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FRS Cash Services - Friday, April 24, 2009
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The following information was in a memo dated April 13, 2009 from The Federal Reserve Bank of Cleveland.
The Federal Reserve System (FRS) will begin to transition to currency strap imaging in its currency processing function beginning in June, 2009. This change will be implemented throughout all 12 Federal Reserve Districts over the next 30 months. The Federal Reserve Banks are making this change to reengineer manual paperbased processes.
The depositor information required on the strap by Operating Circular #2 remains unchanged; however in order to ensure acceptable strap image quality, this information must now be readable from a printed image. Please consider the following steps your institution can take to ensure a higher quality image in the future:
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use white (not brown or beige) straps to provide a higher color contrast
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use dark ink (not red)
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use large and easy to read font
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refresh ink pads frequently
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after strapping the currency, stamp teller ID information on the back outside of the strap, not the portrait side (the front side is used by the FRS for labeling your deposit when it arrives at a Reserve Bank)
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