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Louisville Expands Other Fed Availability and Deadlines

If you are a Louisville customer, you will enjoy several big improvements to the Fed's check services. This past fall, the Louisville office increased the number of Other Fed RCPC endpoints with next-day availability from 16 to 36. In addition, on January 1 we are extending our Other Fed deposit deadlines-from 8:30 p.m. and 12:30 a.m. to 8:45 p.m. and 1:30 a.m., respectively.

These changes significantly expand your RCPC availability and allow for later deposit deadlines, a rare combination in the banking industry. If you have any questions on these changes or would like an updated check availability schedule, contact Ron Hadorn in Louisville at (502) 568-9290.

Treasury Further Extends EFTPS Deadline

Important updates affecting corporate taxpayers using the Electronic Federal Tax Payment System (EFTPS) recently have been announced. To give taxpayers time to learn more about making electronic payments, companies required to file taxes electronically beginning on July 1, 1997, and Jan. 1, 1998, will not be assessed an avoidance penalty until after July 1, 1998. (Taxpayers required to file electronically by Jan. 1, 1998, should have received enrollment packages in August.)

In addition, the Treasury has decided not to require companies that fall in the $20,000 threshold to use EFTPS, but they still are encouraged to take advantage of this easy, efficient and time-saving method of paying taxes. If you would like to learn more about EFTPS, call Nancy Klages in St. Louis at (314) 444-8707.

Account Executive Returns to Illinois

Effective in January 1998, Illinois financial institutions will begin seeing a familiar face. Andy Lueckenhoff, currently the ACH account executive for the entire Eighth District, will return to his old stomping grounds and be responsible for servicing Illinois bankers on all Fed services.

Lueckenhoff was the Illinois account executive for four years before he switched positions in the summer of 1996 to focus solely on ACH. Lueckenhoff brings with him more than 20 years of experience at the Federal Reserve, having attained extensive knowledge of Fed services after working in many areas of the Bank. If you would like to schedule a visit, he can be reached at (314) 444-8647.

Free Direct Deposit Statement Stuffers Available

Are you looking for an easy and inexpensive way to promote direct deposit? Let the Treasury help! The Social Security Administration (SSA) is giving away free statement stuffers that discuss how direct deposit is more safe, convenient, reliable and dependable than checks.

These stuffers are perfect for including with account statements and handing out to customers cashing checks in your lobby. Two versions of the stuffer are available-one for banks and another for credit unions. To order a supply, fax your request to SSA at (410) 965-0384.

Payments Primers Now Available

Training someone in the methodologies of the various payment mechanisms can be overwhelming, but the Fed's Payments Primers can help.

The Federal Reserve has produced two informational resources: an Emerging Payments Primer, which discusses the fundamentals of new payment products and services, such as electronic currency and home banking, and the Traditional Payments Primer, which discusses more established payment methods, such as check and ACH. Each Primer contains a background and description of the product, describes the flow of the payment transactions from initiation through settlement and describes some of the key actions related to that product's development.

The Emerging Payments Primer is now available electronically at www.bos.frb.org/finsvcs/html/fedflash/html/empaymts/indexf.htm. The Traditional Payments Primer has just been produced in paper form and will be available electronically later next year.

For more information on these resources, contact Mary Kuni in St. Louis at (314) 444-8715.