Since April, the St. Louis Fed has been using an automated system to research and monitor all customer adjustments requests. The new system offers a variety of features to improve efficiency and enhance customer service.
In addition, the automated system includes an interface to Fedline, enabling all Fedline requests to be handled same-day. The Fedline connection also provides other check reporting options, including mixed cash letter availability and autocharge reports.
On May 23, all Eighth District customers began receiving telephone and paper advices of Fedwire funds transfers credited to their accounts in a slightly different format. The new, more comprehensive, format offers increased opportunities for automation of funds transfers; eliminates the potential for truncation when payment orders are received from other large-dollar payment networks; and permits the inclusion of more complete information. The origination of funds transfer messages in the expanded format is scheduled for implementation in the second half of 1997.
The St. Louis Fed is now offering a service that enables area financial institutions to provide their customers with uninterrupted payments processing in the event of a disaster. Through this new contingency service, institutions are able to receive MICR transmissions of their customers' check data and image files of the actual checks at a predetermined back-up site.
To activate the service, institutions must pay a one-time set-up fee of $500 and a monthly maintenance fee of $25. In return, they receive an initial test of the connection and systems to ensure workability, as well as biannual check-up tests. If a disaster were to occur, institutions could receive MICR line transmissions, check images or both. If these processing services are ever provided, the normal fees will be charged.
Accounting contacts have changed for Federal Reserve account holders in the Little Rock, Louisville and Memphis zones. To ensure that we continue to maintain a high level of customer support in an interstate branching/automation consolidation environment, all Eighth District institutions will now be assisted by St. Louis staff.
Questions on payments system risk policies, overnight overdrafts, reserve and clearing requirements, account management and balance monitoring should be directed to the Payments Risk Management staff in St. Louis. Questions on accounting and billing statements, mergers, account reconciliation, signature cards and Fedline should be directed to the Customer Accounts and Access Support staff in St. Louis. All Little Rock, Louisville and Memphis account holders should have received a detailed list of accounting contacts and their telephone numbers earlier this year. If you did not receive the list, or if you have questions, call Hillary Debenport at (314) 444-8488 or your current Fed Accounting Department.
The St. Louis Fed has announced the appointment of Andrea Eddy to officer in its Little Rock Branch. In her new position, Eddy is responsible for the Branch's Check/Data Processing Department, as well as Accounting/Personnel and Community Affairs. Eddy will also accompany account executive Danny Wilson on visits to Little Rock-area bankers. Eddy has been with the Federal Reserve System since 1990.