The Finch Formerly Known As Gold

11 November 2005

The incredible shrinking Fed

The Oklahoma City branch of the Federal Reserve Bank of Kansas City will be shutting down check and cash processing functions — these will be shifted to Dallas along with about 130 jobs — and will sell off its downtown building at 226 Dean A. McGee in favor of smaller leased quarters.

The remaining Fed staff will concentrate on analysis and projections. One question unanswered: will banks whose checks were processed through the Oklahoma City branch change their routing numbers? Dallas is in the 11th District, Kansas City the 10th, and the first two digits have always indicated the district. (Oklahoma banks are 1030 through 1039 or 3030 through 3039; should the numbers change, presumably they would change to something in the 1100s or 3100s.)

Posted at 11:33 AM to City Scene

Oh, please God, no - I've had to repurchase all my checks and deposit slips for every account twice in the past five years because they keep selling the bank, and the last thing I need is to have to do it again because the routing number changed yet again.

Posted by: Matt at 3:19 PM on 11 November 2005

The only time the Fed itself changed any numbers in this area, at least that I'm aware of, was in the 1980s when some banks near the Red River were taken out of Dallas jurisdiction and reassigned to OKC — which I suppose is not a good sign.

Posted by: CGHill at 3:42 PM on 11 November 2005

Then again, I found this in 12 CFR 229, Regulation CC:

Because some check processing regions cross Federal Reserve District lines, there are some cases in which banks in different Federal Reserve Districts are located in the same check-processing region and therefore considered local to each other. For example, banks in Fairfield County, Connecticut are located in Second District and have Second District routing numbers (0211 or 2211), but the Windsor Locks office of the First District processes the checks of these banks.

This would seem to indicate that even if Dallas takes over, the numbers might remain intact; Kansas City District closed Omaha a couple of years ago and the numbers were reassigned en masse to Des Moines.

Posted by: CGHill at 4:03 PM on 11 November 2005