View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

RESiJ\f~! .... M uaH ARY
Federal Res~nH~ Ba nk

of St; Louis

. men

0 ~ 1997

Autumn 1997
News and Views

Eighth District
Financial Services

Later ACH Deadline Can Save You Money

New $50 Bill
to Fight
Federal Reserve Bank of St. Louis

Effective Oct. 1, the
St. Louis Fed will improve
its ACH service by
extending its regular
billing deadline (previously called the
premium surcharge
deadline) from 8
p.m. to 1 a.m. ET.
The 0.5 cent peritem premium surcharge will stay the same;
however, it will only be
assessed for items received

between 1 a.m. and 3 a.m.
ET, the close-of-business
deadline. This means you
will be able to deposit items
later than in the past and
n'o t pay a fee. We expect
this change to save all ACH
customers across the country a total of $2.1 million a
year in fees.
This enhancement to our
ACH service comes on the
heels of several other price
reductions and deadline


counterfeit notes at your
financial institution by
looking for these traits:

his fall the Treasury will
continue its efforts to
curb counterfeiting by
releasing a redesigned $50
bill. The Treasury expects
the new bill to be as successful in discouraging
counterfeits as the recently
redesigned $100 bill.
To date, no one has successfully duplicated the new
security features of the redesigned $100 note; therefore,
the U.S. Secret Service has
found fewer new $100 bill
counterfeits. In addition to
reducing fraud, fewer counterfeit bills translate into
cost savings for you and
the Treasury.
Emulating the successful
results achieved with the
redesigned $100 bill, the
$50 bill will include many
of the same security features
that make counterfeits easier
to detect. Guard against


Color-shifting ink on the
lower right corner looks
green when viewed straight
on, but appears black
when viewed at an angle.


watermark is located
in the space to the right
of the portrait and is visible from both sides when
held up to a light.

t To

the right of the portrait, a plastic security
thread with the words
"USA 50" and a depiction
of the American flag glow
yellow under ultraviolet
light (the security thread
in the $100 note glows
red and is on the left of
the portrait).

t Concentric fine lines should

be clear, not splotchy or

extensions implemented in
October 1996, January 1997
and May 1997. We have
been able to offer these
improvements now that
all Reserve Banks have
completed their conversion
to Fed ACH, the new centralized ACH software.
For more information, contact Andy Lueckenhoff in
St. Louis at (314) 444-8647.

wavy, on both sides of
the bill.

In addition to these features, the new $50 note contains several distinct security
enhancements, such as:
1) an enlarged "50" on the
back right corner of the note
for those with poor vision
and 2) the word "fifty"
is microprinted along the
right and left borders, and
"United States of America"
is on Grant's collar.
Like the $100 note, the
new $50 bill will gradually
replace the older series notes
as they are turned in to the
Federal Reserve for processing. All older currency will
retain its face value. If you
have any questions about
the new currency features,
contact Joe Elstner in
St. Louis at (314) 444-8902.

Partnership's Direct Deposit
Campaign to Kick Off Oct. 31
paign efforts under way
ore than 500 financial
Playing off this heightened
include billboards and radio
institutions in the
consumer awareness, the
promotions in major marMidwest have joined the
Partnership will promote
Automated Payments Partnership (the Partnership) to
promote the use of electronic payments among financial institutions, companies,
nonprofit organizations and consumers. Kickoff
for the direct
deposit campaign
Pay the easy way!
is cleverly set for
Oct. 31, a date
known in the banking
industry as "triple witching
"On a triple witching
day, three groups of people
receive paychecks-those
paid weekly, biweekly and
monthly," explains Kathy
Paese, chairperson of the
campaign. "Usually these
days create extra headaches
for bankers and customers
who have to wait in line to
deposit their paychecks."

J.ullmump, i::, .1 /i::,t of the
21 7 /)1::,tru t fmi111cial
msfltutzrnz l'.1rt11ers <1s

of Sept. I. The lzst is
llljJlhz!Jeti::::.ed hy city
u•1thi11 ellch state.
Federal Reserve Bank of St. Louis

