WASHINGTON – The Federal Reserve announced yesterday it plans to trim another 1,740 jobs in its check processing operations as increasing numbers of checks are being processed online. As part of the ongoing consolidation that has halved the number of Fed processing sites to 22 since 2003, the Central bank said it has selected Philadelphia, Cleveland, Atlanta and Dallas as regional check processing sites that are expected to provide a full range of processing services through 2011. Other sites will have their operations scaled back. The cutbacks are part of the implementation of Check 21, the 2003 law that made electronic check images full legal tender, thus eliminating the need for paper checks, in many instances.
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