Step 4: Receive Funds
Once the advance transaction is completed and approved by the FHLBNY, the funds will be deposited into your FHLBNY Overnight Investment Account (OIA). Using our wire transfer service, you can transfer the funds into another demand account or wire them out of your account. The fastest and most efficient way to move funds out of your demand account is by using 1Link to initiate your wires.
When you initiate your wires through 1Link, you can:
- Save $9 for each domestic repetitive wire out
- Save $12 each domestic non-repetitive wire out
- Save $5 for book transfers (free with 1Link)
- Conveniently initiate current and future-dated domestic or international wires and book transfers right from your PC
- Receive quick confirmation for 1Link-initiated payments
- Receive detailed wire advice for incoming and outgoing wires
- View your current day outgoing wires and book transfer transaction status anytime
- Use templates to make repetitive wire transfers easy
- Receive detailed wire information on Daily Wire Statement report
- View wires and sign all with a single signing process