Elk Horn Bank & Trust,
The Citizens Bank, Batesville
Heartland Community Bank,
First National Bank of Conway,
Corning Bank, Corning
First National Bank, Crossett
DeWitt Bank & Trust Co.,
Bank of England, England
UARK Federal Credit Union,
Forrest City Bank, NA,
Forrest City
Arkansas Best Federal Credit
Union, Fort Smith
City National Bank, Fort Smith
Superior Federal Bank,
Fort Smith
Northeast Arkansas Federal
Credit Union, Gosnell
Helena National Bank, Helena
Horatio State Bank, Horatio
Alliance Bank of Hot Springs,
Hot Springs
The Arkansas Bank, Jonesboro
Little River Bank, Lepanto
Member Service Federal Credit
Union, Little Rock
Postal of Arkansas FCU,
Little Rock
United Arkansas FCU,
Little Rock
Bank of Lockesburg, Lockesburg
Bank of McCrory, McCrory

the conveniences of direct
deposit on several consumer fronts.
Financial institutions and
corporations were invited
earlier this summer to join
the Partnership, a marketing alliance formed to
promote the use of ACH
for recurring payments.
Partners include the Federal
Reserve Banks of St. Louis,
Kansas City and Chicago,
and Mid-America Payment
Exchange (MPX), as well
as financial institutions
and corporations across
nine Midwestern states.
Campaign materials are
provided free or for a
nominal fee to Partners.
On Oct. 31, the Partnership will launch its consumer awareness campaign,
themed "Direct Deposit.
Pay the easy way!" Cam-

kets, distribution of statement stuffers and table
tents to participating financial institutions, and disbursement of informational
posters and payroll stuffers
to participating companies.
Employee sign-up rallies
will be encouraged
throughout November and
December to coincide with
the consumer campaign.
The Partnership is available to all Eighth District
financial institutions. Joining the Partnership is free,
and there is still time for
you to become a Partner.
For more information, visit
the Partnership's website at
www or contact Carrie
Andert of the Federal
Reserve Bank of St. Louis
at (314) 444-8946.

Marked Tree Bank, Marked
Bank of Mulberry, Mulberry
First National Bank of Nashville,
Merchants & Planters Bank,
Mercantile Bank of Arkansas,
North Little Rock
First National Bank, Paragould
Simmons First National Bank,
Pine Bluff
Bank of Prescott, Prescott
Federal Savings Bank, Rogers
Logan County Bank, Scranton
First Security Bank, Searcy
Arkansas State Bank, Siloam
United Bank, Springdale
Mil-Way Federal Credit Union,
Citizens Bank & Trust
Company, Van Buren
First National Bank of Lawrence
County, Walnut Ridge
First State Bank, Warren
The Bank of Yellville, Yell ville

Chapin State Bank, Chapin
Buena Vista National Bank,
Du Quoin State Bank, Du Quoin
Clover Leaf Bank, SB,
The Bank of Edwardsville,
Franklin Bank, Franklin
Granite City Steel &
Community FCU,
Granite City
The Peoples National Bank
of Grayville, Grayville
Herrin Security Bank, Herrin
National Bank, Hillsboro
Community Trust Bank,
The Iuka State Bank, Iuka
Elliott State Bank, Jacksonville
Jacksonville Savings Bank,
The State Bank of Jerseyville,
Kinderhook State Bank,
First National Bank of
Litchfield, Litchfield
South Pointe Bank, Marion
First County Bank, New Baden
Old Exchange National Bank,
First National Bank in Olney,
Murphy Wall State Bank and
Trust Company, Pinckneyville

Citizens National Bank of
Albion, Albion
Laclede Credit Union, Alton
First State Bank of Campbell
Hill, Campbell Hill
Carlinville National Bank,
Community Trust Bank,

continued on back page

ECP: Getting the Facts Straight
I f you recently have read
a banking journal or
attended a payments conference, it is evident one
of the hottest issues in the
industry today is electronic
payments. More and more
organizations are using
electronic payments to
improve their operations
and enhance their customer
service. The federal government is taking the lead in
this migration to electronics,
as evidenced by the mandate requiring companies
to pay their federal taxes
electronically (EFTPS) and
the recent law requiring
the Treasury to disburse
almost all of their payments
electronically by January
1999 (EFT 99).
Although the United
States is increasing the use
of electronic payments, we
are still a long way from a
paperless society. In fact,
check volumes continue to
grow. To help bridge this
gap, financial institutions
need to look for opportunities to eliminate paper from
the payment process and
take advantage of electronic
payments. One way·you
can do this at your organization is to use electronic
check presentment (ECP)
With ECP, a check processor-either the Federal
Reserve Bank or a correspondent-captures data
from the MICR line of each
check, creates an electronic
file that contains this information, and transmits the
file to either the financial
institution on which the
checks are drawn or its data
processor. The physical
checks are either truncated
or sent to the paying bank
the same day or one to
three days later.

