Electronic Check Adjustments:
Are You Using FedLine?

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Is your check operation as efficient as it could be? There are many Federal Reserve services that can make your financial institution's check processing quicker and less paper-intensive. Check imaging, electronic check presentment and truncation are a few obvious choices. But have you thought about ways to streamline your adjustments process?

Submitting check adjustments to the Fed manually can be time-consuming if you still are filling out and mailing request forms. And there is less certainty about if and when we receive your adjustment requests. However, there's a much easier way to send check adjustments-using your FedLine® software.

How Does It Work?

Instead of sending the Fed a check adjustments request form, you submit "cases" via FedLine. From your terminal, you can not only perform the same activities as you would on paper, but more, including:

• opening and updating a case;
• resolving or canceling a case; and
• inquiring about the status of a case.

Entering and sending adjustments electronically is less work and stress for your staff. FedLine has preformatted data entry screens that are similar to the standard request forms. These screens prompt you to provide all information needed for your request. Each screen contains field tags that identify adjustment information, followed by a data field for you to complete. These tags are the same as those on the request form.

FedLine also provides multiple choice options to help you type in data quickly. For example, when indicating the type of adjustment case, you can use the multiple choice tool to select from several types of errors. And if you have questions as you go through, help screens are readily available.

To ensure all necessary information is provided, FedLine also edits your entries. A field is highlighted if any mandatory data are missing. FedLine then verifies the data can be processed by the receiving Federal Reserve Bank. Electronic delivery, combined with receiving more accurate data, considerably speeds up the adjustment process.

FedLine Is Faster and Free!

When using FedLine to file check adjustments, you avoid the risk of mail delays and lost deliveries. We receive your adjustment request within seconds after you create and send it. The request is entered immediately into our adjustment process, then you fax your supporting documentation. You also get an acknowledgment indicating the Fed received your case, and we send a notification when it is resolved.

For Todd Pickelheimer, Deposit Services Manager at Old National Service Corporation in Evansville, Ind., this is one of the best features of electronic adjustments.

"By using FedLine, we get notice from the Fed that they received our adjustments," explained Pickelheimer. "We also get our adjustments faster."

You also can use FedLine to receive adjustments the Fed makes to your account. You receive information to resolve the adjustment the same time it is charged on your statement. No more missing paper advices and entries on correspondent statements without supporting documentation.

Every Federal Reserve office participates in this service, so you are just an online message away from receiving timely responses for all the claims you submit. If you are interested in learning more about our electronic check adjustment service, contact Gary Auer in St. Louis at (314) 444-8948.