To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
Federal Reserve System Cash Access Policy
On May 4, 1998, the Federal Reserve System will introduce the Uniform Cash Access Policy (UCAP) to promote greater uniformity in access to cash services provided throughout the Federal Reserve System. UCAP will provide a basic level of free access for all depository institutions. Customers depositing currency or requesting orders beyond the basic level of access will continue to be able to access services, but may be assessed fees, depending on the volume and frequency of the access.
UCAP: 1998 Access Fee Schedule
As previously announced in Bank circulars distributed to all Second District depository institutions in May 1996 (Circular No. 10850) and July 1997 (Circular No. 10963), the UCAP basic level of service will allow each institution to designate up to ten endpoints, in a Federal Reserve Bank office territory, each of which will have access to one currency deposit and one currency order per week free of charge. Each of the ten endpoints may receive additional free access each week for any currency deposit or order that meets or exceeds the aggregate high bundle threshold of 20 bundles. Depository institutions will be charged a fee of $30 for each currency order or currency deposit above the basic free service that does not meet the 20-bundle threshold.
If an institution has additional endpoints beyond the ten designated endpoints that exceed 50 bundles per deposit or order (the larger volume threshold), these endpoints will also receive free access. Depository institutions will be charged a fee of $30 for access by an additional endpoint during any week in which the endpoint fails to meet the 50-bundle volume requirement. Please note that earning credits that have accrued under an institution's clearing balance cannot be used to offset cash access fees.
For Additional Information
If you would like more information, please contact Donald R. Anderson, Assistant Vice President, East Rutherford Operations Center or Robert J. McDonnell, Branch Officer, Buffalo Branch at (716) 849-5022, or your account manager - in New York at (212) 720-6600 or in Buffalo at (716) 849-5065.