The FedPayments Reporter Service for Check offers Financial Institutions new reporting capabilities for Checks processed by the Federal Reserve Banks. Reports available within the service are delivered to the recipient in encrypted emails sent by the Federal Reserve Banks. Each report available within the service has a unique configuration and scheduling criteria as discussed below.
To learn more about the benefits of the FedPayments Reporter Service for Check Service, request that we contact you (Off-site) regarding your interest in the service.
The Check Advanced Notice Return Report provides the Bank of First Deposit (BOFD) with advanced notice of return items that will be delivered to it in an electronic return cash letter sent by the Federal Reserve Banks. This enables the BOFD to assess the impact of a check return item earlier in the business day. The BOFD will then have an opportunity to pass select information to its customers, and take its own proactive actions to help protect against fraudulent activity that may result from funds being withdrawn before the return item has been received and processed by the BOFD.
At the time the report is generated, the Advanced Notice Return Report will contain a listing of returns available — received, validated and optionally repaired by the Federal Reserve Banks. The report is available in two formats:
The Advanced Notice Return Reports can be scheduled to be created on the hour over a 22-hour period (between 4 p.m. and midnight, and between midnight and 2 p.m. ET on the next calendar day). Reports will only be created Monday through Friday, and not during any of the Federal Reserve Banks’ holidays.
The report is available only to financial institutions that receive separately sorted electronic cash letters i.e., return cash letters that contain items drawn on only one institution.
Customers need to submit a FedMail® Request Form for the Check 21 FedPayments Reporter service to add the email addresses for delivery of the reports, and the Check 21 Services Agreement FedPayments Reporter - Service Request Form Appendix J (PDF) to receive the report(s). Appendix J includes the information necessary to configure and schedule the report(s).