The Federal Reserve announced in early 2003 the restructuring of its check operations, and the initial reduction-from 45 to 32 check-processing sites-will soon be completed. This August, the Fed announced that nine additional facilities will transfer their work to other locations, further reducing the number of Fed check-processing sites to 23 by early 2006. No Eighth District sites are affected by this announcement.
This decision will further reduce costs and increase efficiency, while still allowing the Fed to provide access to high-quality check-processing services nationwide. The facilities affected are listed in the box.
More information about the Fed's check restructuring initiative can be found on our web site, www.stlouisfed.org, and the national financial services web site, www.frbservices.org. In the Feditorial, Mary Karr, senior vice president of Legal, Public and Community Affairs, discusses what the Eighth District is doing to reach out to communities that no longer have check- and cash-processing sites.
|Offices Closing Check Sites||Offices Acquiring Check Volume|
|Boston||Windsor Locks, Conn.|
|Salt Lake City||Denver|