ECP Reduces Fraud
The biggest advantage of
obtaining MICR information electronically is you
Federal Reserve Bank of St. Louis

can post transactions to
your customers' accounts
earlier. This enables you to
sooner identify fraudulent
checks and items being
drawn on accounts with
nonsufficient funds. Earlier
posting is also an important
tool if you offer a PC banking product, because you
can provide your customers
information early in the

We use ECP because
it's reliable. When
we get here in the
morning, we know
the information is out
there waiting for us.
With ECP, you also won't
feel rushed to process the
physical checks. You have
the freedom to process
them at your conveniencewhen you have the time
and staff available. "The
number one reason we use
ECP is because it's reliable,"
says Lindsey White, Bank
of Hayti, Mo. "When we
get here in the morning,
we know the information
is out there waiting for us.
ECP allows us to process
checks at our schedule,
without any pressure."
In addition, ECP stretches
out the useful life of your
check processing equipment, enabling you to
spend less money and time
on equipment maintenance.
"We like ECP because we
don't have to run items
through our reader-sorter,
which saves wear and tear
on our machinery," says
Reynie Rutledge, First
Security Bank, Ark.

Myth vs. Fact
Through discussions
with financial institutions
throughout the District, we
have heard various reasons
why some bankers choose

not to use ECP. To help
you better understand the
service, we want to address
common points of confusion and dispel some myths
that could be preventing
you from using ECP.
Myth: To take advantage
of ECP, my financial
institution must purchase
expensive software.
Fact: If you are using a
current version of your inhouse software, you usually
do not have to purchase
anything. You simply need
to activate the feature on
your software that enables
you to receive ECP files. In
addition, the Eighth District
has lowered the prices of
our MICR Presentment
service by more than 50
percent in the last three
years to make ECP more
Myth: I use a data processor to process checks, so I
cannot take advantage of
the benefits of ECP.
Fact: Not true! Even if
you outsource your check
processing, you can still
benefit from ECP. Contact
your data processor and
find out if they are using
ECP services. If not, explain
to them the efficiencies of
ECP and encourage them to
try it. If your data processor is able to do business
at a lower cost, they could
pass some of these savings
along to you.
Myth: I do not receive all
of my checks from the Fed,
so ECP is not a feasible
payment option.
Fact: You don't have to
receive all of your checks
from one processor to
take advantage of ECP.
The Fed offers an array of
ECP products, and other
organizations offer comparable products as well.
If you receive files from
several processors, you

can even ask them to com bine your checks into one
electronic file.
Myth: In the event my
financial institution does
not receive a cash letter
after transactions have
been posted, I wi II not be
able to deliver customers'
checks. This will be breaking the law.
Fact: There is no legal
reg uirement to return checks
to your customers unless
you make a special agreement to do so. If necessary,
you can always get a copy
of a missing check from the
bank of first deposit.

If you are interested
in expanding the use of
electronics at your financial
institution, you can sample
any of the Fed's ECP services for free! Simply contact your account executive.

Basic Fed ECP

MICR Presentment - For
each check, we capture
MICR line information,
electronically present the
information to you or
your data processor, and
send you the checks later
that same day.

MICR Presentment Plus The same as MICR
Presentment, except we
retain the items for one or
three business days so we
can provide other valueadded services, such as
account post sort, microfilming ,lnd return pulls.

Truncation - We capture
MICR line information
and deliver the MICR
file as presentment. Your
checks are not returned.
Instead, they are microfilmed, placed in safekeeping and then destroyed.
(Microfilm is kept for a
minimum of seven years.)

--District Converts to Central
Check Processing System

the next couple
the Little
Rock, Louisville and
Memphis Branches will
centralize their check processing systems and convert to software located ·
on the central mainframe
computer in St. Louis.
The conversion will provide the Eighth District with
a common hardware and
software platform for all
check processing services.
This new platform, called
the Check Processing Control System (CPCS), was
developed by IBM and is a
state-of-the-art check processing operating system,
one of the most widely used
in the banking industry.

Because we will have
only one processing system
to support, the delivery of
new products and
enhancements will be
quicker and more consistent. Specific conversion
dates at each office begin
as follows:
t Memphis-Oct. 6
t Little Rock-Nov. 3
t Louisville-Nov. 24.
Once all offices convert
to CPCS, we will be able
to expand our electronic
check presentment and
electronic cash letter services District-wide.
Items such as cash letters,
kill lists and advices will
be modified and look



slightly different in the centralized format; however,
no changes are required of
our customers. If you have
any questions, contact
your account executive.

