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Federal Reserve Bank of Dallas l l★K HELEN E. HOLCOMB FIRST VICE PRESIDENT AND CHIEF OPERATING OFFICER February 14, 2003 P.O. BOX 655906 DALLAS, TEXAS 75265-5906 Notice 03-10 TO: Officers and Managers Responsible for Cash Services at Each Depository Institution in the Eleventh Federal Reserve District SUBJECT Revised Requirements for Currency Deposits DETAILS In Operating Circular 2, Cash Services, the Federal Reserve System identifies the requirements for currency deposits. The System periodically reviews these standards and on occasion issues updated requirements. Effective June 1, 2003, the Federal Reserve System will require that all bags used for cash deposits be clear plastic bags designed for one-time use. This change addresses security and safety concerns associated with deposits of currency to the Federal Reserve Bank. Cash deposits made in either clear plastic or metal containers are exempt from this policy. The requirements for clear plastic bags are as follows: Security • Bag seals should be tamper-evident so that any unauthorized access is easily detectable. Durability • Thickness of the bag material should be a minimum of 5-mil. Size and Features • Bag interior measurements should not exceed 19 inches by 28 inches. • Bags must be clear, and their contents must be clearly distinguishable through the packaging material. 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. -2- Exemption to Policy • Foreign institutions that ship by air and all institutions that ship by registered mail should continue to use heavy cloth bags to deposit. Deposit Standards • A full bag should not contain more than 16 bundles, with each bundle consisting of 1,000 notes of the same denomination in ten equal straps. MORE INFORMATION If you have any questions regarding this change, please contact your local Federal Reserve Cash representative at (214) 922-6815, in the Dallas Office; (915) 521-8268, in the El Paso Office; (713) 652-1605, in the Houston Office; or (210) 978-1316, in the San Antonio Office. Paper copies of this notice or previous Federal Reserve Bank notices can be printed from our web site at http://www.dallasfed.org/banking/notices/index.html. Sincerely,
@FedFRASER