In the spring of 1998, the Federal Reserve introduced the Uniform Cash Access Policy. This policy created more consistent access and fees for banks across the U.S. and still impacts how banks operate today. The original introduction to the policy states that the goal is to create greater uniformity and keep fit and new cash circulating.
Key points include:
- Banks are able to designate up to 10 endpoints, which can be branch offices or a cash operation center or vault.
- Each endpoint receives one depoist and one order weekly at no cost.
- Additional orders are charged fees unless the exceed 20 bundles.
- Endpoints that exceed 50 bundles per deposit or order have free access.