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Mixed Cash Letter Enhancement Will Improve Funds Availability

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Mixed Cash Letter Enhancement
Will Improve Funds Availability

The St. Louis office has announced an improvement to its Mixed and Other Fed check deposit service. Starting in April, we will provide a High-Dollar Group Sort (HDGS) cull, enabling St. Louis zone customers to take advantage of the Fed's HDGS program without having to physically outsort eligible items.

This new service will help many customers substantially increase their daily funds availability. All Mixed and Other Fed cash letters deposited with St. Louis will automatically receive next-day availability on select HDGS items greater than a certain dollar value, which could change periodically as the federal funds rate varies.

For example, at a fed funds rate of 5 percent, the value of the items to be culled would be $1,800 and greater. Selecting only the items equal to or greater than the predetermined dollar value will ensure that the value of receiving accelerated availability on an item is at least equal to the incremental cost of the $0.25 per-item fee for culled checks.

We will periodically examine HDGS endpoints as they change, or as volume on the endpoints fluctuates significantly. You do not need to make any operational changes to take advantage of this service enhancement.

Look for other Eighth District offices to offer this service later this year. In the meantime, if you would like to sign up or if you have other new product ideas, please contact Andy Lueckenhoff in St. Louis at (314) 444-8647.