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To our valued partners,
The NBID team is thrilled to share a transformative update on your ability to receive core deposits.
With the passing of the 21st Century ROAD to Housing Act, well-capitalized banks under $10 billion in assets are able to classify custodial deposits as core, non-brokered funding up to 20% of total liabilities, subject to certain conditions. Deposits placed through NBID are designed to fit within the new framework, though each bank must continue to make its own classification determination.
As such, to the degree that your team is interested in sourcing deposits from the NBID network, we would encourage you to check your eligibility and, if applicable, update your Target Balance in the Admin Portal accordingly. As a reminder, our allocation optimizes for reciprocity, but all excess liquidity will be allocated to partners with unmet target receiving balances.
If you have any clarifying questions, please feel free to reach out to your Regional Director accordingly. We look forward to continuing to grow the partnership with your team!
Best,
Team NBID
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NBID LLC is not a bank. Deposit insurance covers the failure of insured institutions, not NBID. Deposits are placed at FDIC-insured network institutions and are eligible for pass-through insurance up to $250,000 per institution. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. A list of participating banks appears at nbid.com/bank-list.
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