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#103857 - 08/06/03 05:38 PM Brokered deposits
Anonymous
Unregistered

Help! Can someone direct me to the regulations regarding brokered deposits. Specifically, I am looking for paying a referral fee on deposits to a 3rd party. Does anyone do this? How do you base your fee? Is it based on number of accounts, lengthen of deposit, average balance, etc. Any and all information you can give would be helpful and appreciated. thanks.

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Operations Compliance
#103858 - 08/06/03 05:56 PM Re: Brokered deposits
111 Offline
Gold Star
111
Joined: Jun 2003
Posts: 484
Brokers make anywhere from 10 to 25 BPS, for example: $100,000 for 6 months = $62.50 at 12.5 BPS.

Whoever prepares your Call Report will have input relating to Broker Deposits - they are a really big Red Flag on the Call Report and if you do not have a documentation reason for accepting Brokered Deposits you may as well paint a red flag on your back when the regulators arrive.

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