Make the most of your deposits.
A complementary addition to our cash management product suite Receive deposits, place excess funds as deposits with other banks, or a combination of both; You choose the option that's right for you.
Investment: PCBB sweeps the balance in increments of $250K (FDIC insurance limit) to deposit-taking banks.
Deposit: PCBB sweeps $750K total deposits to your bank from other depositing banks.
|Are there fees to participate in the program?||There are no fees to participate. Participants are not charged a fee as program fees are paid by a reduction in the net interest rate paid to depositors.|
|How is the interest rate determined and how can I check the rate?||The interest rate is variable, and generally set as a spread to the Fed Funds Target Rate as set by the FOMC. As the target rate changes, so would the program's rate. You can find the current rates in our daily publication, the Banc Investment Daily (BID), or call us at (888) 399-1930.|
|Can a bank that has received deposits through the program return the funds?||Yes, simply contact PCBB. While the program requires providing 14 days advance notice, PCBB will work with the bank to ensure that it is done as timely as possible.|
|Are there any requirements for a bank to receive deposits through the program?||Banks receiving the funds need to be well capitalized at the time the deposits are accepted. On a quarterly basis, all banks accepting deposits are reviewed, and in instances where they cease to be well capitalized, the funds are transitioned to a different bank.|
|As a depositor in the program, how is my interest calculated and when is it paid?||Interest is calculated on an actual/365 basis, accrues daily and is paid out the 1st business day of each month.|
|How does a depositor make a deposit or withdrawal request?||To request a deposit or withdrawal, contact PCBB before 3:00pm (ET) the business day prior to the desired transaction date. For withdrawals, the bank receiving deposits does have the right to require 7 days advance notice of withdrawals.|
|As a depositor, are the funds in a MMDA or a DDA?||Your account with PCBB will be a DDA and will be used to facilitate the flow of funds into and out of the program; some funds may remain in the account and earn interest. Funds swept to other banks would be swept into accounts set up as an MMDA.|
|Can a depositor exclude certain banks from accepting their deposits?||Yes, a depositor can exclude certain banks. Simply tell PCBB which banks you don't want to deposit with.|
|How do I account for deposits made or received through the program?||Depositors will account for the funds in the program as insured, interest-bearing deposits due from another financial institution. Banks receiving deposits will account for the brokered deposits as they would any other brokered deposit.|
|If we participate in the reciprocal feature, does it need to be matching?||No, it does not need to match. For example, if you put $2,000,000 into the program, but want to receive $1,500,000 in deposits, this can be accommodated.|
|Does my bank need to provide PCBB with my customers' non-public information for those customers wishing to use the program?||No. Your bank does not provide PCBB with any of your customer's non-public information. In fact, your customer's name is the only piece of customer data that your bank needs to provide PCBB.|