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U.S. DEPARTMENT OF LABOR
Employment and Training Administration
Washington, D. C. 20210

CLASSIFICATION

UI/FDS

CORRESPONDENCE SYMBOL

TEUM

ISSUE DATE

April 6, 1989

RESCISSIONS

None

EXPIRATION DATE

April 30, 1990

DIRECTIVE

:

UNEMPLOYMENT INSURANCE PROGRAM LETTER NO. 26-89

 

TO

:

ALL STATE EMPLOYMENT SECURITY AGENCIES

 

FROM

:

DONALD J. KULICK
Administrator
for Regional Management

 

SUBJECT

:

Revised Fedwire Deposit System (FDS) Format for Transferring Clearing Account Funds to the Unemployment Trust Fund (UTF)

 

  1. Purpose. To transmit the revised Fedwire Deposit System (FDS) format to be used by banks when wire transferring funds from State employment security agencies' (SESAs) Clearing accounts to the UTF.

  2. Background. The Funds Accounting Branch in the U.S. Treasury Department has requested our assistance in advising all State employment security agencies (SESAs) of the revised format, the effective date of its implementation, and of the need to confirm the new requirements with their banks to assure timely transfer and crediting of deposits. It should be noted that the new wire transfer format applies to deposits only.

    Effective April 3, 1989, the new structured format will be the only format accepted by the FDS system. Phased implementation of the new revised third party format started on April 1, 1988. Actual transfer of funds began in October of 1988. During the period October 1, 1988 through April 3, 1989 both the old and new formats will be accepted by FDS. On April 3, 1989 and thereafter, all FDS messages not complying with the new format will be rejected. Although all banks have been notified directly by the Federal Reserve Bank of the new format, many have not yet converted. Therefore, it is imperative that early contact-be made-s0th SESAs' servicing banks to assure that the new requirements have been received, are understood, and that. the banks will be prepared to implement them on or before the April 3T, 1989 deadline for the changeover. In the event that bank personnel may need additional information or clarification, Treasury contact persons and telephone numbers are included-in the attached material.

    It is emphasized that the new wire transfer format applies to banks. SESAs are responsible for assuring that the information they provide to the banks when requesting transfers of funds to the UTF is accurate and sufficient for the banks to properly utilize the new FDS format for wire transferring funds.

  3. Action Required. Agency administrators should:

    1. contact their servicing banks immediately to assure that the new format and instructions for FDS wire transfer of deposits have been received and will be implemented timely,

    2. review the information currently being provided to their servicing banks when requesting transfers of funds from clearing accounts to the UTF to assure that the data are accurate and sufficient for their servicing banks to properly utilize the new FDS format for wire transferring funds, and

    3. advise appropriate banking staff that if further instruction or clarification is needed they are to contact the designated Treasury staff directly at the telephone numbers indicated in the attachments.

  4. Inquiries. Questions or inquiries should be directed to the appropriate Regional Office.

  5. Attachments. Department of the Treasury/Financial Management Service correspondence (3), Instruction Guide for Funds Transfer Deposit Messages, and a sample of a completed funds transfer message (new format).