Payments Quarterly - Winter 2000

Some District Fees Changing to Reflect National Standardization Efforts

Check Modernization Initiative in Full Swing

ReserveNotes

Staffing Changes in Financial Services Division Announced

New Billing Initiatives Implemented to Address Customer Concerns

More State Quarters Coming

Several Forms Now Available On-line

Title Page

Several Forms Now Available Online

ACH Agreement

A renowned benefit of offering ACH services is cutting down on all the paper! Yet getting started is anything but electronic. The process just got a little easier. The primary start-up requirement for ACH processing through the Federal Reserve--the ACH Participation Agreement--is now available online at www.stls.frb.org/banking/financial.html

All financial institutions must complete this document and send it to the Fed before originating or receiving ACH items. While we can't accept the form electronically, you can print it out without waiting for the Fed to mail or fax you a blank copy. An added bonus--instructions for filling out the form are online, too!

Adjustment Form

The adjustment form can now be found in PDF format on the Fed's web site at www.stls.frb.org/banking/check/distck.html. Once you access this form, you can complete it on-line, then print it out and return it along with your supporting documentation for resolution. To ensure your adjustments are processed without delay, avoid making the common errors listed below:

• Paid cases are marked as an "ERR" or "DUP" entry

• Insufficient documentation is sent in--check the Quick Reference Guide

• Mis-sorted items mistakenly come in on an adjustment form, rather than a mis-sorted form

• Form is not appropriately marked as "Forward," "Return," "PMO" or "Gov't"

• Form is not filled out completely--information is missing

• Encoding errors come in with only one copy when two copies are required

• Copies of the back of checks are not sent in with form

• ABA number is missing from correspondence

• The Fed's reference number is not included on correspondence

• The Fed is not notified when an adjustment is sent in error

Cash Letter Form

In the event you run out of cash letter forms, we have posted a generic version on our web site at www.stls.frb.org/banking/check/distck.html. You can complete this form online as well, then print it out and submit it with your cash letter. Following are some tips to help you complete your cash letter form accurately:

• Be sure to include the item count of your deposit. If work is separated from the cash letter, the Fed can reconstruct your deposit with better accuracy.

• Make sure handwritten numbers are clear and legible to prevent errors in crediting.

• The cleaner the work, the fewer the rejects. Be sure to remove staples and use carrier documents for mutilated items.