TFM TRANSMITTAL LETTER NO. 576 VOLUME I

Part 5--Chapter 4500
DEPOSITS TO TREASURY THROUGH THE FEDWIRE DEPOSIT SYSTEM
(T/L 576)

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This chapter prescribes procedures for deposits to the account of the U.S. Treasury made through the Fedwire Deposit System (FDS).

Section 4510 - Scope and Applicability

This chapter applies to Government departments, agencies, corporations, and others concerned with deposits for credit to the account of the U.S. Treasury made over Fedwire. Instructions for Federal Reserve Banks (FRBs) and other banks that maintain an account at an FRB are prescribed in II TFM 2-4000. The transfer of deposits over Fedwire to the Department of the Treasury (Treasury) will be effected only in those cases where it has been determined that to do so will be advantageous to the Government.

Section 4515 - AUTHORITY

The authority for the procedures included in this chapter are found in the 31 CFR 202.

Section 4520 - Definition of Terms

Agency Location Code (ALC) - A numeric symbol used to identify accounting reports and documents prepared by or for agency accounting stations and disbursing offices (e.g., eight-digit agency location station code, four-digit checking account symbol, and three-digit Treasury office number).

Depositor - An individual who draws or issues an order of payment to a Federal agency.

Deposit Ticket - This term refers to the SF 215C Deposit Ticket issued by Treasury.

Federal Reserve Bank (FRB) - Any district bank or branch bank of the Federal Reserve System.

Fedwire - An electronic transfer system developed and maintained by the Federal Reserve. The system connects Federal Reserve Banks, the Treasury and Government agencies, and depositary institutions which maintain an account at an FRB.

Section 4525 - Background and Concepts

The Treasury Fedwire Deposit System (FDS) is a computer-to-computer link between Treasury and the Federal Reserve Bank of New York (FRBNY). This system provides the capability for: (1) automated receipt and processing of funds transfers and (2) computer-assisted generation of funds transfers between Treasury, FRBs, and other banks utilizing Fedwire. FDS also integrates this traffic into Treasury's government-wide accounting system which accounts for all Federal receipts and outlays. Treasury maintains an account at FRBNY. As a result, banks that maintain an account at an FRB may send funds transfers to Treasury over Fedwire for credit to the account of the U.S. Treasury at FRBNY. Likewise, Treasury may send funds transfers, charged to the Treasury's General Account at FRBNY over Fedwire, to banks that maintain an account at an FRB. Funds transfers between Treasury and banks that do not maintain an account at an FRB are processed through correspondent banks that do maintain an account at an FRB.

Section 4530 - Required Information for Funds Transfers

Information that must be provided on a funds transfer message to Treasury is specified in Appendix 1.

Requests for transmitting funds to Treasury will normally be made to banks' Fedwire departments. Banks that do not maintain an account at an FRB must utilize the services of correspondent banks when making a FDS deposit.

Policies and procedures regarding depositors' requests for funds transfers are determined by the bank sending the transfer; for example, timing, payment requirements, and so forth.

Section 4535 - Agency Notification of Deposits and Deposit Adjustments

4535.10 - Deposit Ticket and Support Listing

As funds transfer messages are received by Treasury, the messages are accumulated at the level of each Agency Location Code (ALC). At the end of the day, a Daily Support Listing of FDS Deposits is produced showing all deposit messages received that day (see Appendix 2). The Daily Support Listing also shows a consolidated total amount representing the total of the funds transfers received for the particular ALC on that day. The total amount shown on the Daily Support Listing will support an SF 215C Deposit Ticket (see Appendix 3) prepared by Treasury. The Daily Support Listing and the confirmed SF 215C will be forwarded, usually by mail, to the agency concerned the following workday.

4535.20 - Same-Day Notification

Agencies requiring same-day deposit notification may receive this data from CA$H-LINK's Agency Access. Agency Access allows the agency to receive immediate notification of incoming FDS deposits via online inquiry or PC download. This method is intended to supplement the Daily Support Listing of FDS Deposits and SF 215C which will still be sent to the agency. Agency Access software will be provided by the Financial Management Service free of charge. See Contacts page for information on ordering Agency Access.

4535.30 - Errors and Deposit Adjustments

Agencies will review their FDS deposits daily for errors and will promptly notify the Financial Analysis Branch (see Contacts) if errors are discovered.

Occasionally, banks may request a reversal of an FDS deposit. A written request or service message from the sending bank requesting a reversal of a deposit must be received by Treasury before the funds are returned.

Same day reversal of deposit messages are initiated by Treasury without agency concurrence. Subsequent day reversal requests, already classified to an ALC, will be referred to the appropriate agency for authorization to return the funds.

A reversal of a Deposit Message can be identified by the word "Reversal" printed next to the amount field on the Daily Support Listing of FDS Deposits.

Treasury also has the authority to issue adjusting deposit documents; i.e., SF 5515 "Debit Voucher" for FDS deposits erroneously sent to an agency. An explanation of why the adjustment was made will be included on the adjusting deposit documents.

Section 4540 - Erroneous Agency Reporting of Deposits

Agencies will report all FDS SF 215Cs which show the ALC of the reporting office even if the reporting office knows the item does not belong to that office. Such erroneous deposits will be reported to one of the agency's suspense accounts (i.e., F3875 or X6875) until an adjustment document is received from Treasury to correct the error. Agencies should be guided by the provisions of I TFM 2-3100 and 2-3300 in reporting SF 215Cs and SF 5515s.

CONTACTS

Inquiries concerning this chapter should be directed to:

Department of the Treasury
Financial Management Service
Banking Operations Branch
3700 East West Highway, 5A06
Hyattsville, MD 20782
(Telephone (202) 874-6900)

Inquiries concerning FDS deposit errors and adjustments will be directed to:

Department of the Treasury
Financial Management Service
Financial Analysis Branch
3700 East-West Highway, 500E
Hyattsville, MD 20782
(Telephone (202) 874-7980)

To obtain Agency Access software contact:

Department of the Treasury
Financial Management Service
Banking Operations Branch
3700 East West Highway, 5A06
Hyattsville, MD 20782
Telephone (202) 874-6900

Transmittal Letter No. 576

Volume I

To: Heads of Government Departments, Agencies and Others Concerned

1. Purpose

This transmittal letter releases I TFM 5-4500: Deposits to Treasury Through the Fedwire Deposit System, which replaces I TFM 5-4500: Treasury Financial Communcations Systems Deposits.

2. Page Changes

Remove
Table of Contents for Volume I
Table of Contents for Part 5
I TFM 5-4500

Insert
Table of Contents for Volume I
Table of Contents for Part 5
I TFM 5-4500

3. Effective Date

Upon receipt.

4. Inquiries

Questions concerning this transmittal letter should be directed to: