Operating Circulars

Federal Reserve Financial Services are governed by the terms and conditions that are set forth in the following operating circulars.

Please refer to Communications for announcements related to changes to the operating circulars.

Operating Circular 1 (OC 1)

OC 1 contains the terms for opening, maintaining, and terminating a master account with a Federal Reserve Bank, as well as general provisions regarding Reserve Bank services applicable to institutions whether or not they maintain a Reserve Bank account.

• Account Relationships (PDF) effective 09/01/23
• Account Relationships Agreements and Forms last updated July 2023
• FedTransaction ® Analyzer Terms and Conditions (PDF) effective 09/01/23
• Account Structure Guide (PDF) effective 09/01/23
• Account Structure Guide (ASG) Forms last updated June 2023

Operating Circular 2 (OC 2)

OC 2 contains the provisions that apply to a financial institution’s cash transactions with a Federal Reserve Bank.

• Cash Services (PDF) effective 01/04/16
• International Cash Services Letter of Agreement Template (PDF)
• Cash Services Manual of Procedures (PDF) effective 03/01/19
  The Cash Services Manual of Procedures (CSMOP) describes the operational guidelines and requirements of the Federal Reserve Banks with respect to a financial institution's cash transactions with the Federal Reserve Banks.
• Deposit Visual Reference Guide Revised 11/01/23
  To reflect the OC 2 and CSMOP changes and help your organization comply with new or revised depositing procedures, the Deposit Visual Reference Guide has recently been updated and is now available online and in a printable format (PDF).

Operating Circular 3 (OC 3)

OC 3 applies to the handling of all cash items that we accept for forward collection and all returned checks that we accept for return.

• Collection of Cash Items and Returned Checks (PDF) effective 03/18/24
  • Redlined version (PDF)
  • Summary of Changes (PDF)
  • Collection of Cash Items and Returned Checks (PDF) effective 11/15/21

  Operating Circular 4 (OC 4)

  OC 4 applies to clearing and settlement of commercial automated clearing house (ACH) credit and debit items by the Federal Reserve Banks, sending banks, and receiving banks.

  • Automated Clearing House Items (PDF) effective 01/02/24
    • Summary of Changes (PDF)
    • Redlined version (PDF)

    Operating Circular 5 (OC 5)

    OC 5 includes the terms under which an institution may access certain services and applications provided by a Federal Reserve Bank and under which an institution may send certain data to or receive certain data from a Federal Reserve Bank, in each case, by means of an electronic connection.

    • Electronic Access (PDF) effective 05/01/24
      • Summary of Changes (PDF)
      • Redlined from prior 07/01/23 version (PDF)
      • Certification Practice Statement—Federal Reserve Banks’ Certification Authority (PDF) effective 07/08/14
      • Certification Practice Statement of the Federal Reserve Banks’ Services Public Key Infrastructure (PDF) effective 06/30/21

      Operating Circular 6 (OC 6)

      OC 6, along with subpart B of Regulation J, applies to funds transfers made through the Fedwire Funds Service.

      • Funds Transfers through the Fedwire ® Funds Service (PDF) effective 07/01/23

      Operating Circular 7 (OC 7)

      OC 7 contains the terms under which the Federal Reserve Banks maintain securities accounts and effect transfers of book-entry securities for participants.

      • Fedwire Securities Service (PDF) effective 05/01/24
        • Summary of Changes (PDF)
        • Redlined from prior 01/30/23 version (PDF)

        Operating Circular 8 (OC 8)

        OC 8, along with subpart C of Regulation J, applies to funds transfers made through the FedNow ® Service.

        • Funds transfers through the FedNow Service (PDF) effective 4/22/24
          • Summary of Changes (PDF)
          • Redlined from prior 9/21/22 version (PDF)
          • Redlined version (PDF)

          Operating Circular 9 (OC 9)

          OC 9 has been retitled Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government to reflect the full scope of its coverage. Amendments to OC 9 reorganize policies and procedures without substantive changes to applicable Treasury policies and procedures. OC 9 now contains three main sections applicable to Treasury programs under 31 CFR Parts 202, 203 and 225: Securing Public Funds and Investments (Parts 202 and 203); Treasury Investments (Part 203); and Pledges of Collateral in lieu of surety bonds (Part 225).

          • Treasury Investments and Collateral Securing Public Funds and Financial Interests of the Government (PDF) effective 07/25/13

          Operating Circular 10 (OC 10)

          OC 10 contains the terms under which an entity may obtain Advances from, incur Obligations to, or pledge Collateral to a Federal Reserve Bank.

          • Lending (PDF) effective 08/28/23
          • Lending Agreements (Off-site) effective 08/28/23
          • Lending (PDF) effective 07/16/13

          Operating Circular 11 (OC 11)

          There is not an OC 11.

          Operating Circular 12 (OC 12)

          OC 12 contains the terms under which the Federal Reserve Banks provide certain settlement services through what is called the National Settlement Service.

          • Multilateral Settlement (PDF) effective 03/08/21