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Regulator Gauge
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The New Frb Regulations On Depositing Currency
While the Federal Reserve Bank works to improve efficiencies and services, sometimes the changes can cause confusion for financial institutions. In the fall 2009, they changed the requirements for depositing currency and coin. Now, within a matter of months, they are making another change.
With the initial changes in 2009, the FRB stated deposits should be made in plastic bags or canvas bags that utilize seals. This is a modification from the 2003 rule that stipulated the use of plastic bags only.
If you decide to use plastic, keep the following points in mind.
• Bags should have a tamper-evident seal
• Bags must have a reinforced handle and withstand a 100 lb. load.
• Be constructed from 6.5-mil gauge plastic
• Be sized approximately to that of a standard canvas bag
• Contain contents that are clearly visible through the packaging
• Be labeled on the opposite side of the handle showing the denomination, dollar amount, depositor's name and ABA routing number
Other rules will apply if canvas bags are used for coin. For example, with canvas bags, you must use color-coded tags based on denomination with proper identification and closure.
The Federal Reserve has established these requirements in order to create efficiencies for processing deposits. The requirements help ensure institutions are not sending deposits in bags that are not constructed or intended to handle, transport and process large amounts of coin.
The requirements far out perform what is actually being seen in the field. As an example, it is not possible to fit 100 pounds of coins into a standard coin deposit bag. Nor is it even feasible to lift and carry a 100 pound coin bag without compromising health and safety issues. The 100-pound hang test, however, does show how the reinforced bag handles will facilitate carrying and processing.
A lot of confusion exists regarding the Federal Reserve regulations for currency deposits. Before November 1, 2009, there were no specifications for currency deposits. Recently, the specifications were revamped.
The new approved packaging for currency deposits now require clear plastic disposable bags with plastic or metal containers. When using plastic the bag must:
• Have a tamper-evident seal
• Be constructed from 5-mil plastic
• Be made of translucent material so contents are visible
• Contain no more than 16 bundles
On November 9, 2009, the FedCash Services announced it would again be changing practices in order to create additional efficiencies in processing deposits. Unlike the requirements that went into effect just days earlier, these new requirements would be rolled by region over the course of several years. New York will be the first region affected and the new requirements will take effect on April 5, 2010.
Many people are confused as to what they should expect in April of 2010. The FED wants to track where bags are coming from. This means that each deposit bag manufacturer must register with them. In turn, the Fed will assign bar codes for each manufacturer to use on their deposit bags. This will make the tracking process automatic.
Keep in mind that this new bar coding only affects currency deposits. There are no additional adjustments being made to coin bags. As mentioned previously, these changes are being rolled out slowly by geographical region. The specific timeline of the rollout has not yet been established. The bar coding will be specific to the bag manufacturer, not to the geographical region of deposit. Customers depositing to multiple regions do not need to keep or maintain numerous inventories.
One thing is for certain, the FRB regulations will continue to evolve and change with time. While the changes may cause some initial confusion, they will ultimately benefit the customer with faster deposit processing times.
About the Author
Tricia Goldfarb is a Product Manager at Block and Company. Block and Company provides money handling and security products to banks, credit unions, vending companies, retail stores, restaurants, and casinos. For more information on this deposit bag regulation, please read The New FRB Regulations on Depositing Currency.