Correspondent Services


Keep Your Expenses in Check with the HLB’s Correspondent Services

The HLB is a provider of high quality Correspondent Services. We offer members a comprehensive array of services to help effectively manage cash positions and improve profitability.

Our services provide members with a unique opportunity to consolidate many of their financial activities with one correspondent bank. The HLB's fully-integrated Correspondent Services are cost efficient, attractively priced and flexible. In addition, our correspondent services do not require compensating or reserve balances. We provide our members with "hard dollar" interest on all collected balances, not earnings credits as is the case with many correspondent banks.

The HLB offers the following Correspondent Services:

 

Overnight Investment Account (OIA)

The OIA, which is the primary transaction account for members, is one of the most important cash management tools the FHLBNY offers. It is a concentrated account in which all collected balances earn interest daily.

Benefits:

  • Interest is calculated and paid daily on an actual/actual basis
  • No reserve or compensating balances are required
  • All transactions can be monitored through 1Link, our secure internet banking system

Account types include: Custodial Mortgage, Reserve, Accommodation, IBE, Mortgage Partnership Finance (MPF®) and Member Guaranty.
 

Term Deposits

The HLB's Term Deposit Program is similar to the OIA except it pays competitive rates to members with longer term investment needs, providing them with fixed-rate maturities from 14 to 365 days.

For more information, please contact us at (201) 356-1200.

Funds Transfer

Members can manage their daily liquidity positions with ease and precision through the FHLBNY's wire transfer system. Wire funds from your accounts to any domestic financial institution including all United States territories. It's fast, paperless and competitively priced.

Members can also use 1Link to:

  • quickly initiate current and future-dated wires and book transfers,
  • check the status of 1Link initiated wires and book transfers,
  • review and create wire transfer reports,
  • pay lower wire out transaction fees, and
  • initiate book transfers at no charge.

For more information, please contact us at (800) 824-2426.

Settlement

The FHLBNY's Settlement Service eliminates the need for accounts at the Federal Reserve Bank or other correspondent banks. Members may settle a variety of payments through their FHLBNY OIA account, including:

  • Check deposits, inclearings and returns
  • Automated Clearing House Items (ACH)
  • US Savings Bonds Sales
  • Federal Treasury Tax and Loan (TT&L)
  • Other transactions

The FHLBNY will monitor the settlement activity information that we receive on your behalf and combine it into easy-to-read daily and end-of-day summary reports. Other available settlement transactions refers to Disbursement Settlement through MoneyGram.

For more information, please contact us at (201) 356-1200.

Securities Safekeeping

Acting as your custodian, the FHLBNY can help facilitate the transfer and custody of your securities, as well as arrange for the timely collection and crediting of principal and interest payments through our securities safekeeping services.

Benefits:

  • P&I payments, dividends, calls, redemptions and maturities are immediately available and credited directly to the member's OIA account
  • Real-time account activity reporting
  • Trades can be initiated and monitored through 1Link
  • Review, download, customize and print safekeeping reports through 1Link

For more information, please contact us at (201) 356-1147.

1Linksm

Learn more about our internet banking system 1Link!

Deposit Rates

The O.I.A. pays interest based upon a member’s collected end of day balance, and is currently paying:

Members:
Non-Members:
3.1 bps
0.1 bps

To obtain rate information specific to your account, you may reference the Combined Daily Advice.

To receive term deposit rates daily via email, sign up for the daily rate indications sheet or contact our Credit Services Representatives at (212) 441-6600.