Federal Reserve announce changes to check services

The Federal Reserve Banks announced on 2 August further changes to increase the efficiency of their check-processing operations. Check processing operations at nine sites will be discontinued and the volumes at these sites shifted to other Federal Reserve locations.

These changes will take place through 2005 and early 2006, and they respond to the nation's increasing substitution of electronic payments for paper checks. This announcement follows the Reserve Banks' June 16, 2004, announcement o