New Financial Services Customer - Setup Services or Access
Thank you for choosing Federal Reserve Financial Services. We are excited to work with you to make this a smooth and easy transition. The following steps provide an overview of the setup process with links to detailed service information and contacts who can help you with questions. If you need additional advice in any step of the process, consult your account executive.
Step 1–Discuss setup details with Federal Reserve Bank representatives
If your organization is a newly established financial institution or are an existing financial institution that has not previously done business with Federal Reserve Financial Services, you may call your Federal Reserve Bank account executive. Ensure you have answers to the following questions:
- Is or will your organization be a state, state member or national bank? (State member and national banks are required to have a Federal Reserve Bank account)
- Do you/will you process transactions in-house or via a third-party processor?
- Do you/will you settle via a third-party processor or with the Federal Reserve Banks?
- When are you planning to open your institution for business? (if applicable)
- Have you received approval from Accuity in the form of an ABA/routing transit number? (if applicable)
Step 2–Select Service Options
The Federal Reserve Banks offer robust payment transaction and information services including Accounting Services, Check Services, FedACH® Services, FedCash®; Services, Fedwire® Services, National Settlement and Treasury Services. The following links will help you determine which services and features are right for your institution:
Contact your account executive if you need additional advice.
Step 3–Assess Access Needs
Federal Reserve Financial Services customers have several access solution alternatives for exchanging information and transactions with Reserve Banks. Use the following links to determine which access solution meets your needs and how many of your staff will need access. If you will be using and/or settling via a third-party processor or correspondent, you may only need access to information services.
- Review FedLine® Solutions Services Offerings
- Review the 2021 FedLine Solutions Services Comparison Matrix (PDF)
- Review your security and contingency procedures to ensure that appropriate safeguards are in place when using Federal Reserve Bank access solutions
Contact your Customer Contact Center if you need assistance.
If you are interested in becoming an issuing or paying agent for U.S. Savings Bonds or enrolling in the Treasury Tax and Loan (TT&L) Service, learn how to set up access here.
Step 4–Complete Forms and Implementation Steps
After finalizing your service and access decisions, you can begin implementation by completing the following activities.
- If you will be opening a Federal Reserve Bank account, complete the Board Resolution and Official Authorization List form at least eight weeks before your institution plans to open for business.
- If your organization is not an account holder, and have arrangements with a correspondent, you will need to complete the Non-Account Holder OAL and Board Resolution located with the Board Resolutions and Official Authorization forms.
- Complete the Service Setup steps and forms for the Federal Reserve Financial Services you will be using:
- Accounting Services Setup
- Check Services Setup
- FedACH Services Setup
- FedCash Services Setup
- Fedwire Services Setup
- National Settlement Service Setup
- Treasury Services Setup
- Complete the Service Setup steps and forms for the access solutions you will be using:
- FedLine Direct® and FedLine Command® Setup
- FedLine Advantage® Setup
- FedLine Web® Setup
- FedMail® Setup
Questions? Contact your Customer Contact Center.
Step 5–Congratulations! Begin using Federal Reserve Financial Services
If you are opening a Federal Reserve Bank account, on the day you begin processing through the account, please ensure that an authorized bank official is available at 9 a.m. on opening day for a confirmation call from the Federal Reserve Banks so that your Fed account will formally be opened by noon that same day.
Contact your account executive if you have questions.
Congratulations and welcome to Federal Reserve Financial Services. We look forward to a long and collaborative relationship! You are now ready to begin using Federal Reserve Financial Services. For assistance in day-to-day activities, please review the following: