FRBServices announces quality improvement initiative

The January 15 issue of FED360° introduces a quality improvement initiative for Federal Reserve Check Adjustment Services. The Federal Reserve Banks will charge a quality fee to depositing institutions for quality issues within work deposited with the Federal Reserve Banks. Additionally, the Federal Reserve Banks will charge a quality fee for cases submitted with incorrect or incomplete information that resulted in the prevention of automatic resolution of the request. These quality fees are designed to encourage greater efficiency through proper case submission and improved deposit practices.

A per item fee of $0.50 will be charged to a depositing bank when an adjustment case is opened with the Reserve Banks for an item that was either incorrectly encoded or deposited more than once by the same institution. A fee of $2.50 will be imposed on a financial institution that provides incorrect or incomplete information when opening an adjustment case with the Reserve Banks. The $2.50 fee is only applicable to adjustment cases that would have resolved automatically had the case been submitted correctly. The fees apply to items processed on or after January 2, 2019, and any adjustment cases received on or after January 14, 2019.