Every year, storm seasons threaten to disrupt our normal routines, both personal and business. You can rest assured that Federal Reserve Bank Services has procedures in place to maintain vital financial services in a wide range of crisis situations. Clear communication is one of the most critical components of maintaining operations during a crisis. Although most hurricane activity usually peaks between August and October, the information below will be helpful at any time during the year if your organization experiences a contingency event.
- Pre-hurricane planning
- Review the Federal Reserve’s Business Continuity Guides for the following services and applications:
- Use the Find Your Contacts tool located on the Contact page to create a directory customized to your ABA. Print and distribute this critical contact information, telephone numbers for regulatory agencies and contingency instructions to your staff and senior management. Keep these important resources at hand in the event of power or internet disruptions.
- Test your contingency back-ups, particularly those systems that are most critical for Check Services, FedACH®, FedCash® and Fedwire®.
- Hurricane watch
- Monitor the Service Status page to view General Notifications and the current operational status of Federal Reserve Bank Services.
- Organizations that elect to close before a mandatory evacuation order has been issued must provide instructions for handling their checks by contacting FedACH and Check Services Customer Support at (877) 372-2457. 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 FedACH and Check Services Customer Support 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.
- To discuss special orders or operating needs for currency and coin, please contact your local Federal Reserve Bank.
- 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.
- Continue to monitor the Service Status page to view General Notifications and the current operational status of Federal Reserve Bank Services.
- 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 FedACH and Check Services Customer Support with instructions for handling checks and FedACH transactions, and/or contact your local account executive.
Remember that the most successful contingency plans entail solid planning, frequent testing, strong leadership and active communications with business partners. If you have any questions, please contact your Federal Reserve account executive.