Fed FAQ – The Harvard Lampoon

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| Issue Editor: WCS '11 | Art Editor: IVP '12


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What is the Fed?

The Fed (Federal Reserve System) is the central bank of the United States of America. We try to help the economy by influencing the rate at which banks lend out money.

Is the Fed hiring?

Yes! Careers at the Fed.

How can I find my local Fed branch?

There are currently twelve Fed banks, in such places as New York, St. Louis, and San Francisco. (Note: You cannot do any banking at these locations. The Fed isn’t your “traditional” bank.)

Is there a minimum deposit required to open a checking account with the Fed? What about for a money market account?

Your institution can become a member bank of the Fed by clicking here. The Fed will not accept checks or cash money from individual persons under any circumstances.

I’m a customer with the Fed, but I don’t have time to stop by a branch. Is there a mobile banking app available for my SmarTech Neu? What about other SmarTech cellular devices and tablet phones?

The Fed does not currently support SmarTech devices. You are not a customer with the Fed.

I believe I may be the victim of identity theft. How can I reach a live representative regarding my account immediately?

[email protected]