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Account Management Guide TABLE OF CONTENTS Note: Please refer to Chapters III, VIII, and VII of the Reserve Maintenance Manual (RMM) for Sections II, III, and V of this Guide as indicated below. Section I - Federal Reserve Account Structure......................................................................................... I 1-5 Section II - Concepts of Reserve Calculation and Maintenance ....................................................... RMM III Section III - Clearing Balance Requirements and Earnings Credits .............................................. RMM VIII Section IV - Billing ............................................................................................................................. IV 1-24 Section V - As-of Adjustments ......................................................................................................... RMM VII Section VI - Overdrafts........................................................................................................................ VI 1-19 Section VII - Information Tools ......................................................................................................... VII 1-73 Section VIII - Account Management During a Merger ..................................................................... VIII 1-5 Appendices ........................................................................................................................................................ APPENDIX A ....................................................................................................................................... A 1-12 APPENDIX B......................................................................................................................................... B 1-36 APPENDIX C............................................................................................................................................... C 1 -- Federal Reserve System ----------------------------------------------- June 2012 -- Account Management Guide Federal Reserve Account Structure SECTION I FEDERAL RESERVE ACCOUNT STRUCTURE.................................................................. 2 TERMINOLOGY ......................................................................................................................................... 3 OPENING AND CLOSING ACCOUNT RELATIONSHIPS .................................................................................. 3 USE OF SECONDARY RTNS ......................................................................................................................... 4 ESTABLISHING A CORRESPONDENT-RESPONDENT RELATIONSHIP ........................................................... 4 PASS-THROUGH RELATIONSHIPS............................................................................................................... 5 -- Federal Reserve System ---------------------------------------------I-1 June 2012 -- Account Management Guide Federal Reserve Account Structure FEDERAL RESERVE ACCOUNT STRUCTURE 1 The Federal Reserve Banks generally maintain no more than one debtor-creditor relationship with a Financial Institution. Under this single-account structure, an Account Holder may only maintain a single Master Account with a Federal Reserve Bank unless a specific exception applies as described in Operating Circular 1 (OC 1). A Financial Institution may apply to open a Master Account and/or obtain Federal Reserve Services with the Federal Reserve Bank in the Federal Reserve District in which the Financial Institution is located, which is also known as its Administrative Reserve Bank (ARB). The Master Account is identified by the Financial Institution’s Primary Routing Transit Number (“Primary RTN”). 2 Debit and Credit Transaction Activity of the Financial Institution or of the Financial Institution’s Respondents is ultimately settled in the Financial Institution’s Master Account. An Account Holder may also use Secondary Routing Transit Numbers (“Secondary RTNs”) to segregate Debit and Credit Transaction Activity settling in the Master Account. There are two types of Secondary RTNs – Subaccount RTNs and Other Secondary RTNs.3 Both can be used to identify segregated Debit and Credit Transaction Activity that will settle in the Master Account. Subaccount RTNs can only be assigned to Account Holders and are used to identify information that is reported directly to and settled in the Master Account. Additionally, Subaccount RTNs can be used to initiate and receive Fedwire Funds transactions. 4 Additionally, an Account Holder may agree to act as a Correspondent and allow its Master Account to be used to settle certain transactions and service fees for a Respondent. 5 1 Defined terms that are used in Operating Circular 1 “Account Relationships” (OC 1) shall have the same meaning when used in this guide. If there is a conflict between the Account Management Guide and Reserve Bank operating circulars and/or other Reserve Bank policy, the terms of the Reserve Bank operating circular will control. A copy of OC 1 can be found at: http://www.FRBservices.org/regulations/operating_circulars.html. 2 A Routing Transit Number (“RTN”) is an identifying number assigned to a Financial Institution by the Registrar of Routing Numbers operating under the auspices of the American Bankers Association. An RTN is used in Federal Reserve applications to identify the Debit and Credit Transaction Activity of a Financial Institution resulting from the Financial Institution’s use of Federal Reserve Services, Correspondent/Respondent relationships, and the account structure of a Financial Institution (e.g. Master Account, Subaccount, and Other Secondary RTNs). If an RTN is not issued by the Registrar of Routing Numbers, the ARB may issue a Customer Identification Number (CIN). 3 The term “Other Secondary RTN,” which is not defined in OC 1, is a Secondary RTN and is defined as a number that identifies certain Debit and Credit Transaction Activity of a Financial Institution that is reported directly to the Financial Institution’s Master Account or reported to the Master Account through a Subaccount RTN or through another Other Secondary RTN assigned to the Account Holder. 4 Fedwire is a registered service mark of the Federal Reserve Banks. 5 Please refer to the Account Structure, Transaction Settlement, and Reporting Guide (Account Structure Guide) for additional information for the Federal Reserve Account Structure and transaction settlement rules. The Account Structure Guide is available at www.frbservices.org under Rules and Regulations, Operating Circulars. -- Federal Reserve System ---------------------------------------------I-2 June 2012 -- Account Management Guide Federal Reserve Account Structure All aspects of the Federal Reserve account management functions will be administered by the ARB through an Account Holder’s Master Account, including balance administration, overnight overdraft monitoring, daylight overdraft monitoring, and discount window access. Terminology Definitions of the following basic terminology associated with the account structure of the Federal Reserve Banks (Master Account, Secondary RTNs, Correspondent, and Respondent) are found in OC 1. Familiarization with these terms will assist you in opening and maintaining your account relationship with the Federal Reserve Banks. Opening and Closing Account Relationships Except for a U.S. branch or agency of a foreign bank, in order to establish a Master Account with its ARB, the Board of Directors of a Financial Institution must pass resolutions (in a form prescribed by the Reserve Banks) that authorize certain individuals to conduct business on behalf of the Financial Institution (“Authorized Individuals”). 6 The Financial Institution must provide its ARB with a certified copy of the resolutions as well as an Official Authorization List (OAL) which identifies Authorized Individuals. An Authorized Individual must then execute a Master Account Agreement (Appendix 1 of OC 1) or, if permitted by the ARB, such other agreement that binds the Financial Institution to OC 1. By opening or maintaining a Master Account, a Financial Institution agrees to be bound by all the provisions, as amended from time to time, of OC 1 and of all other Federal Reserve Bank operating circulars that cover services that it obtains from any Reserve Bank. Each Master Account is subject to approval of the ARB. A U.S. branch or agency of a foreign bank must execute the Foreign Banking Institution Account Agreement and provide resolutions as well as U.S. and foreign opinions of counsel that are acceptable to the ARB. The Foreign Banking Institution Account Agreement and the additional required documentation are available upon request from the foreign Financial Institution’s ARB.7 To open a Master Account at a Reserve Bank, your Financial Institution must also obtain a valid nine-digit RTN issued by the ABA Registrar of Routing Numbers. To close a Master Account, you must notify the Reserve Bank in writing at least five business days prior to the closing date you request. 8 6 Applicable forms are available at www.frbservices.org/forms/account_services.html in the “Account Services – Forms” section. 7 See www.frbservices.org/forms/account_services.html in the “Account Services – Board Resolution and Official Authorization List” for the Foreign Bank Board Resolution and OAL. 8 See OC 1 Section 2.10 for the requirements necessary to close a Master Account Agreement, Pass-Through Agreement, Settlement Authorization Form or Other Agreement. -- Federal Reserve System ---------------------------------------------I-3 June 2012 -- Account Management Guide Federal Reserve Account Structure Use of Secondary RTNs An Account Holder may use Secondary RTNs to segregate transaction activity to accommodate reporting and operational needs. As previously noted, there are two types of Secondary RTNs – Subaccount RTNs and Other Secondary RTNs. Both can be used to identify segregated Debit and Credit Transaction Activity that will settle in the Master Account. Subaccount RTNs can only be assigned to Account Holders and are used to identify information that is reported directly to and settled in the Master Account. Additionally, Subaccount RTNs can be used to initiate and receive Fedwire Funds transactions. To use a Subaccount RTN, the Subaccount Designation Form (Attachment A of the Account Structure and Transaction Settlement Guide) must be completed. 