Be Alert for Counterfeit Postal Money Orders
Recently we have noticed an increase in the number of counterfeit U.S. Postal Money Orders being circulated. Please share the following detection tips with your staff. You can tell if a Postal Money Order is authentic just by holding it up to the light. First, look for the watermark portrait of Benjamin Franklin found in the gray oval on the left side of the money order. Second, look for the security thread with "USPS" imprinted on it, located just to the right of the gray oval. The thread will run from the top to the bottom of the money order. Some older money orders will contain only the security thread without the "USPS" imprint. If you find you have accepted a counterfeit U.S. Postal Money Order, please contact your local U.S. Postal Inspection Service office or: Travist C. Wiggins Postal Inspector P. O. Box 771368 St. Louis, MO 63177-2368 (314) 436-6895 Thank you for helping us stamp out fraud. If you have any questions, contact Helm Kurtz at (314) 444-8474 or 1-800-333-0810, ext. 44-8474.
Direct Payment Is Just a Phone Call Away
Signing up for Direct Payment is getting easier by the month. In March, consumers could start initiating ACH debits over the Internet. This September, NACHA further amended the ACH rules to enable electronic debit authorizations over the telephone. These special ACH items are classified by the new Telephone-Initiated Entry (TEL) Standard Entry Class code. Originators initiate TEL transactions in response to a customer's oral authorization over the phone to transmit a one-time ACH debit to his or her account to collect payment for goods and services. TEL entries can be transmitted only in circumstances where the originator and consumer have an existing relationship, defined as when a written agreement is in place between the originator and the consumer for the provision of goods or services (e.g., an insurance policy), or when the consumer has made a purchase from the originator within the past two years. If a relationship doesn't exist, TEL transactions are still acceptable if the consumer initiates the phone call. The rule amendment governing TEL transactions became effective Sept. 14.
Updated Services Directories Distributed
At the beginning of September, Services Directories were revised and distributed to all Eighth District customers. In the printed version of Payments Quarterly, we enclosed another copy of the new directory for your convenience. The updated directories contain the names and phone numbers of your contacts around the Fed. You'll note that the extensions for the St. Louis office have changed from five to six digits, and extensions for the Little Rock office have changed from three to six digits. If you need more copies, you can find the Services Directories posted online at www.stls.frb.org/general/directory or contact Tracie Mueller at (314) 444-8810 or 1-800-333-0810, ext. 44-8810.