FedCash® Services: Holiday Currency Discontinuation
Beginning this year, the Federal Reserve is permanently discontinuing holiday currency special ordering periods. The Reserve Banks suspended holiday currency special ordering periods in 2020 and 2021 due to the COVID-19 pandemic. We are now making this a permanent change, allowing the Reserve Banks to increase their ability to meet daily demand for currency.
While the holiday currency special ordering periods are being discontinued, the Reserve Banks continue to pay out new currency to depository institutions in all denominations periodically throughout the year.
If your institution needs new currency for the holiday season, we recommend setting aside new notes as you receive them.
For questions related to this change, please contact the Customer Contact Center. If you know of others in your organization that should be notified of these types of operational changes, please share this article.
While the Federal Reserve and the cash supply chain continue to address operational challenges posed by the COVID-19 pandemic, the Federal Reserve Banks have sufficient currency reserves to meet the needs of depository institutions.
To operate efficiently and minimize printing costs for new currency, Federal Reserve Banks generally fill orders for currency with fit notes first and then with new notes. Due to unprecedented demand for currency during the pandemic, the Reserve Banks have paid out higher amounts of new currency over the past 24 months, substantially increasing the number of new notes received by depository institutions.