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The recent rising cost of fuel products 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 St. Louis Fed expects significant increases in transportation costs; therefore, we must offset this increase by establishing the following surcharges:
Cash Letters: A surcharge of $0.50 per cash letter will be assessed on all forward and return cash letters that contain Other Fed items. This will include all Mixed and Other Fed items.
Check Relay Network: A surcharge of $0.001 will be assessed for each consolidated item shipped via the Check Relay network.
Private Vendors: We will continue our practice of not assessing a surcharge for direct send cash letters sent via private vendors.
These surcharges became effective Dec. 1 and are expected to remain in effect through the first quarter of 2005. The St. Louis Fed will continue to monitor how the cost of fuel affects its business operations and review these surcharges within 120 days. If you have any questions, please contact your account executive.