Direct Deposit Coalition Formed; Logo and Web Site Unveiled

New Policy Encourages Compliance with ACH Rules

Lower Electronic Fees and New Price Structures in 1999

New ACH Service Supplements FedEDI Software

Treasury Approves Final EFT 99 Rule

ReserveNotes

Louisville Bids Farewell to
Ron Hadorn; Welcomes Ralph Ising

FedEDI Software Now Available

Reserve Notes

Louisville Includes Rejects with MICR Presentment

Starting this January, the Louisville office is expanding the data transmitted to customers who use the Fed's MICR Presentment service. In addition to receiving their MICR files, MICR Presentment customers also will receive all reject items. Financial institutions currently using the Fed's reject repair service will save money by not having to pay separate fees for reject items.

With this service enhancement, the Fed will send you one complete file containing both high- and low-speed items, instead of transmitting your rejects in a separate file. This will save your staff time because they won't have to manually pull and post rejects.

If you have questions on this new service feature, please contact Ralph Ising in Louisville at (502) 568-9290.

New Web Site for Financial Services

Visitors to the Eighth District's Internet site now will find it easier to find data on our financial services. In January, we are unveiling a new national site that contains information on the financial services that are standard across all 12 Fed Districts, such as ACH, book-entry securities, national check services and more.

Our goal is to provide financial institutions with one place where they can find up-to-date and accurate information on our national financial services, as well as links to local information.

You can access this national site from the St. Louis Fed's home page, which still contains information unique to the Eighth District's financial services. Simply visit our home page at www.stls.frb.org and click on the "Banking Information" category, then select "Financial Services." For more information, contact Cheryl McCarthy in St. Louis at (314) 444-8459.

Plan Now for CDC Testing in 1999

As you develop your business plans for the new year, don't forget to include Century Date Change (CDC) testing. In the first quarter of 1999, the St. Louis Fed is offering five weekend "Shared Testing Days" during which time you can test your interfaces with the Fed for both century roll-over and leap-year 2000 processing. Shared Testing Days offer the most flexibility in scheduling CDC testing because you can test with multiple Fed applications on the same day without interrupting your daily production work.

In 1999, we also are offering mid-week "aligned" testing opportunities. In 1998, only certain Fed applications were available for testing each day; this year, more services will be open on a given day using the same future date. For details on our testing schedules, contact the FedLine Help Desk at 1-800-333-0861 and press 1 to speak with an Electronic Access Support representative.

Partnership Wraps Up Fall Campaign

The Eighth Federal Reserve District would like to thank the financial institutions that participated in the Automated Payments Partnership direct deposit campaign this fall. Approximately 600 financial institutions used more than 300,000 collateral pieces to promote direct deposit in the Partnership territory within 13 states.

During the fall campaign, the Partnership focused on consumers by using aggressive marketing strategies such as billboard, transit and movie theater advertising, as well as radio interviews. In addition, financial institutions across the District hosted events in October and November to encourage consumers to sign up for direct deposit.

The Partnership plans to continue its efforts to promote electronic payments in 1999. If you would like more information on the Partnership or wish to order free marketing materials, please visit our web site at www.appartnership.org or call Carrie Andert in St. Louis at (314) 444-8946.

Food Coupon Deposits Centralized in Memphis

Food coupon processing for financial institutions in the St. Louis and Little Rock zones now is centralized at our Memphis office.

The volume of food coupons deposited at the Fed has gone down dramatically recently, primarily due to increased electronic benefits transfer (EBT) programs in many states across the District. Centralizing some food coupon deposits at the Memphis office will help us more efficiently consolidate our resources and continue providing high quality service to you.

The consolidation is effective immediately; however, the Louisville office will continue to process food coupons for customers in Indiana and Kentucky.

If you have any questions, please contact your account executive or customer service representative (listed on back page).

New Address for Government and Agency Securities

On Jan. 4, 1999, the St. Louis Fed started processing the redemptions of U.S. government and agency securities, as well as coupon transactions, for all Eighth District offices. Previously, these securities were sent directly to your local Fed office.

As the number of government securities held in definitive form continues to decrease, fewer Fed offices are required for processing. The consolidation will enable us to serve our customers effectively while conserving resources internally. Please contact your account executive or customer service representative (listed on back page) if you have any questions.

 

Still Time to Sign Up for 1998 FCA

The enrollment period for participating in the Fed's newly streamlined cost accounting program, Functional Cost and Profit Analysis (FCA), is still open for the 1998 data year. FCA reports on your institution's item costs, profitability and peer comparisons. For additional information, please call your account executive or Dan Horton at 1-800-333-0810, ext. 8629.