Catalyst News

Federal Reserve Cash Order Deadline to Change April 27

by Catalyst Corporate | Feb 25, 2020

The Federal Reserve is moving to a single, nationwide cash order and deposit notification deadline in April, which will require some credit unions to modify their current practices.

Effective April 27, 2020, all Federal Reserve Bank cash order and deposit notification deadlines will change to 12 p.m. (local time zone), which is up to two hours earlier than current deadlines in some locations. According to the Federal Reserve, “this change will establish a national cash order deadline to better support financial institutions, armored carriers and Federal Reserve Cash Depot operators.”

To accommodate the Federal Reserve’s change, effective April 27, 2020, Catalyst Corporate will modify its cash order and deposit deadlines for some credit unions. This will affect credit unions ordering coin and currency through TranZact from the following Federal Reserve Bank locations: Atlanta, Baltimore, Dallas, Jacksonville, New York and Phoenix. The new cash order and deposit deadlines are represented in the chart below. 

FRB Times

Deadlines for ordering coin and currency through TranZact from other Federal Reserve Bank locations will remain the same.

Credit unions using Catalyst Corporate’s Coin & Currency Service may contact Member Services at 800.442.5762, option 1, if they have additional questions.