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Check volumes are continuing to decline at a significant rate as people are increasingly switching to electronic forms of payment. A recent review by the Federal Reserve's Retail Payments Office determined that the scheduled consolidations of St. Louis Fed Check operations with those at other Feds needs to happen sooner.
St. Louis office: Previously, St. Louis Check operations were going to be consolidated with the Atlanta Fed in the first quarter of 2011. This will now take place in the fourth quarter of 2009. Treasury check and postal money orders will continue to be processed in St. Louis after 2009.
Memphis office: After the city fine-sort deposit deadline on Friday, July 18, 2008, Memphis will no longer accept paper checks for processing. Instead, they will be delivered to the Atlanta office. Memphis and Little Rock customers should drop off their work at their respective transit points for transportation to Atlanta.
If you have questions or concerns regarding the consolidation, call Sales Support at 513-455-4242.
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Fed in Print: An index of the economic research conducted by the Fed.