FedCash® Services Currency Depositing and Ordering

Deposit Process and Standards

Federal Reserve Banks accept only genuine, U.S. currency for deposit. Deposits of the following are NOT accepted at the Federal Reserve Banks:

  • Foreign currency,
  • Mutilated currency,
  • Contaminated currency, and
  • Counterfeit or unlawfully altered currency.

Institutions should forward counterfeit or unlawfully altered currency directly to their local U.S. Secret Service office. If the Federal Reserve Banks detect counterfeit or unlawfully altered currency in an institution’s deposit, it is forwarded to the Secret Service, and the institution is charged for the difference.

Employees preparing currency for deposit with the Federal Reserve Banks should reference the following Deposit Quality Standards periodically to ensure your institution is following the proper procedures.

Currency Deposit Quality Standards:

  • Use only clear plastic bags or clear plastic or metal containers that bear your institution’s identification (logo and/or name);
  • Bags/containers must be securely sealed. Bag seals must be tamper-evident;
  • Bundle the currency by denomination in ten equal straps (100 notes in each strap). A full bag may not contain more than 16 bundles;
  • $1 through $20 denominations must be deposited in full bundles;
  • $50 and $100 denominations may be deposited in full straps or full bundles;
  • Straps of $1 through $20 denominations may be packaged without regard to facing or direction, but must be arranged in the bundle with the bank stamps facing in one direction;
  • Straps of $50 and $100 denominations must be faced (portrait side forward), and the orientation of the portrait may be right-side up or upside down. The bank stamp must be placed on the back of the band, not the portrait side;
  • Bands must be color-coded along the edges according to ABA standards;
  • Banding material must be between 1.00 to 1.57 inches wide, with an approximate weight of 100 g/sqm, and made of paper (not synthetic materials);
  • Each band must be stamped with your institution’s name and ABA routing number, the four-digit endpoint number of the depositing office, dollar amount in the strap, initials or names of the persons who verified the strap, and date of verification;
  • Remove any pins, clips, staples, or rubber bands;
  • Your servicing Reserve Bank may require a deposit document. Consult your local FedCash Services contact for details.

For details about currency depositing procedures, please refer to the Cash Services Manual of Procedures. To view examples of correct and incorrect deposit procedures, please refer to the Deposit Visual Reference Guide.

Cross-shipping

In accordance with the Federal Reserve’s Recirculation Policy, which has been in effect since March 2006, institutions should carefully review their deposit and order practices to avoid cross-shipping or, in cases where cross-shipping is necessary, plan for payment of a Recirculation Fee.

As of July 2007, a cross-shipping fee is charged to institutions that deposit fit $10 or $20 notes at a Reserve Bank and then order the same denomination, above a de minimis amount, during the same business week within a Federal Reserve Bank Zone or Sub-zone.

Please refer to the Currency Recirculation Policy for details.

Frequency of Service

For each endpoint, normal cash service is one deposit and one order of currency per week. The Federal Reserve Bank recognizes that factors such as volume and cost may require less frequent service to some endpoints and more frequent service to others.

We may, at our discretion, reduce cash orders to maintain currency inventories. The Federal Reserve Bank may refuse deposits, defer or reverse credit, and/or return deposits if a Depository Institution fails to comply with any of the terms of Operating Circular 2. Returns are at the Depository Institution's risk and expense.

Please refer to the Uniform Cash Access Policy (UCAP) (PDF) for additional information.

Deposit Notification Roles for Depository Institutions and Armored Carriers for Atlanta, Minneapolis, Kansas City and San Francisco

As announced on October 21, 2013, the Federal Reserve Banks’ FedCash Services introduced two new optional FedLine® access roles, the Deposit Notification (DN) Only for Depository Institutions (DI) role and the DN Only for Armored Carriers (AC) role, which are available to FedCash customers who submit deposits in the following Districts:  Atlanta, Minneapolis, Kansas City and San Francisco.

These new, optional roles allow organizations to limit a Subscriber’s access to only depositing functionality. For example, a Subscriber with one of these roles can enter deposit notifications and view deposit reports for specific endpoints to which they have been granted access by a Subscriber at the DI with the Administrator role. Below is a description for each role and the process for signing up to use these roles.

