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Fact: Fed's Fax Far Faster

The Federal Reserve Bank of Philadelphia announced a new payor bank service called Reject Information.

This reject information service allows faxing of rejected items in those cases where the account information cannot be corrected in time.

The checks are faxed because they are required by payor bank customers for cash management purposes, but would not be received in time if sent by normal courier transportation.

The depository financial institution's account and the presentment of the original item occur in concert with normal processing. The faxed copies of the rejected items provide more timely information and allow enhanced cash management capabilities to the depository financial institution and its corporate customers.

The fee for the service is $2 per faxed check, and the service begins for third district customers on August 1, 1991.

BANKERS' HOTLINE has been unable to determine if any of the other Federal Reserve Districts are offering this service. You may want to check with your account manager at your local Fed.

Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 7, 8/91

First published on 08/01/1991

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