Adjustments 101
The Memphis office, for the third consecutive year, is hosting an Adjustments Workshop on Feb. 13 and 14. Each half-day session covers all aspects of check adjustments, from completing request forms to understanding how cases are researched and resolved. This year, particular attention will be focused on Adjustments on FedLine® and the benefits this application provides. Further information will be sent to Memphis zone customers early next year.
Bundle Up
If a bundle of checks--not drawn on your financial institution--is received with your cash letter, please return the entire bundle immediately to the Federal Reserve Bank, along with the detail tape listing. If you inadvertently process the items in your office, you will need to submit an adjustment requesting to be charged for the bundle. The request should be functioned under the error type EBDL (extra bundle) and should include information about the bundle items, such as a copy of the original tape listing or photos and/or descriptions of a few of the items in the bundle.
Memphis Deadline Extended
The Memphis office has extended the Forward and Return Collection Mixed and Other Fed Saturday deposit deadlines from 4 p.m. to 12:01 a.m. For a complete list of products that are affected, or if you have any questions, please contact Susan Bivens at (901) 579-2405.
Correction to Explicit Float Article
The Autumn 2000 issue of Payments Quarterly featured an article entitled, "Explicit Float Offers 100 Percent Availability of Funds." The article stated, "Any Eighth District financial institution that deposits a Forward and Return Mixed and Other Fed cash letter is eligible for the service." However, the Little Rock office currently offers Explicit Float on Forward deposits only; it is not offered on Returns. We apologize for any confusion this may have caused.
Holiday Schedule
All District offices will treat the holidays--Monday, Dec. 25 and Monday, Jan. 1--as standard Monday holidays and will not cease weekend processing.
Kick Off 2001 with Direct Deposit, Direct Payment Promotions
As you usher in the new year, make a resolution to increase Direct Deposit and Direct Payment awareness! Our research shows that nearly 90 percent of consumers look to financial institutions for reliable information on these two payment options, so we encourage you to tout the convenience, reliability and security of using Direct Deposit and Direct Payment. Remind your customers that electronic payments save them time and money--two areas in which people fall short after a busy holiday season! To assist your marketing efforts, free materials are available while supplies last. We'll even pay shipping! To see what is available, visit the Automated Payments Partnership's web site, www.appartnership.org, and click on "Free Marketing Materials." Check out samples of each item and place your order online while you shop! Here's a sneak peak: • marketing guides • statement inserts • consumer guides • table/counter tents • video tapes • posters
NACHA to Allow ACH Debits Via Internet
NACHA is keeping financial institutions on their toes! The September ACH rule amendments are barely three months old, and the industry is already gearing up for next year's changes. One of the most significant is the amendment enabling consumers to pay for goods or services over the Internet by authorizing ACH debits to their accounts. Starting March 16, financial institutions can use the new WEB SEC code to classify these special transactions. Close on the heels of this change is the new TEL SEC code, an amendment allowing one-time authorizations over the telephone for debits to consumer accounts. This transaction is in the pilot stage and becomes effective Sept. 14, 2001. Watch for training seminars on these changes and others coming next year.
Upcoming SFE Training Sessions
The 2001 Southern Financial Exchange (SFE) training schedule is enclosed in this issue of Payments Quarterly. For more information on these classes, visit its web site at www.sfe.org.