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The rising cost of fuel has had a significant impact on business operations at the Federal Reserve. Specifically, because the contracts we have with vendors include fuel-increase clauses, we have seen aviation fuel prices for transporting checks increase substantially. The Fed expects significant increases in transportation costs; therefore, we must offset this increase by establishing the following surcharges:
Cash Letters: We will assess a surcharge of $0.35 per cash letter on all forward and return cash letters that contain "Other Fed" items. This will include all mixed and "Other Fed" items.
Check Relay Network: We will assess a surcharge of $0.0005 for each consolidated item shipped via the Check Relay network.
Private Vendors: We will not assess a surcharge for direct send cash letters sent via private vendors.
These surcharges became effective June 1 and are expected to remain in effect at least until the end of 2004. We will continue to monitor how the cost of fuel affects our business operations and review these surcharges within 120 days. If you have any questions, please contact your account executive.