Federal Reserve Financial Services are governed by the terms and conditions that are set forth in the following operating circulars.
Please refer to Communications for announcements related to changes to the operating circulars.
OC 1 contains the terms for opening, maintaining, and terminating a master account with a Federal Reserve Bank, as well as general provisions regarding Reserve Bank services applicable to institutions whether or not they maintain a Reserve Bank account.
OC 2 contains the provisions that apply to a financial institution’s cash transactions with a Federal Reserve Bank.
OC 3 applies to the handling of all cash items that we accept for forward collection and all returned checks that we accept for return.
OC 4 applies to clearing and settlement of commercial automated clearing house (ACH) credit and debit items by the Federal Reserve Banks, sending banks, and receiving banks.
OC 5 includes the terms under which an institution may access certain services and applications provided by a Federal Reserve Bank and under which an institution may send certain data to or receive certain data from a Federal Reserve Bank, in each case, by means of an electronic connection.
OC 6, along with subpart B of Regulation J, applies to funds transfers made through the Fedwire Funds Service.
OC 7 contains the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.
There is not an OC 8.
OC 9 has been retitled Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government to reflect the full scope of its coverage. Amendments to OC 9 reorganize policies and procedures without substantive changes to applicable Treasury policies and procedures. OC 9 now contains three main sections applicable to Treasury programs under 31 CFR Parts 202, 203 and 225: Securing Public Funds and Investments (Parts 202 and 203); Treasury Investments (Part 203); and Pledges of Collateral in lieu of surety bonds (Part 225).
OC 10 contains the terms under which an entity may obtain Advances from, incur Obligations to, or pledge Collateral to a Federal Reserve Bank.
There is not an OC 11.
OC 12 contains the terms under which the Federal Reserve Banks provide certain settlement services through what is called the National Settlement Service.