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Fed Contacts

Fuel Surcharge Added for Mixed and Other Fed Cash Letters

The recent rise in costs associated with fuel products has had a significant impact on business and individual consumers. Because of fuel increase clauses in vendor contracts, the Federal Reserve has seen aviation fuel prices associated with check transportation increase substantially.

Because of the significant and unforeseen increases in our transportation costs, the following surcharges became effective June 1, 2004:

• A surcharge of $0.35 per cash letter is being assessed on all forward and return cash letters containing Other Fed items. This includes all mixed and Other Fed deposits.
• A surcharge of $0.0005 is being assessed for each consolidated item shipped via the Check Relay network. Note that direct send cash letters transported via private vendors are not affected by the surcharge.

Although the Fed expects the surcharges to remain in effect at least through the end of 2004, it will review them within 120 days of implementation, while continuing to monitor the effect of fuel costs on Fed operations.

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