is the day the currency shipment leaves from or is received onto the Federal Reserve Office dock.
For one year after the official date of the merger or acquisition (when the merged institutions are officially operating as one), the merged institutions can receive the same level of free access as they received at the time of the merger. After one year, Federal Reserve Offices will treat the legally merged institutions as one entity under the UCAP. In some cases, the merged institution, at some point, may reduce its access to Federal Reserve Office cash services earlier than one year.
No. The UCAP and the cross-shipping rule are mutually exclusive. Federal Reserve Offices will continue to enforce the cross-shipment policy, unless waived explicitly to accommodate events such as the introduction of new currency.
No. The announced policy pertains only to currency deposit and order services provided by Federal Reserve Offices. Deposits of contaminated currency are not subject to access charges.
No. Much like Account Information Services and certain computer terminal fees, cash access fees cannot be offset by earnings credits.