Check/Check 21 Services
Important information about revisions to Operating Circular 3, effective April 11, 2012
April 15, 2012
The Federal Reserve Banks made revisions to Operating Circular 3 (OC 3) , to reflect the changes associated with savings bonds deposited in image and paper cash letters. These changes became effective April 11, 2012.
Appendix C (Redeemed Savings Bonds and Savings Notes)
This appendix has been completely revised to add details regarding how redeemed savings bonds will be processed, whether submitted in paper or image form. Among the changes are the following:
- Paragraph 1 provides general information regarding the processing of redeemed savings bonds and savings notes, including a description of how savings bonds can be submitted and which series are eligible to be sent in image form
- Paragraph 2 describes the processing of imaged savings bonds
- Paragraph 3 describes the processing of paper savings bonds
To help financial institutions prepare for the changes in the revised OC 3, a Summary of Key Changes is available for review on our Operating Circulars page.
Your continued use of the Federal Reserve Banks’ Check Services on or after the effective date of April 11, 2012, will constitute agreement to the terms in OC 3. For this reason, it is important that you review the changes and plan for any operational impact to ensure your continued compliance.
For questions, please contact your account executive or Check Services Customer Support at (877) 372-2457.
Announcement
The Federal Reserve Banks made revisions to Operating Circular 3 (OC 3) , to reflect the changes associated with savings bonds deposited in image and paper cash letters. These changes became effective April 11, 2012.
