Federal Reserve Accounts and Services

Financial institutions interested in obtaining payment services including ACH, cash, checks, and wires can establish a relationship with their local Reserve Bank and/or a correspondent institution. Additional information on Federal Reserve Services is available at FRBservices.org.

In order to be eligible to open an account or receive services from the Federal Reserve, financial institutions typically must meet the definition of a depository institution, as defined in the Federal Reserve Act.  Some institutions that do not meet the definition of a depository institution may also be eligible in certain limited circumstances.  See Operating Circular 1 for additional information.

Financial institutions interested in applying for an account or services with the Federal Reserve Bank of San Francisco (FRBSF) must provide the following documentation:

  • Copy of chartering documents and licenses
  • Evidence that the institution has deposit insurance or is eligible to apply for deposit insurance
  • Board of directors’ resolution
  • Official authorization list (OAL)
  • Other forms as applicable

Additionally, de novo institutions must provide the following:

  • Business and capital plan
  • Financial statements and projections
  • Proposed organizational structure and management team
  • Information regarding the institution’s compliance program

The FRBSF reserves the right to request additional documentation and information as it determines necessary.

Approval of an application for an account or services is at the FRBSF’s discretion.  Requests are generally evaluated on the institution’s legal eligibility, business model, financial condition and projected financial performance, compliance with applicable laws and regulations, ownership, and the risk posed to the FRBSF and the payment system.  Requests involving unusual circumstances may require consultation with the Board of Governors of the Federal Reserve System. 

Institutions interested in applying for an account or services can contact their Business Development representative at FRBservices.org.