Federal Reserve Banks accept only genuine, U.S. currency for deposit. Deposits of the following are NOT accepted at the Federal Reserve Banks:
Institutions should forward counterfeit or unlawfully altered currency directly to their local U.S. Secret Service office. If the Federal Reserve Banks detect counterfeit or unlawfully altered currency in an institution’s deposit, it is forwarded to the Secret Service, and the institution is charged for the difference.
Employees preparing currency for deposit with the Federal Reserve Banks should reference the following Deposit Quality Standards periodically to ensure your institution is following the proper procedures.
Currency Deposit Quality Standards:
For details about currency depositing procedures, please refer to the Cash Services Manual of Procedures. To view examples of correct and incorrect deposit procedures, please refer to the Deposit Visual Reference Guide.
In accordance with the Federal Reserve’s Recirculation Policy, which has been in effect since March 2006, institutions should carefully review their deposit and order practices to avoid cross-shipping or, in cases where cross-shipping is necessary, plan for payment of a Recirculation Fee.
As of July 2007, a cross-shipping fee is charged to institutions that deposit fit $10 or $20 notes at a Reserve Bank and then order the same denomination, above a de minimis amount, during the same business week within a Federal Reserve Bank Zone or Sub-zone.
Please refer to the Currency Recirculation Policy for details.
For each endpoint, normal cash service is one deposit and one order of currency per week. The Federal Reserve Bank recognizes that factors such as volume and cost may require less frequent service to some endpoints and more frequent service to others.
We may, at our discretion, reduce cash orders to maintain currency inventories. The Federal Reserve Bank may refuse deposits, defer or reverse credit, and/or return deposits if a Depository Institution fails to comply with any of the terms of Operating Circular 2. Returns are at the Depository Institution's risk and expense.
Please refer to the Uniform Cash Access Policy (UCAP) (PDF) for additional information.
As announced on October 21, 2013, the Federal Reserve Banks’ FedCash Services introduced two new optional FedLine® access roles, the Deposit Notification (DN) Only for Depository Institutions (DI) role and the DN Only for Armored Carriers (AC) role, which are available to FedCash customers who submit deposits in the following Districts: Atlanta, Minneapolis, Kansas City and San Francisco.
These new, optional roles allow organizations to limit a Subscriber’s access to only depositing functionality. For example, a Subscriber with one of these roles can enter deposit notifications and view deposit reports for specific endpoints to which they have been granted access by a Subscriber at the DI with the Administrator role. Below is a description for each role and the process for signing up to use these roles.
The DN Only for DI role allows a DI to restrict its Subscribers’ access to depositing functionality only for certain endpoints. Access to each endpoint must be approved by a Subscriber with the Administrator role for the endpoint. The role restricts an employee who enters deposit notifications from also entering orders. The new role also provides an organization with additional flexibility in assigning access to staff members based on their responsibilities. For example, if a Subscriber has the responsibility to enter orders and deposits for the DI, the DI can request the existing “User” role for the Subscriber. If a Subscriber’s responsibility is limited to entering deposit notifications, the DI can request the new DN Only for DI role for the Subscriber.
The DN Only for AC role allows a Subscriber at an armored carrier, with a DI’s consent1, to submit deposit notifications on behalf of the DI. With this role, the armored carrier can enter deposits and view deposit reports for specific DI endpoints, but an armored carrier’s Subscriber could not enter orders for the DI’s endpoints. In addition, a Subscriber at the DI can view reports of deposits that the armored carrier entered on its behalf.
1The armored carrier’s access to each endpoint must be approved by a Subscriber at the DI with the Administrator role for the endpoint.
If a DI would like an armored carrier to submit deposit notifications on its behalf, then the DI should work with its carrier(s) to sign-up for the role using the following process.
Note: If the AC does not have a CIN or OAL on file, please contact the following representatives for assistance.
For the CIN setup process, contact your local FedCash Services District Contact for assistance. (Note: This process may take 5 – 7 business days.)
For the OAL setup process, contact the Federal Reserve’s San Francisco Accounting Department at (800) 309-6156. (Note: This process may take up to 30 business days.)
If you have questions about the sign up process, the EUAC or Subscriber Request Form, contact the Customer Contact Center (CCC) at (888) 333-7010, option 1.
If you have questions regarding the new DN Only roles, contact your local FedCash Services District Contact.
The armored carrier’s access to each endpoint must be approved by a Subscriber at the DI with the Administrator role for the endpoint.
Standard units for depositing and ordering are as follows:
(1,000 Notes/10 Straps)
|Standard ABA Color Code|
Institutions may order currency via FedLine® Web.
Address comments and questions to the Federal Reserve Bank Services Webmaster.
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