The U.S. Postal Service should extend by at least six months the effective date of a proposed rule to amend mailing standards for currency, which currently is set to take effect March 1, the American Bankers Association said Wednesday in a letter to the agency. In January, USPS proposed that commercial cash deposits of more than $500 be sent using registered mail, the agency’s most secure mail service. ABA said it supports efforts to fight mail fraud but was concerned about the March implementation date, which provided banks and other businesses little time to change their processes for depositing mail cash deposits above the $500 limit.
“Currently, banks do not have in place processes for depositing mail cash deposits via registered mail, which requires signature upon delivery for every piece of mail, as cash vault management in general does not accept registered mail,” ABA said. “Third parties such as armored carriers and deposit tracking servicers would also need to change their processes to comply with registered mail requirements.”
ABA urged the agency to engage with all stakeholders on the most appropriate dollar threshold to assist business customers in meeting their mailing needs while also providing a secure service. It also suggested moving the implementation date back to at least Sept. 1.