The Federal Reserve System will introduce in July a new service fee for cross-shipping activity and a necessary pricing change to the Uniform Cash Access Policy (UCAP) fee. The changes will come via FedCash®, the Fed's service that ensures institutions have sufficient supplies of currency and coin.
First, a $5 fee will be charged to depository institutions that cross-ship $10 and $20 notes (deposit and order fit notes within the same business week). The fee will be billed quarterly and applied to each bundle ordered or deposited above the 875-bundle de minimis exemption. To learn more, visit www.frbservices.org/Cash/CurrencyRecirculationPolicy.html.
Second, the UCAP fee will be standardized. Starting July 2, all depository institutions will be charged a uniform fee of $35 per deposit or order above the basic level of free access. This pricing change represents a $15 increase for Eighth District customers. For more information, visit www.frbservices.org.
For further assistance, visit the respective web sites or contact your local FedCash Services representative: Rich Harper (St. Louis) at 314-444-8323 or Ranada Williams (Memphis and Little Rock) at 901-579-2412.
* FedCash is a registered trademark of the Federal Reserve banks.
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