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Program Omnibus Account

The program omnibus account is an account set up during onboarding that will serve as the main account to facilitate funds for the NBID program. It is a standard demand deposit account established at your bank in our custodian's name. It acts as the single program account through which all Insured Sweep Account funds are managed and moved.

The program account streamlines money movement and reduces operational complexity for your bank. It also allows you to receive deposits from the network from other participating banks. To open the account, please request Northern Trust's, NBID's custodian, account information and relevant documents from your NBID Regional Director.

Updated about 2 months ago

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Disclosures

A list identifying NBID / ModernFi network banks can be found here. NBID and ModernFi are not FDIC-insured banks, and deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. NBID is not a member of the Federal Deposit Insurance Corporation (FDIC) and is not a financial institution, nor does it offer financial institution deposits and its services are not guaranteed or insured by the FDIC.

Funds placed through NBID's deposit network are deposited at FDIC-insured banks. Each participating bank provides FDIC insurance coverage up to $250,000 per depositor. By spreading deposits across multiple banks in the network, customers may be eligible for aggregate FDIC insurance beyond the standard $250,000 limit provided by a single institution. Customers should monitor their total assets at each program bank to determine the extent of available FDIC insurance coverage.

FDIC insurance is subject to FDIC rules, including pass-through coverage requirements. For more information about FDIC insurance, visit www.FDIC.gov.

Deposits exceeding applicable FDIC coverage limits at any single institution are not insured by the FDIC.

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