We're Still Listening!
In the last issue of Payments Quarterly, we included a couple of "We're All Ears" feedback cards. We asked your opinion about two things: whether you found our new Services Directory to be helpful and about your overall impression of our customer service. Of those who returned the card, 100 percent found the directory to be helpful, and here's what you told us about our customer service. In the categories product knowledge and responsiveness to problems, 50 percent stated you were very satisfied, while 50 percent stated you were satisfied. In the category courtesy and professionalism, 60 percent stated you were very satisfied, while 40 percent were satisfied. We're pleased with these results and appreciate those who took the time to let us know how you feel. But we want you to know that we're still listening and would like more input from you. We want to know not only what we're doing right, but also what we need to work on. The next time you contact the Fed, please take a minute to fill out a feedback card and send it to us. If you need more feedback cards, your local account executive would be happy to send you a supply. See the Fed contact listing on the back page of this newsletter.
ACH Finality Now in Effect
ACH Settlement Day Finality officially began June 25. As reported in the spring Payments Quarterly, this policy change makes credit for ACH credit originations final when posted to financial institution accounts at 8:30 a.m. ET on settlement date rather than 8:30 a.m. ET the business day following settlement. To read more about ACH Settlement Day Finality, a guide is available at www.frbservices.org. Select "FedACH" under "Service Information" and then click on "Operations and Processing."
ACH Web Site Streamlined
The next time you visit the FedACH page on the national Financial Services web site, you will notice information is easier to find. New material has been added, and existing information reorganized to streamline the site and enhance its functionality. You can now find information on the Federal Reserve's ACH products under the "FedACH Services" link, while "Operations and Processing" leads to the Participation Agreement, Fed deposit schedule and new E-Payments Routing Directory. We encourage you to visit the site often and read the latest news on government electronic payments, ACH rules and regulations and Direct Deposit/Payment promotional materials. The page also connects with other useful web sites containing ACH information, such as NACHA and the U.S. Treasury. See for yourself! Visit www.frbservices.org and click "FedACH."
Counterfeit Warning!
Be on the lookout for a new variety of counterfeit $20 bills being passed around the St. Louis Zone. These counterfeit 1985, old series $20 Federal Reserve Notes contain the same identifiers. The counterfeiter is using various serial numbers, and the Federal Reserve has detected repeats of the serial numbers. Some characteristics to watch for include: • On the front of the bill--within the green Treasury Seal--the word "Treasury" is misspelled as "Treasory." • On the front of the bill, in the left-hand corner, the quadrant number is "H3." • On the front of the bill, in the right-hand corner, the face plate number is "H41." • On the back of the bill, in the right-hand corner, the back plate number is "394." If someone attempts to pass one of the described notes in your presence, please obtain as much information as possible about the individual(s), then pass this information along to your local police department and the U.S. Secret Service at (314) 539-2238. If you detect any of these notes--or any other suspected counterfeit notes--after you've already accepted them, the notes should be submitted directly to the U.S. Secret Service, not the Federal Reserve. The Secret Service will provide you with the necessary forms for submitting counterfeits.