Current changes have been made by the Federal Reserve Bank relating to standards for using deposit bags. They state that these new requirements will assist make bank management of deposits with the Fed more reliable. It may take a while for banks to adjust to the new requirements, however it enhances the security practices of bank deposits when managing the Federal Reserve. Below is an overview of the new FRB deposit bag requirements.
Coins can be shipped to the Federal Reserve in canvas bags or plastic bags. For canvas bags, they should not be harmed or torn, and should have tamper-resistant seals. In addition, they should come with plastic or string ties and lead seals. They must additionally have color-coded tags for ease in identifying the denomination inside the bag. The tag should show the denomination, buck quantity, name of depositor, and the bank's ABA directing number.
If you are making use of plastic coin bags, bags should be clear and with tamper-evident seals. They should be 6.5-mil thick and their manage should stand up to the 100-pound tons hang test. This requirement is put in place to ensure that the container can hold up against the entire procedure of depositing these bags, including transport. The size of these plastic coin bags should be similar to those of the canvas bags. A label must be put at the bottom part of the bag which will consist of the exact same information indicated in the canvas bags.
For placing currency
Only transparent plastic bags or transparent plastic or metal containers may be used in transferring currency bundles. As a rule, plastic deposit bags should be 5-mil thick and should have labels. This tag needs to indicate the four-digit branch code, the name of the banking company and the branch and the dollar quantity inside it.
The plastic bags should also be protected with a tamper-evident seal. There are some bags readily available that have Press2lok closure for convenience in packing deposit currencies. The seal of a bag will indicate "VOID" when it gets subjected to cold temperatures or chemicals. Specially made thermochromic ink safeguards it from any tampering activities that make use of heat.
Depositors depend on banks to keep and protect their hard-earned money safe. The safety of their cash can depend on the reliability of the bags they are kept in. For more information, visit frbservices.org.
New Deposit Bag Standards Set by the Reserve Bank