The Federal Reserve Board said Wednesday that it will stop offering check processing services by the end of March at its Utica, N.Y., site under a plan that officials announced last June.
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The Fed said that some of the financial companies currently served by the Utica branch of the New York Fed will shift their check volumes to the Cleveland Fed beginning Feb. 23 and the rest will shift their checks to the Philadelphia Fed by March 29.
This is a slight change to the original plan, which had called for all of the Utica site's check volume to move to Philadelphia.
Cleveland and Philadelphia are two of the four banks that are expected to retain full check-processing capabilities after the Fed completes its restructuring in mid-2011.
