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The St. Louis Fed has begun offering a new check enhancement called Explicit Float Pricing. This option enables financial institutions to receive a single credit for the total dollar amount of each Mixed and Other Fed cash letter deposited. The daily float fee includes the aggregate float charge, reduced by 10 percent, and multiplied by the New York fed funds rate. This total is then divided by 360. Like other Fed services, fees may be offset with monthly earnings credits. While accounting statements will reflect a single credit, institutions will still be able to track deferred dollars. The Fed will continue to provide a mixed advice with a complete breakdown of cash letter deposits.
On Nov. 15, the U.S. Treasury Department unveiled new designs for the $10 and $5 bills. Like the changes made to the higher denominations, the new designs incorporate security features intended to deter counterfeiting. The new series 1999 bills will not be issued until mid-2000. In the interim, the Treasury, Federal Reserve, Secret Service and Bureau of Engraving and Printing will launch a comprehensive public education effort to provide informational materials and training for bank tellers, retailers and other cash handlers. For more information, visit the Treasury's web site at www.bep.treas.gov.