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Update on Cash Operations Consolidations

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Update on Cash Operations Consolidations

In July 2003, the Eighth District announced that it planned to consolidate Little Rock cash processing to the Memphis Branch of the St. Louis Fed and consolidate Louisville cash processing to the Cincinnati Branch of the Federal Reserve Bank of Cleveland. Here are some additional details about those plans.

Little Rock Cash Conversion

The Eighth District has contracted with Loomis, Fargo & Co. to serve as the Little Rock zone cash depot. The Loomis depot is the site from which your contracted carrier picks up outgoing currency orders and delivers incoming currency deposits. The depot operator retrieves your orders and transports your deposits from the Memphis Branch. These changes became effective Oct. 12, 2004.

Please note that order and deposit deadlines have not changed. You will continue to order currency via FedLine^® Web or FedPhone^SM by 3 p.m. on the day preceding disbursement to ensure orders prepared by the Memphis Branch are available to your carrier at the Loomis depot on your normal disbursement date. Deposits will receive same-day credit if delivered to the Loomis depot by the 2 p.m. deposit deadline. Remember that currency deposits to the depot must have their corresponding deposit tickets on the outside of the shipping container instead of the inside.

The Memphis Cash department is striving to provide the same high level of customer service that you have become accustomed to receiving from the Little Rock Branch. A complete list of contact names and numbers is posted online at www.stlouisfed.org under Customer Communications on the Services for Financial Institutions home page. Look for the 8/19/04 letter posted under Cash Operations.

Louisville Cash Conversion

The consolidation of the Louisville Cash Operation will occur in two phases. The first phase will take effect on Friday, Oct. 29, 2004. Beginning that date, all Louisville customers need to order cash shipments from the Cincinnati Federal Reserve office; however, your carrier will continue to physically pick up your currency orders and deposit your currency at the Louisville Federal Reserve office as it does today.

The second phase of the conversion will occur in mid- to late-December and will require your armored carrier to deliver deposits to, and pick orders up from, the Brink’s Inc. facility in Louisville. Customers will receive additional information as details are finalized.

Effective at the opening of business on Friday, Oct. 29, 2004, customers will need to take note of the following changes:

• The Cincinnati Fed’s Cash Operations number is (513) 455-4241.
• The FedPhone toll-free telephone number will change to 1-866-821-0388. Customers’ PIN numbers and passwords will remain the same. Please note that you will be provided with two new menu options for ordering supplies and notification of deposits.
• You must place your orders, either by FedPhone or FedLine Web, by 1 p.m. Eastern Standard Time (EST).

In order to receive timely credit, currency deposits must have their corresponding deposit tickets on the outside of the shipping containers instead of the inside.

The St. Louis and Cleveland banks share a commitment to our Fed customers, and we recognize that success will be measured by the level of customer satisfaction. The entire Fourth District cash staff is committed to providing outstanding customer service to you.

If you have any questions about the conversion process, please contact Scott Jones in Louisville at (502) 568-9222 or Rich Joesting in Cincinnati at (513) 455-4240.

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