How Are We Doing?
An update of the
Eighth District's
quality measure goals

ACH Edit Errors
Notified Timely

Helps You

Track ACH
Federal Reserve Bank of St. Louis

s the effort to reduce
the amount of paper
in the payment system
accelerates, the number
of ACH payments is predicted to increase.
With this expanded focus
on ACH, it is more important now than ever to track
ACH volume. To help, the
St. Louis Fed can provide
you with a report that
shows the total number
of commercial ACH items
your financial institution
originated or received in
a given month. Yot..i can
have this report designed to
contain data for any group
of months, starting from
June 1994 to the present.
Although this information
can be pulled from your
billing reports, this onepage summary gives you
a condensed snapshot of
your experience for a select
period of time. This is
helpful because it reveals


fluctuations and trends in
your ACH volume. The
summary also saves you the
time and effort of having to
find your old billing reports
and look up past data.
In addition, this report is
a good way to measure the
results of ACH marketing
and educational efforts
implemented by your financial institution. This is
particularly timely in light
of the upcoming kickoff of
the Automated Payments
Partnership, an alliance
between the Federal Reserve
and Mid-America Payment
Exchange to promote '
electronic payments to
companies and consumers
across the Midwest. If you
are planning to participate
in the Partnership and execute a marketing campaign
at your financial institution,
this report would be an
excellent way to see if your
ACH volume increases

Our Goal:
Customers will be notified of all edit errors
within 30 minutes
100 percent of the time.

Year-to -Date
99.96 percent

during your promotion.
(See article on page 2 for
a mbre detailed description
of the Partnership.)
To request a copy of this
ACH report, call Carrie
Andert in St. Louis at
(314) 444-8946.

Shorter Delivery
Schedule for Social
Security Payments
Effective Sept. 3, the
Treasury reduced the
amount of time between
the delivery and settlement
of Social Security payments
that are deposited electronically into your customers'
accounts. Instead of being
delivered four days before
settlement, payments now .
will be delivered to you
three days prior.
This will give the.Social
Security Administration
more time to determine
which recipients are
deceased, resulting in fewer
return transactions to the
Treasury. Over the next
couple of years, the Treasury plans to eventually
convert all federal benefit
payments to this shorter
processing window. If you
have any questions, call
Julie Dalton in St. Louis
at (314) 444-8714.

Revised Fedline
Screen Simplifies
Sending customer tax
payments to the IRS using
the Electronic Federal Tax
Payment System (EITPS)
just got a little easier. If
you use the ACH credit
option, Fedline now creates
the addenda record for you.
Previously, financial institutions had to manually
create these addenda records
on Fedline. If data were
entered incorrectly, the
wrong information would
be transmitted. Now a new
Fedline screen contains predefined subcategory fields
under the "Addenda Information" section. You simply enter the appropriate
information into the subcategories and the addenda
is automatically created.
A Fedline patch containing this enhancement, along
Federal Reserve Bank of St. Louis

with a new pre-formatted
Fedline screen that enables
you to send customer state
taxes, will be issued in
September. If you have
any questions or would
like a step-by-step Fedline
helpsheet that walks you
through an EFTPS credit
payment, contact Karen
Harper in St. Louis at
(314) 444-8947.

IRS Now Accepts
EFTPS Reversals
This summer, the IRS
announced that you can
now reverse erroneous
EFTPS entries sent using
the ACH credit option. In
the past, if you accidentally
transmitted a tax payment
twice, sent an ACH debit
instead of a credit, or forwarded a payment with the
wrong effective entry date,
you had to work with the
IRS to correct the mistake.
Now you can simply send
an ACH reversal.
EFTPS reversals must
be sent in accordance
with the ACH rules (pages
OR 4 and OR 5 in the
1997 NACHA Rule Book).
Please contact Karen
Harper in St. Louis at
(314) 444-8947 if you
have any questions.

