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The Fed will eliminate by the end of 2006 check supplemental statements sent to customers. The statements include delivery of check advices, advices of auto charge, and basic and premium check activity. Once these statements are terminated, financial institutions in the Eighth District need to use accounting tools such as the Fed's web-based Account Management Information (AMI) system to view check information.
AMI offers customers real-time access to view intra-day account activity, download statements and search for specific transactions. The transition to AMI will provide financial institutions with a standard and more efficient method for obtaining check supplemental information.
In coming months, each Eighth District financial institution will receive an announcement letter, additional communication and training materials to help it select which AMI services will best suit its account management and reconcilement process. The institution will then have 90 days from the receipt of its announcement letter to convert to AMI or other online accounting tools. All conversion materials will be sent to the institution's check operations officer. Whereas cutoff dates vary for each customer, the sunset date for all check activity statements is Dec. 31, 2006.
Financial institutions that have access to AMI and wish to terminate their check supplemental statement prior to their scheduled conversion date should send a request to email@example.com.
For more information on the "Check into AMI" conversion process or helpful AMI training tips, visit www.frbservices.org or call Ranada Williams at (314) 444-8343 or 1-800-333-0810, ext. 44-8343.
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