Introducing the Quality Improvement Initiative for Check Adjustments Services
This article was originally published January 15, 2019 on FRBServices.org.
The Federal Reserve Banks have implemented a quality improvement initiative for Check Adjustments Services. The Federal Reserve Banks will charge a quality fee to depositing institutions for quality issues within work deposited with the Federal Reserve Banks. Additionally, the Federal Reserve Banks will charge a quality fee for cases submitted with incorrect or incomplete information that resulted in the prevention of automatic resolution of the request. These quality fees are designed to encourage greater efficiency through proper case submission and improved deposit practices.
The fees apply to items processed on or after January 2, 2019, and any adjustment cases received on or after January 14, 2019. If you have any questions or need additional information, please contact FedACH® and Check Services Customer Support at (877) 372-2457.