Storms can cause major disruptions to business operations at a financial institution. However, solid preparations can help ease frustrations and promote business continuity in crisis situations.
The Federal Reserve Banks have procedures in place to maintain vital financial services in a wide range of crisis situations. The Federal Reserve prioritizes clear communications, through our Service Status application and a variety of other tools, to help maintain operations during a crisis. The information below will be helpful any time your organization experiences a contingency event throughout the year.
- Keep important resources, such as contingency instructions for staff and senior management, at hand in the event of a power or internet disruption.
- Maintain up-to-date contact information for regulatory agencies and Federal Reserve contacts. You can use the Find Your Contacts tool to create a directory customized for your ABA — be sure to print and save this information in a safe place.
- Test your contingency backups, particularly those systems that are most critical for Check, FedACH®, FedCash® and Fedwire® Services.
- Review the Federal Reserve’s Business Continuity Guides for the following services and applications:
- Monitor the Service Status page for real-time notifications, messages and alerts about the current operational status of Federal Reserve Bank Services. The Service Status page offers key updates regarding any changes in service and is the best tool to obtain the most current information during a storm watch.
- Organizations that elect to close before a mandatory evacuation order has been issued must provide instructions for handling their checks by contacting the Support Center. Please note that accounting and settlement dollars for those transactions will continue to flow to your account even if the work is held or redirected. Therefore, it is important to monitor and maintain sufficient balances in your account.
- FedACH customers should contact the Support Center regarding alternative receiving point and sending point arrangements.
- If applicable, utilize your organization’s secondary Virtual Private Network (VPN) device or Wide Area Network (WAN) connection to access FedLine at a contingency site. For more information, visit the FedLine Advantage® and FedLine Command® Business Continuity Quick Tips page.
- To discuss special orders or operating needs for currency and coin, please contact your local Federal Reserve Bank.
- Continue to monitor the Service Status page to view the status of the Federal Reserve Bank Services and any follow-up instructions due to a disruption.
- Review the latest guidance for depositing contaminated currency. For more information, please visit the Contaminated Currency and Coin page. To discuss special orders or operating needs for currency and coin, please contact your local Federal Reserve Bank.
- If you resume operations at your site or a contingency site, we ask that you provide the current status of your operations and business resumption information. Contact the Support Center with instructions for handling checks and FedACH transactions, and/or contact your local account executive.
Remember that the most successful contingency plans entail solid preparation, frequent testing, strong leadership and active communications with business partners. If you have any questions, please contact your Federal Reserve account executive.