The Ops Stop provides your organization with a one-stop shop full of helpful operational resources offered by the Federal Reserve Banks. For this installment of the series, we are featuring the FedCash® Services Deposit Visual Reference Guide, which we hope your institution will find helpful.
Did you know that the Federal Reserve Banks processed about 34 billion notes last year at our 28 processing facilities across the country? That’s a lot of currency! In order to keep those processes running smoothly, it’s critical that all financial institutions depositing currency and coin with their local Federal Reserve Bank closely follow the same depositing guidelines.
The Deposit Visual Reference Guide was created to provide financial institutions with pictorial, step-by-step instruction for all of the different components of and scenarios for depositing currency and coin. The guide outlines what to do and what not to do when preparing:
- Bags or containers
- Contaminated or mutilated currency
It is important that your institution follows these guidelines carefully, because if you don’t, your deposit may be rejected by the servicing Federal Reserve Bank and returned to your institution at your expense, or differences associated with errors may be charged to your institution. The guide is a supplement to the Cash Services Manual of Procedures (CSMOP) (PDF) and does not include all requirements.
The guide was revised in March of this year, and is also available in a printable format (PDF) so you can keep a hard copy handy.