There are many benefits in using the FHLB Chicago's DID account, including:
• No minimum balance: Unlike
most correspondent banks, the FHLB Chicago does not
require minimum balances. All deposits earn interest, not earnings credits.
• Competitive
rates: Used as an alternative market to other short-term rates, the DID account remains attractive and competitive.
• Interest daily: Balances earn interest that is accrued daily. Interest is credited
to the customer's account on the 15th and last calendar
day of the month.
• Not subject to Regulation
F: Balances with the FHLB Chicago are exempt
from Federal Reserve Reg. F requirements. The
FHLB Chicago enjoys the same exempt status from Reg. F as the
Federal Reserve System. No other correspondent bank
offers this benefit.
• Administrative ease:The FHLBC’s wire transfer department accepts transaction requests by telephone or electronically. Cut-off times do apply. Interest is credited automatically.
• Service corporation:
Members with service corporations can open a DID account
'as agent' for their deposit activity.
Overdraft
Fees
For DID account overdrafts of $5,000 or more, a $50 fee per day overdrawn (beginning December 15, 2010) will be assessed. In addition, the DID account will be assessed the current DID interest rate plus four percent (4%) for each day overdrawn. The $50 fee is waived for overdrafts under $5,000. |
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