The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank of Dallas HELEN E. H O LC O M B DALLAS, TEXAS FIRS T VICE P R E S ID E N T AND 75265-5906 CH IE F O PE R A TIN G OFFICER September 17, 1997 Notice 97-82 TO: The Chief Operating Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT New Procedures for Handling Lost Treasury Checks DETAILS Effective immediately, the United States Treasury Financial Management Service (FMS) and the Federal Reserve Banks (FRBs) will implement new procedures for handling lost Treasury checks Effective immediately. The new procedures should expedite the resolution of lost items and reduce the number of man-hours associated with handling lost Treasury checks. Until now, when your institution suspected a lost Treasury check(s), one legible photocopy of the front and back of each item had to be submitted with an adjustment request form to the Government Check Adjustments section of your local FRB. The FRB’s Government Check Adjustments section then submitted information to the FMS for verification of the paid items. If the items had been paid, the FMS provided the source of receipt. If the items had not been paid, the FMS issued a replacement check. This process could take several weeks to complete. The new procedures will expedite the process by eliminating the replacement check process. When your institution suspects a lost Treasury check(s), please follow the procedures listed below: • Provide one legible photocopy of the front and back of each item. The item should be stamped on the front of the copy “Photo in Lieu of the Original.” In demnifying the photocopies will not be necessary. • Ensure that each item has a current endorsement. For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) • Place the photocopy in a document carrier that has been fully encoded with all MICR-line information. • Include a copy of the charge or a letter stating how the item(s) was lost. • Submit an adjustment request form, with a separate cash letter attached, to the Government Check Adjustments section of your local FRB. Upon receipt, the Government Check Adjustments section will verify the paid status of a sampling of the items. As before, if the items have been paid, FMS will provide the source of receipt. If the items have not been paid, credit for the photocopied items will be passed to your institution, and the items will be submitted to the Check Processing area for handling. This process should take less than a week to complete. If both the original and the photocopy are submitted for payment, the photocopy item will be charged back to the institution. FMS will retain all original Treasury checks. MORE INFORMATION For more information regarding the new procedures, please contact Charles Hunter at (214) 922-6543. For additional copies of this Bank’s notice, please contact the Public Affairs Department at (214) 922-5254. Sincerely,