9 The Debit and Credit Transaction Activity processed for Subaccount RTNs cannot be reported through another Subaccount RTN and must be reported directly to and settled in the Financial Institution’s Master Account. Other Secondary RTNs can be used to identify information that can be reported to a Subaccount RTN, an Other Secondary RTN (not to exceed three tiers), or directly to the Master Account. Other Secondary RTNs, however, cannot be used to initiate and receive Fedwire transactions. To establish reporting instructions for Other Secondary RTNs, the Transaction and Service Fee Informational Reporting Instructions for Other Secondary Routing Transit Numbers (RTNs) Form (Attachment B of the Account Structure and Transaction Settlement Guide) must be completed by the Account Holder. The Debit and Credit Transaction Activity processed for these Secondary RTNs can be reported through a Subaccount RTN or an Other Secondary RTN of the Financial Institution for information purposes, but must settle in the Financial Institution’s Master Account (for Account Holders). For Financial Institutions that do not have a Master Account, the Respondent may use an Other Secondary RTN but must use its Primary RTN to settle Debit and Credit Transaction Activity directly to the Correspondent’s Master Account RTN (not to exceed three tiers). Examples and useful diagrams of different uses of Secondary RTNs are included in the Account Structure Guide. Establishing a Correspondent-Respondent Relationship An Account Holder may agree to act as a Correspondent and allow its Master Account to be used to settle certain transactions and service fees for a Respondent. To establish a CorrespondentRespondent relationship, the Correspondent and the Respondent must both execute a Transaction 9 If Subaccount RTNs and/or Other Secondary RTNs are being used as a result of a merger, the Merger Matrix form, when approved by a Federal Reserve Bank, can be used instead of the Subaccount Designation Form. The Merger Matrix is a form that is intended to assist an institution in planning for accounting changes with the Federal Reserve Banks that will result from a merger with another institution or as a result of a purchase and assumption of certain assets or liabilities of another Financial Institution (collectively referred to as a merger). The document covers services that need to be addressed prior to an inter- or intra-district merger and serves as written authorization for the disposition of services outlined. -- Federal Reserve System ---------------------------------------------I-4 June 2012 -- Account Management Guide Federal Reserve Account Structure and Service Fee Authorization Form (Appendix 2 of OC 1). 10 Each executed Transaction and Service Fee Authorization is subject to approval by the respective ARB(s) of the Correspondent and Respondent. Correspondent-Respondent relationships cannot be established for Fedwire Funds and Securities, Fed Funds Checks, and Custodial Inventory Program transactions because these transactions must settle in a Respondent’s own Master Account. Financial Institutions that do not have a Master Account must identify a Correspondent in order to settle any Debit and Credit Transaction Activity involving Federal Reserve Financial Services. Financial Institutions that do have a Master Account with their ARB may still identify a Correspondent in order to settle some or all of its Debit and Credit Transaction Activity involving Financial Services, except as noted above. Any Debit and Credit Transaction Activity of a Respondent settling with a Correspondent must be reported using the Respondent’s Primary RTN and not a Secondary RTN. A Respondent can designate different Correspondents to settle different Financial Services. By executing the Transaction and Service Fee Settlement Authorization Form, the named Correspondent agrees to allow its Master Account to be used to settle certain transactions and service fees for the named Respondent as well as for any other Financial Institution that is currently using (or later agrees to use) the named Respondent as its Correspondent as designated in a Transaction and Service Fee Settlement Authorization Form. The named Correspondent is not required to execute this subsequent Transaction and Service Fee Settlement Authorization Form between its Respondent and the other Financial Institution. Pass-Through Relationships A pass-through relationship allows a Respondent to hold its required reserve balances with a Correspondent. A balance in the Correspondent’s Master Account represents a liability of the Reserve Bank solely to the Correspondent and is subject to the Correspondent’s order. To establish a pass-through relationship, both the Correspondent and the Respondent must complete a Pass-Through Agreement (Appendix 3 to OC 1). Each Pass-Through Agreement is subject to Reserve Bank approval. A Reserve Bank may terminate any pass-through relationship in which the Correspondent is deficient in its record keeping or other responsibilities. 