We are looking to bring in more nursing homes with personal needs accounts.I have found that Reg D allows us to set these up as NOW accounts under 204.130(e), but need to know if any specific rate is required? Also, is the nursing home allotted a management fee for holding these accounts? If so, what amount of a fee are they allotted? (New York, Pennsylvania, New Jersey and Delaware). I've been looking all morning and cant find a thing, please help!
Thanks

You are correct that the nursing home may hold a NOW account for these types of funds. There is no requirement as to rate (or limit, either), so you are free to price commensurate with your market and other forces.

Whether the nursing home operator is entitled to a management fee for handling patient funds is not a matter of concern to the depository, in my opinion. It's a contract matter between the nursing home and its clients, possibly subject to state and/or federal guidelines or rules.

Thanks John! Appreciate it