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Washington
Fed to transfer Phila check processing to Cleveland branch
WASHINGTON (11/10/09)--The Federal Reserve late last week announced that on December 12 it will transfer its check processing operations from the head office of the Federal Reserve Bank of Philadelphia to the Federal Reserve Bank of Cleveland. The Fed earlier this year announced that it would transfer the check processing operations of its Dallas branch and its Los Angeles branch of the Reserve Bank of San Francisco to Cleveland, effective November 14. The moves reflect an overall restructuring of the Fed's check processing operations, and are a response to consumers' and businesses' shift from using paper checks toward electronic payments. According to the Fed, all check processing will be handled by the Cleveland office by early next year. For the full Fed release, use the resource link.
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