Ready, Set, in accordance

The Federal Reserve Bank has recently updated its services operating cash 2nd Circular This update is for all banks and retailers. What is the compliance information for new mean? Are you compliant? In this article, we summarize the key changes to ensure that your deposits are in agreement.

Time deposit NEWS
Under the new compliance with all foreign currency deposits that are the use of plastic bags:

• Make a tamper-proof seal.
• Do you have a bag thickness of at least 5 million.
• There must be sufficiently clear so that the content is easy to recognize.
• not more than 16 bars.

The notes must be gathered and recorded using the following criteria.

• A bundle consists of 1000 with the same name in ten equal bands per 100 bills.
• You can take include the name of $ 1s to $ 20s, a declaration must be the full width of 1,000 meters in 10 of the same name.
• For parts of $ 50 or $ 100, can be made a deposit in the standard loop 100 items, or across the bundle.
• Each 100 notes should be a loop around it.
• Straps should be color coded, with bone, with the existing standards of the American Bankers Association (ABA comply).
• Use white instead of brown or beige straps provide for better color contrast.
• Use a large and light, the lettering on the stamp you use to read the strap currency mark.

NEWS processing parts
The compliance measures are also dealing with new coins. Coin deposit can be made within two cloth bags with traditional standard joints or plastic bags.

If you use plastic bags, they must meet the following requirements:

• Must have a tamper-evident seal.
• Must be used with a reinforced handle is able to be a crash test with a 100 + lb loads increased production.
• The plastic film that makes the bag, it must ensure a minimum thickness of 6.5 million to the sustainability of the bag.
• The size should be closer than the standard canvas bag.
• The content must be clearly visible through the packaging material.
• Each bag has a label on the opposite side of the handle, the name, dollar amount, the applicant's name and routing number.

If you cloth bags to use for parts depots, the bag must meet the following requirements:

• Each canvas bag has a color-coded tag.
• The label must include the name, dollar amount, the name of the applicant institution and its number.
• Coin must be sorted and packed by name.

The Federal Reserve Bank may withhold a deposit if the integrity of a plastic bag or canvas seems to have been compromised, or if a seal is not effectively prevent access to the contents of the bag.

Do not wait to act on one of your deposits will be rejected. Accepting this new compliance rules are simple and can be used only a small change in the type of plastic and cloth bags. Act now to ensure that you meet the latest requirements of the Federal Reserve Bank.