Federal Reserve Launches New Service to Provide Alerts on Potential Duplicate Check Deposits
CHICAGO–(BUSINESS WIRE)–#checks–Today, Federal Reserve Financial Services introduced its new FedDetectSM Duplicate Treasury Check Notifier Service. This new service will offer banks of first deposit early notice of potential duplicate U.S. Treasury checks processed by the Federal Reserve Banks on the current day or the previous 60 days. This includes reports on what may be duplicate deposits at multiple financial institutions and across mobile, ATM and teller deposit channels.
“Checks remain both vulnerable to fraud and critically important during the ongoing COVID-19 pandemic,” said Cheryl Venable, chief of payment operations, Federal Reserve Financial Services. “With our new service, participating financial institutions receive timely additional information about potential deposit capture errors or possible fraud so they can decide if something warrants additional research and better manage their risks.”
Financial institutions that participate in the FedDetect Duplicate Treasury Check Notifier Service will receive early morning and end-of-processing-day notices of potential duplicate Treasury checks. Each institution can use these reports to quickly see deposit information and available front-and-back images of potential duplicate items from their own institution and partial deposit information with available front-of-check images from other banks of first deposit.
For more information, visit the FedDetect Service webpage.
About Federal Reserve Financial Services
As the U.S. central bank, the Federal Reserve System provides payment services and seeks to foster the stability, integrity and efficiency of the nation’s monetary, financial and payment systems. Federal Reserve Financial Services are a comprehensive suite of payment and information services offered to financial institutions that include the FedNowSM Service for instant payments now in development, FedACH® Services suite for transactions through the ACH network, the Fedwire® Funds Service for electronic funds transfers, the Fedwire Securities Service for processing securities transfers, Check Services for electronic and paper check processing, FedCash® Services for supplying currency and coin, the National Settlement Service for settlement of interbank obligations, and the FedLine® Solutions that allow direct access to these services. Visit FRBservices.org® for additional information.
The financial services logo, “FedDetect,” “FedNow,” FedACH,” “Fedwire,” “FedCash,” “FedLine” and “FRBservices.org” are service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
Contacts
Media Contacts
Maryellen Thielen
Federal Reserve System
(312) 322-4427
[email protected]
Mike Adleman
Federal Reserve Bank of Chicago
(312) 322-2934
[email protected]
