The Federal Reserve Banks are in the process of amending the Cash Services Manual of Procedures (CSMOP) dated January 4, 2016, to reflect the operational change that depository institutions (DIs) will no longer be required to deposit $50 and $100 denominations faced with the portrait-side forward.
Effective June 25, 2018, DIs may package and deposit notes for all denominations, including $50s and $100s, without regard to direction or facing. The CSMOP addendum is available on the Operating Circulars page under the section for Operating Circular 2 (OC 2) – Cash Services.
The following is a summary of changes for Section 4.2: Preparing a Currency Deposit in the CSMOP.
- Page 7: Packaging requirement instructions remove the portrait-facing orientation requirement for $50 and $100 denominations (changes marked below).
- Page 8: Instructions remove the reference to bank stamp placement for $50 and $100 denominations (changes marked below).
To illustrate the revised depositing procedures defined in this addendum, an updated Deposit Visual Reference Guide (DVRG) is now available.
The following three sections of the DVRG have been revised to address the requirement changes:
- Currency within a Strap: All denominations may be packaged without regard to direction or facing.
- Stamps: For all denominations, the bank stamp on the band may be placed on either side of the strap, without regard to the portrait.
- Straps within a Bundle: For all denominations, straps within the bundle must be arranged such that all bank stamps face the same direction.
There are no changes to OC 2. An official update to the CSMOP is underway, and the Federal Reserve will provide notification when it is published on FRBservices.orgSM.
In the interim, DIs are encouraged to deposit all denominations of bank notes without regard to facing. As a result of this deposit change, the Federal Reserve will begin shipping orders of fit $50 and $100 denominations that are no longer faced.
For questions related to these changes, contact your servicing Federal Reserve Bank Cash office.