Ready or Not, Year 2000 Here We Come

Eighth District Improves Weekend Check Processing

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Eighth District Improves Weekend Check Processing

The Eighth District made improvements to its weekend Other Fed program last month.

All four District offices now process deposited items rather than transporting them to St. Louis. Many financial institutions in the branch zones previously closed their processing early to meet the St. Louis transportation deadline.

Discussions with customers revealed a strong desire for the Fed to allow deposits at each District office. You now can extend your processing windows and increase overall funds availability. The Memphis office moved from an eight- to five-pocket sort, which reconfigured the group sorts from eight to five. St. Louis will make a similar change this summer.

As a result, you can reduce your sorting requirements, simplify your reconcilement process and potentially lower your overall check collection fees.

Memphis made an additional enhancement. The 11 p.m. Friday deadline was moved to 4 p.m. Saturday, giving Memphis financial institutions more time to prepare deposits.