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#998018 - 07/17/08 05:16 PM Securing Uninsured Funds Deposited
Anonymous89 Offline
New Poster
Joined: Jun 2008
Posts: 3
I am wondering about securing uninsured funds deposited by a private customer (funds over FDIC coverage). We have several muni's that we have bank securities/collateral pledged to under a Public Deposits Security agreement but am looking for a form or agreement for a corporate customer. Any help would be greatly appreciated!

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Deposits and Payments
#998143 - 07/17/08 06:11 PM Re: Securing Uninsured Funds Deposited Anonymous89
YHWB Offline
Platinum Poster
Joined: Apr 2005
Posts: 599
Out there
Look up FDIC Advisory Letter 93-73 - "FDIC's View of the Purchase of Excess Deposit insurance from Roivate Insurance Companies". Page 4817 in Binder 4

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#998407 - 07/17/08 08:39 PM Re: Securing Uninsured Funds Deposited YHWB
Anonymous89 Offline
New Poster
Joined: Jun 2008
Posts: 3
We were looking for a different solution than having the customer purchase private insurance.

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#998626 - 07/18/08 12:35 AM Re: Securing Uninsured Funds Deposited Anonymous89
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,901
Galveston, TX
You are talking about repurchase agreements if you are going to collaterize the deposits with securities.
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#998712 - 07/18/08 12:03 PM Re: Securing Uninsured Funds Deposited Anonymous89
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
...you can make a general "pledge" of securities against public funds because there is a law or regulation that says you can. You will not find any law or regulation that says you can do it for a company or an individual; i.e. you cannot.

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