TIP and PATAX FAQs

It's hard to believe that two of the Fed's applications, Treasury Investment Program (TIP) and Paper Tax System (PATAX), have been in place for nearly six months. Since the October 2000 implementation, we've tracked the questions that financial institutions have asked most often. Here are the answers:

Q: How do financial institutions deposit or withdraw securities for TT&L?

A: If a financial institution uses FedLine® for the National Book Entry System (NBES), the request can be keyed in using this method. If a financial institution does not use FedLine, it needs to contact the off-line processing center at the Federal Reserve Bank of Boston. If a financial institution is withdrawing or depositing Definitive Securities, it needs to call the Fed's Little Rock office and speak with Becky Roark at (501) 324-8285 or Christy Vail at (501) 324-8214. Both can be reached toll-free at 1-800-482-9463 in Arkansas or at 1-800-332-0813 outside Arkansas.

Q: My financial institution incorrectly entered an Advice of Credit (AOC) amount. Should we enter another AOC for the difference?

A: No. Do not enter a separate AOC for the difference. Instead, call the TT&L National Customer Service Area at 1-888-568-7343 for assistance.

Q: My financial institution requested an adjustment for an AOC a few days ago. Why haven't we received it yet?

A: Once the adjustment request is received, it is forwarded to the Internal Revenue Service (IRS) by the TT&L National Customer Service Area. It may take up to 20 business days for the IRS to provide authorization for the adjustment to be processed.

Q: PATAX won't accept my AOC. Why not?

A: In conjunction with the TIP and PATAX implementation, a new national cut-off time of 5 p.m. ET was established. If your financial institution is attempting to enter an AOC for Federal Tax Deposit (FTD) coupons received that same business day, it cannot be entered until 5:30 p.m. ET. Procedures state that an AOC must be keyed in the next business day after receiving the FTD.

If you need assistance with future transactions, please contact:

TT&L National Customer Service Area

1-888-568-7343
8 a.m. ET to 6 p.m. ET
FAX 1-866-707-6574 or 1-866-707-6575

PATAX National Voice Response System

Access: 1-888-633-2737
5 p.m. ET Sunday to 4 a.m. ET Saturday
Support: 1-800-333-0871
5 p.m. ET Sunday to 4 a.m. ET Saturday