Updated Guidelines
Available for
Same-Day Electronic
Tax Payments
If you use the Fedwire
same-day mechanism to
initiate electronic tax payments for your customers
and originate wires in the
expanded funds format,
you should have on
hand the latest copy of
Depository Institution
Guidelines for Use of the
Fedwire Same-Day Tax
Deposit in EFTPS. This
document, initially issued
by the Federal Reserve in
September 1996, has

been revised, and a new
June 1997 version is now
The new issue reflects
changes brought about
from the expanded funds
format. It also contains
samples of several new
Fedline screens and includes
information specific to
third-party payroll processors. If you have questions
on Fedwire or would like to
obtain a copy of the new
guidelines, contact Dwana
Davis in St. Louis at (314)
444-8973. For general
questions on EFTPS, call
Nancy Klages at (314) 4448707.

Quality Report to Be
Published Quarterly
This summer, the St.
Louis Fed distributed its
first quality report, which
listed the Eighth District's
1996 quality measure goals
for each financial services
department and summarized our performance
on each.
In the future, we plan
to publish this report quarterly. We want to keep
you up to date on our
performance and provide
current information on any
occurrence that could have
affected our service. If you
would like a copy of the
1996 quality report, contact Cheryl McCarthy in
St. Louis at (314) 444-8459.

More NACHA Rule
Changes Coming
Down the Pike
Late this past summer,
two amendments to the
NACHA rules were
announced. The first one,
effective Sept. 19, requires
that Originator/ODFI
agreements include an
acknowledgment by the
Originator that their ACH
entries comply with U.S.
laws, including economic

Expanded Funds
Format Fedline

1 and 2-Memphis
6 and 7-St. Louis
16-Little Rock
23 and 24-Louisville

These classes will discuss Fedline software
changes associated with
the new expanded format. Two sessions are
scheduled on each date:
8:30 a.m. to noon and
1 p.m. to 4:30 p.m.
For more information
or to sign up, call Gary
Auer in St: Louis at ·
(314) 444-8948.

sanctions administered by
the Treasury's Office of
Foreign Assets Control
The second amendment,
effective Dec. 19, requires
an ACH Originator to
notify the Receiver when a
reversing entry is being sent
to the Receiver's account.
This notification, which
must be sent no later than
the settlement date of the
reversing entry, must contain the reason for the
reversal. For more information on either of these
changes, contact Julie
Dalton in St. Louis at
(314) 444-8714.

Illinois (continued from page 2)
Corn Belt Bank & Trust,
Mercantile Trust and Savings
Bank, Quincy
First National Bank of
Steeleville, Steeleville .
Union Bank of Illinois, Swansea
Commercial State Bank, Waterloo
First National Bank of Waterloo,

The Bank of Alamo, Alamo
Hoosier Hills Credit Union,
Stone City Bank, Bedford
Boonville Federal Savings Bank,
First Federal Bank, Corydon
Dupont State Bank, Dupont
English State Bank, English
Evansville Post Office Federal
Credit Union, Evansville
Evansville Teachers Federal
Credit Union, Evansville
Permanent Federal Savings Bank,
The Holland National Bank,
Dubois County Bank, Jasper
Dubois-Pike Federal Credit
Union, Jasper
Springs Valley Bank & Trust, .
Martin County CO-OP Credit
Union, Loogootee
First National Bank, Mitchell
Security Bank & Trust
Company, Paris
First Bank & Trust, Sullivan
TCB Bank, Tell City
United Southwest Bank,

Farmers Bank & Trust Company,
Beaver Dam Deposit Bank,
Beaver Dam
Bank of Benton, Benton
Bank of Buffalo, Buffalo
Taylor County Bank,
Farmers National Bank, Danville
Bank of Ohio County, D.undee
South Central Bank FSB,
Elkton Bank & Trust, Elkton
Fort Knox Federal Credit Union,
Fort Knox
Commonwealth Credit Union,
State National Bank, Frankfort
Kentucky Employees Credit
Union, Frankfort
City National Bank, Fulton
Commonwealth Community
Bank, Hartford
Ohio Valley National Bank,
Kentucky Banking Centers, Inc.,
Horse Cave
First Security Bank & Trust,
McLean, Island
Citizens National Bank, Lebanon
Casey County Bank, Liberty
Classroom Teachers Federal
Credit Union, Louisville
Commonwealth Bank & Trust
Company, Louisville
Jefferson County Federal Credit
Union, Louisville
Federal Reserve Bank of St. Louis

