In response to customer recommendations, the Fed is taking steps to improve the delivery, clarity and utility of its billing statements. In October, the St. Louis Fed began offering new electronic delivery options for the monthly Summary Statement of Service Charges. Now institutions can receive their summary statements on the sixth business day of the month via FedMail®, the Fed's fax or e-mail delivery service, at no charge. To register for this service, call Gary Auer at (314) 444-4623.
Look for a new billing product code dictionary on the Fed's Financial Services web site, www.frbservices.org, in February 2001. Using this online tool, institutions will be able to research information on specific billing codes, including product descriptions, deadlines, rates and availability.
A new web-based billing data access system is in the works for February 2002. Nicknamed DASy, this system will provide institutions with summaries and details on Fed service charges, as well as information on charges for respondents and sub-accounts. Developers are also working on a function that would give institutions the ability to download billing data for their own use.
The Fed has already presented a DASy prototype to focus groups representing more than 30 financial institutions nationwide. The system will be fine-tuned early next year before testing begins in June.