Reserve Banks announce cash infrastructure changes.

Financial Update, July, 2005

As part of a broader effort to improve the way it processes currency, the Federal Reserve announced changes in June to its cash services operation at some locations.

During the next six to 12 months the Reserve Banks will switch from branch-based cash services to cash depots in Birmingham, Ala.; Oklahoma City, Okla.; and Portland, Ore. In 2004 and early 2005, the Federal Reserve already established cash depots and discontinued cash services through Reserve Bank branches in Little Rock, Ark.; Louisville, Ky.; and Buffalo, N.Y.

"We want to ensure that we're making the best use of resources while satisfying the need for cash services," said Gary Stern, chairman of the Reserve Banks' Financial Services Policy Committee and president of the Federal...

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