DN Only for DI Role

The DN Only for DI role allows a DI to restrict its Subscribers’ access to depositing functionality only for certain endpoints. Access to each endpoint must be approved by a Subscriber with the Administrator role for the endpoint. The role restricts an employee who enters deposit notifications from also entering orders. The new role also provides an organization with additional flexibility in assigning access to staff members based on their responsibilities. For example, if a Subscriber has the responsibility to enter orders and deposits for the DI, the DI can request the existing “User” role for the Subscriber. If a Subscriber’s responsibility is limited to entering deposit notifications, the DI can request the new DN Only for DI role for the Subscriber.

Sign-up for a DN Only for DI Role

  1. To use the DN Only for DI role, organizations must have an Official Authorization List (OAL) on file with the Federal Reserve and have access to the FedLine Web® access solution.
  2. To set up Subscribers for the DN Only for DI role, please submit a Subscriber Request Form. Self-Service EUACs are encouraged to submit Subscriber requests via the EUAC Center within FedLine Home.
  3. DIs must also have at least one Subscriber with the FedCash Administrator role who has access to necessary endpoints. To set up Subscribers for the Administrator role, please submit a Subscriber Request Form. Self-Service EUACs are encouraged to submit Subscriber requests via the EUAC Center within FedLine Home.

DN Only for AC Role

The DN Only for AC role allows a Subscriber at an armored carrier, with a DI’s consent1, to submit deposit notifications on behalf of the DI. With this role, the armored carrier can enter deposits and view deposit reports for specific DI endpoints, but an armored carrier’s Subscriber could not enter orders for the DI’s endpoints. In addition, a Subscriber at the DI can view reports of deposits that the armored carrier entered on its behalf.

1The armored carrier’s access to each endpoint must be approved by a Subscriber at the DI with the Administrator role for the endpoint.

Sign-up for a DN Only for AC Role

If a DI would like an armored carrier to submit deposit notifications on its behalf, then the DI should work with its carrier(s) to sign-up for the role using the following process.

ACs:

  1. To use the DN Only for ACs role, the armored carrier must have a 9-digit Customer Identification Number (CIN) and an Official Authorization List (OAL) on file with the Federal Reserve, as well as access to the FedLine Web access solution.

Note: If the AC does not have a CIN or OAL on file, please contact the following representatives for assistance.

For the CIN setup process, contact your local FedCash Services District Contact for assistance. (Note: This process may take 5 – 7 business days.)

For the OAL setup process, contact the Federal Reserve’s San Francisco Accounting Department at (800) 309-6156. (Note: This process may take up to 30 business days.)

  1. The AC also needs to have a defined End User Authorization Contact (EUAC) on file. If the AC does not have an EUAC, please complete the Federal Reserve Bank End User Authorization Contact (EUAC) Form for FedLine Web® (PDF).
  2. To set up armored carrier Subscribers for the DN Only for AC role, the armored carrier will need to submit a Subscriber Request Form for Armored Carriers (PDF) form.

DIs:

  1. DIs must have at least one Subscriber with the FedCash “Administrator” role for necessary endpoints. (To set up Subscribers for the Administrator role, please submit a Subscriber Request Form. Self-Service EUACs are encouraged to submit Subscriber requests via the EUAC Center within FedLine Home.)
  2. Once an armored carrier Subscriber obtains the DN Only role, the DI Administrator must grant endpoint access in order for the armored carrier Subscriber to begin entering deposits on the DI’s behalf.

Training

Online training on how to administer and use the DN Only roles is available via our FedCash Services eLearning tool.

Additional information

If you have questions about the sign up process, the EUAC or Subscriber Request Form, contact the Customer Contact Center (CCC) at (888) 333-7010, option 1.

If you have questions regarding the new DN Only roles, contact your local FedCash Services District Contact

The armored carrier’s access to each endpoint must be approved by a Subscriber at the DI with the Administrator role for the endpoint.

Standard Depositing and Ordering Units

Standard units for depositing and ordering are as follows:

Denomination Standard Strap
(100 Notes)

Dollar Amount
Standard Bundle
(1,000 Notes/10 Straps)

Dollar Amount
Standard ABA Color Code
Ones N/A $1,000 Blue
Twos N/A $2,000 Green
Fives N/A $5,000 Red
Tens N/A $10,000 Yellow
Twenties N/A $20,000 Violet
Fifties $5,000 $50,000 Brown
Hundreds $10,000 $100,000 Mustard

List of Registered Manufacturers of Currency Deposit Bags*

Vendor Info (XLS)

*Optional vendors for all customers except New York customers who must use a vendor from this list.

Access to Currency and Depositing

Institutions may order currency via FedLine® Web.

For more information about FedCash Services processing and operations, visit the service offerings pages or consult your local FedCash Services contact.

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