Skip to content
BOL Conferences
Thread Options
#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!

Return to Top
Deposits and Payments
#998143 - 07/17/08 06:11 PM Re: Securing Uninsured Funds Deposited Anonymous89
YHWB Offline
Platinum Poster
Joined: Apr 2005
Posts: 634
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

Return to Top
#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.

Return to Top
#998626 - 07/18/08 12:35 AM Re: Securing Uninsured Funds Deposited Anonymous89
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You are talking about repurchase agreements if you are going to collaterize the deposits with securities.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#998712 - 07/18/08 12:03 PM Re: Securing Uninsured Funds Deposited Anonymous89
Elwood P. Dowd Offline
10K Club
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.

_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top

Moderator:  John Burnett