New Billing Initiatives Implemented
to Address Customer Concerns

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In 1999 a national survey, conducted by Walker Information Inc., targeted a number of areas for potential improvement in the level of customer service provided by the Federal Reserve System. One specific area identified as needing improvement was the monthly billing process. In an effort to improve relationships with our cutomers, several initiatives are now under way to address these concerns.

Some improvements have come immediately, while others are more long-term. Our focus is a two-pronged effort. We will provide educational materials that will help customers and Reserve Bank staff better understand the information found in the billing statement. We are also developing a technical solution that will offer our customers not only flexibility in the amount of information received, but a tool to obtain and manipulate information that is relevant to their respective institutions.


Electronic Delivery

As we continue to enhance electronic delivery systems, the Federal Reserve Bank of St. Louis urges customers to consider one of the new delivery options for the monthly Summary Statement of Service Charges. Electronic delivery is free, convenient, safe, fast and dependable. The following briefly describes electronic statement delivery options available to you:

• FedLine® delivery in print display format provides the flexibility of receiving a copy of your statement. Statements are available for delivery after the close of business on the fifth business day of every month.

• FedMail® e-mail delivery provides all customers with another option for electronic statement delivery, without the requirement of a FedLine terminal. Statements are available for delivery on the morning of the sixth business day of every month.

• FedMail fax delivery provides customers with an electronic statement delivered through your fax machine. Statements are available for delivery on the morning of the sixth business day of every month.

To sign up for electronic delivery, contact Gary Auer at (314) 444-4623 or Lynn Neal at (314) 444-4296. Both Auer and Neal can be reached toll-free at 1-800-333-0810.


Account Management Guide

The Account Management Guide (AMG) has been enhanced to include annotated copies of the Billing Summary Statement of Service Charges, the Detail Statement of Service Charges and the Tiered Statement. It can be found on the Financial Services web site at www.frbservices.org. From there, choose "Accounting" from the list of services, then select "Customer Reference Guides" from the list of options at the bottom of the Accounting page. The AMG is available in PDF format.


Brochure

A brochure entitled "How to Read Your Federal Reserve Summary Statement of Service Charges" has been designed as a tool for a customer with a question regarding a particular field of the billing statement. Each section is marked to allow the customer easy access to a particular portion of the statement. As in the AMG, the brochure contains an annotated summary statement. It also contains a high level overview of the billing process. A copy of this brochure will be mailed to all billing customers by year-end.


Product Code Dictionary

The billing application uses product codes to identify specific services that a customer receives from the Federal Reserve. At this time, there are more than 3,400 product codes identifying the services provided to our customers. The descriptions that accompany these product codes on the billing statement are sometimes confusing, especially for those customers receiving services across multiple districts.

To provide an up-to-date, easy-to-use alternative, Billing is developing a Product Code Dictionary (PCD) that is expected to be complete for use with your January 2001 statement. The PCD is a repository of all product codes and their associated information that will be loaded on the Financial Services web site. A "Clearing Balance Calculator" will also become available at the same time the PCD is introduced.


Data Access System (DASy)

Also under development is the Data Access System, currently known as DASy. DASy is a web-based product that will provide customers with the ability to receive their statements with "drill down" capabilities. It will also allow customers to print single or multiple pages, or their entire statements, in PDF format. DASy is expected to be rolled out as a pilot program in the third quarter of 2001, with implementation available to customers at the beginning of 2002.

For additional information about any of these billing initiatives, contact your local account executive.