11 10 The Transaction and Service Fee Settlement Authorization Form (OC 1 - Appendix 2) is a replacement to the prior OC 1 Appendix 5 form. 11 See Section 204.3(i) of Regulation D for pass-through rules. -- Federal Reserve System ---------------------------------------------I-5 June 2012 -- SECTION II Concepts of Reserve Calculation and Maintenance Refer to the Reserve Maintenance Manual (Section III) http://www.frbservices.org/regulations/accounting_guides_and_manuals.html SECTION III CLEARING BALANCE REQUIREMENTS AND EARNINGS CREDITS Refer to the Reserve Maintenance Manual (Section VIII) http://www.frbservices.org/regulations/accounting_guides_and_manuals.html (**Please Note: This section will no longer be applicable and will be removed effective July 12, 2012) Account Management Guide Billing SECTION IV BILLING .................................................................................................................................................2 BILLING CYCLE ................................................................................................................................................... 2 EARNINGS CREDITS ............................................................................................................................................. 2 SERVICE CHARGES .............................................................................................................................................. 2 STATEMENT OF SERVICE CHARGES ..................................................................................................................... 3 STATEMENT MEDIA CHOICES.............................................................................................................................. 3 SUMMARY STATEMENT OF SERVICE CHARGES ................................................................................................... 4 STATEMENT OF SERVICE CHARGES (DETAILED STATEMENT) .......................................................................... 15 SERVICE CHARGE INFORMATION VIA FEDLINE WEB ® OR FEDLINE ADVANTAGESM ....................................... 21 PRODUCT CODE DICTIONARY VIA THE FEDERAL RESERVE FINANCIAL SERVICES INTERNET SITE ................. 24 The Financial Services logo, “FedLine Web,” “FedLine Advantage” and “FedLine” are either registered or unregistered trademarks or service marks of the Federal Reserve Banks. A complete list of marks owned by the Federal Reserve Banks is available at www.frbservices.org. -- Federal Reserve System ----------------------------------------------- June 2012 -IV - 1 Account Management Guide Billing BILLING Billing Cycle The Federal Reserve System’s billing cycle begins on the first business day of each month and closes on the last business day of the month, with charges accruing on a daily basis. Your institution automatically receives a summary statement of charges (detailed statements are available at your request) on the sixth business day of the next month. Your account— or your correspondent’s account—is charged on the fifteenth of each month or the next business day, if the fifteenth falls on a weekend or holiday. However, the Reserve Bank maintains the right to charge before the fifteenth of each month and will notify you of any accelerated charge schedule. Service charges appear as “FRB Service Charges” (Transaction Code 84031) on your institution’s Statement of Account. You may settle billing charges in your own master account or in the accounts of one or more correspondent institutions. If your institution’s service charges settle in your master account, no additional authorization is necessary. If not, you must establish authorization by submitting a Transaction and Service Fee Settlement Authorization form signed by an authorized approver, as designated on your institution’s OAL (Official Authorization List). This form may be found at www.frbservices.org under Forms, Account Services. Earnings Credits Effective July 12, 2012, the contractual clearing balance program will be eliminated. The last day on which clearing balances will generate earnings credits will be July 11, 2012. Unused earnings credits will expire 52 weeks from their issuance, in accordance with current policy. Financial Institutions holding unused earnings credits may continue to apply the credits to eligible priced service charges that settle in their own accounts. Earnings credit information will continue to appear on Billing statements to allow unused earnings credits to be used as an offset to eligible charges within the maximum twelve cycles. If earnings credits exceed the charges incurred during a given billing cycle, the unused credits are carried over and used on a first-in, first-out basis in subsequent billing cycles, up to a maximum of twelve cycles. However, if charges incurred exceed the earnings credits available during a given billing cycle, the difference is charged to your institution’s own account. Earnings credits generated by your master account may be applied towards the master, subaccount, and respondent charges that settle in that account. Earnings credits generated by a master account cannot be transferred to a correspondent to pay for eligible service charges. (See Section VIII for information on how earnings credits are handled during a transition period following a merger.) Service Charges Your institution accrues service charges for the use of the Federal Reserve’s priced services. The Monetary Control Act of 1980 requires Reserve Banks to charge for these services. Other services may also result in a service charge. Below are categories of service charges that may appear on your statement. • • • Accounting Information Services Automated Clearing House (ACH) Book-Entry Securities -- Federal Reserve System ----------------------------------------------- June 2012 -IV - 2