The financial services industry continues to experience growth and expansion of electronic payment alternatives. This evolution has set the stage for the Federal Reserve banks to further enhance product offerings while simplifying the way customers do business with the Reserve banks. This year, fee increases generally affected non-electronic payment processing services.
Fee reductions are realized on select services in the FedForwardSM check product to reflect the efficiencies associated with end-to-end electronics. Prices on check items drawn on electronic endpoints are reduced on average 12.5 percent. The Federal Reserve banks also modified the FedForward deposit deadlines. The 11 a.m. deadline has been eliminated, and additional deadlines have been added for 3 p.m. and 6 p.m. Eastern time.
To encourage the migration from paper to electronic check clearing, the Federal Reserve Plus price for services has been reduced by $0.001. The $0.002 per item FedReceiptSM billing credit has been replaced with a $0.003 deposit discount for forward collection. The FedReceipt returns deposit discount increased from $0.02 to $0.03.
For more detailed information, refer to the 2007 local Check Service fee schedule at www.frbservices.org/servicefees/index.html.
The Federal Reserve offers seasonal credit to qualifying community banks to help them meet the seasonal needs of their local customers. Frequent qualifiers are community banks that experience yearly fluctuations in their deposits and loans, caused by construction, farming, college or resort activities, municipal financing and seasonal businesses.
All Federal Reserve loans must be secured to our satisfaction. We apply a flexible, market-based rate to all outstanding loans.
For an application and a brochure, please visit our web site at www.stlouisfed.org/banking/creditl. If you would like to learn more about the program or obtain answers to questions you may have about collateral or the borrowing relationship, please contact Gloria Dampier or anyone in our Credit office at 1-866-666-8316 or via e-mail at firstname.lastname@example.org.
"FedForward" and "FedReceipt" are service marks of the Federal Reserve banks. A complete list of marks owned by the Federal Reserve banks is available at www.frbservices.org.