Paper Check Services Setup
Thank you for choosing Paper Check Services. We are excited to work with you to make this a smooth and easy transition. Following are the steps you will need to take to streamline your implementation process, including contacts to help you with questions you might have. If you need overall advice in any step of the process, consult your relationship manager.
Step 1 – Review Rules and Regulations
Federal Reserve Financial Services use is governed by applicable Operating Circulars (OCs). In addition, the Board of Governors of the Federal Reserve System has responsibility for implementing certain laws pertaining to a wide range of banking and financial activities. The following apply to Paper Check Services.
OC 3: Collection of Cash Items and Returned Checks
Applies to the handling of all cash items that we accept for forward collection and all returned checks that we accept for return.
Regulation J (Off-site)
Collection of checks and other items by Federal Reserve Banks and funds transfers through Fedwire® Services.
Regulation CC (Off-site)
Includes regulations concerning availability of funds.
Step 2—Review Processing Documentation
Resources are available to help you use the services to their fullest potential. Before your start date, it is good to become familiar with the following information:
Step 3—Complete Forms/Agreements
Now that you've determined the service features that are right for you and have reviewed the processing documentation, you can proceed to document all your decisions in the required forms.
The following link includes the most common forms and agreements that may be required for implementation, but additional forms and agreements may be required by your Federal Reserve Bank. Please contact your relationship manager to determine if additional forms are required.
Questions? Contact Customer Support at P: (877) 372-2457.