Kentucky Telco Federal Credit
Union, Louisville
KIT Federal Credit Union,
Louisville Naval Ordinance
Credit Union, Louisville
Republic Bank, Louisville
Farmers Bank & Trust Co.,
Farmers Bank & Trust
Company, Marion
Bank of Marrowbone,
Morgantown Bank & Trust,
Peoples Bank Mt. Washington,
Mount Washington
P~~ples Bank of Murray, Murray
Citizens Bank, New Liberty
Daviess County Teachers FCU,
Modern Employee Federal
Credit Union, Owensboro
Owensboro Federal Credit
Union, Owensboro
Citizens Bank & Trust, Paducah
Citizens National Bank,

First Security Bank, Batesville
First American National Bank,
First National Bank of Holmes
County, Lexington
Merchants & Farmers Bank,
The Peoples Bank & Trust Co.,

'First Independent Bank, Aurora
Bank of Birch Tree, Birch Tree
Bank of Bolivar, Bolivar
Town and Country Bank,
First Community Bank of
Taney Councy, Branson
Ozark Mountain Bank, Branson
First National Bank, Camdenton
First State Bancorp, Inc.,
Boone County Teachers Credit
Union, Columbia
First National Bank & Trust
Company, Columbia
Missouri Student Federal Credit
Union, Columbia
Peoples Bank, Cuba
State Bank of DeSoto, DeSoto
Alliance Credit Union, Fenton
Bank of Hillsboro, Hillsboro
Eagle Bank, Hillsboro ·
Central Trust Bank, Jefferson
District 5 Highway Credit Union,
Jefferson City
Exchange National Bank,
Jefferson City
UMB Bank, Jefferson City,
Jefferson City
Bank of Kirksville, Kirksville
Central Bank, Lebanon
Peoples Security Bank, Licking
Linn State Bank, Linn
Bank of Louisiana, Louisiana
Macon-Atlanta State Bank,
Madison-Hunnewell Bank,
Citizens State Bank, Marshfield
Martinsburg Bank and Trust,

United Credit Union, Mexico
Bank of Cairo and Moberly,
City Bank & Trust Co., Moberly
First State Bank of Purdy, Monett
Bank of Mountain View,
Mountain View
Southwest Community Bank,
Security Pacific Bank, Pacific
First Midwest Bank of Poplar
Bluff, Poplar Bluff
Central Federal Savings and
Loan, Rolla
Phelps County Bank, Rolla
Aerospace Community Credit
Union, St. Charles
The Bank of St. Charles County,
St. Charles
Bank of Saint Genevieve,
St. Genevieve
Cass Bank & Trust Company,
St. Louis
Commerce Ban~, St. Louis
DeKalb Credit Union, St. Louis
First Banks, Inc., St. Louis
Health Care Family Credit
Union, St. Louis
Heartland Bank, St. Louis
Laclede Family Savings Credit
Union, St. Louis
Mercantile Bank NA, St. Louis
Missouri State Bank, St. Louis
Public Service Bank, FSB,
St. Louis
Southwest Bank of St. Louis,
St. Louis
Teamsters Credit Union,
St. Louis
UMB Bank St. Louis, St. Louis ,
Union Planters Bank of
Missouri, St. Louis
The First National Bank of the
Mid-South, Sikeston
Empire Bank, Springfield
Mercantile Bank of South
Central Missouri, Springfield
Metro Credit Union, Springfield
Springfield Telephone Employees
Credit Union, Springfield
State Bank of Southwest
Missouri, Springfield
UMB Bank Southwest,
Community Bank of the Ozarks,
Sunrise Beach
Maries County Bank, Vienna
Commerce-Warren County
Bank, Warrenton
Bank of Washington,


It's On Us

If you have questions or
comments about any of
the Federal Reserve's
products or services, let
us pay for the call. Our
toll-free phone' numbers
are listed below.

St. Louis Office

Little Rock Office
(in Arkansas)
(outside Arkansas)

Louisville Office
(in Kentucky)
(outside ~ entucky)

Memphis Office
(in Tennessee)
(outside Tennessee)

Volume 2, Number 3
Payments Quarterly is published
quarterly by the Financial Services
Office of the Federal Reserve Bank
of St. Louis. If you wish to obtain
additional copies or would like others
at your organization to receive
Payments Quarterly, contact Cheryl
McCarthy at (314) 444-8459.

Bank of Gleason, Gleason
Greenfield Banking Company,
Bank of Huntingdon,
Carroll Bank & Trust,
City State Bank, Martin
American Savings Credit Union,
Munford Union Bank, Munford
The Peoples Bank, Sardis
Central Bank, Savannah
Bank of Sharon, Sharon