Published May 1, 2004 | May 2004 issue
In 2003, the Federal Reserve Bank of Minneapolis processed:
6.7 billion ACH (Automated Clearing House) payments worth approximately $16.8 trillion. FedACH is a nationwide system, built and operated by Minneapolis staff on behalf of the entire Federal Reserve System, that provides the electronic exchange of debits and credits.
1.0 billion checks worth approximately $890 billion. The Minneapolis office is one of the largest check processing centers in the Federal Reserve System.
$10.8 billion of excess currency received from financial institutions, destroyed $1.4 billion of worn and torn currency and shipped $11.2 billion of currency to financial institutions.
1.2 million savings bond purchase requests and over 142,000 savings bond servicing transactions, and answered more than 288,000 savings bond customer service calls, as one of five savings bond processing centers in the Federal Reserve System.
Forms, tenders, account maintenance and other customer transactions for 466,000 active TreasuryDirect accounts for individuals holding Treasury securities totaling $62.2 billion, as one of three TreasuryDirect processing sites nationwide.
Transaction items worth more than $276 billion through FR-ETA (Electronic Tax Application), a same-day payment mechanism, hosted by the Minneapolis Fed, for businesses paying federal taxes via their financial institutions.