Treasury Check Processing Sites Consolidated

During the second quarter of 2002, Treasury check processing will be consolidated from eight processing sites into four. The Federal Reserve Bank of St. Louis has been chosen as one of these sites, along with the Federal Reserve banks of Atlanta, Philadelphia and Richmond.

The selection of these four sites as the processors of Treasury check volume was based on certain criteria, including low processing costs and quick turnaround time. Information from the first six months of 2001 was used to rank the sites, and the St. Louis office was No. 1 out of the group. Now, St. Louis is leading the consolidation project.

The consolidation was made possible by the decreasing volume of Treasury checks seen in recent years. It comes on the heels of an initial consolidation in 1997, when 12 processing sites merged into eight.