Alabama
11:44 am
Tue August 3, 2004

Fed Reserve to Close Check-Processing Site in Birmingham

Birmingham, AL – 65 people will lose their jobs at the Federal Reserve in Birmingham...because officials say there are fewer paper checks being written. The Fed says it will close its check-processing sites in Birmingham and in eight other cities around the country by 2006. Federal Reserve officials say the number of checks processed by the Birmingham branch fell by 11 percent between 2000 and 2003, and that number continues to fall. The closings are expected to save 16 million-dollars a year. The Birmingham office currently employs about 160 people. It will continue to provide cash for financial institutions.