FHLBank Pittsburgh offers a number of Correspondent Services to customers looking for quality
service at a competitive price. Available services include:
- Depository Services
- Electronic Funds Transfer Services
- Safekeeping Services
- Settlement Services
The Product Delivery Group manages FHLBank's Demand Deposit
Accounts (DDAs), which include the required cash account
for each customer choosing to do business with FHLBank,
as well as specialized accounts to help customers better
manage their business lines and cash flows. Product Delivery manages approximately 626 DDAs with an average
total balance of over $1 billion. All customer-related
transactions — deposits, Fed settlements,
loans, safekeeping transactions, automated clearing
house and wires — are posted to these accounts
each business day, and the resulting balances are an
integral part of each customer's cash management tools.
Electronic Funds Transfer Services
Electronic Funds Transfer Services include a range of Fedwire and Automated Clearing House
(ACH) services such as secure options for domestic and
international wire transfers (U.S. or foreign currency)
as well as Drawdown transactions. These transactions
provide the customer with the ability to move funds
between their FHLBank DDAs and their external accounts,
such as those at the Federal Reserve Bank (FRB), as
well as their customer's domestic and foreign currency
wires (third-party wires). On a typical day, the Product Delivery Group processes hundreds of wire transfer
and ACH settlement activity on behalf of customers,
moving billions of dollars through the FRB's Fedwire
system or through the ACH. Customers using these services
take advantage of Electronic Funds Transfer Services'
experienced staff, state-of-the-art technology and regulatory
compliance monitoring all at a competitive price.
Combined with centralized real-time
reporting of account activity and balances via Bank4Banks, customers
are provided with efficient and effective tools to manage their cash
Customers receive a competent, reliable and competitively priced securities custodial service. Through Citibank, N.A., a major player in the custody industry, FHLBank offers customers a full range of custodial services, such as settlement of book entry (electronically held) and physical securities. Customers may have any number of Safekeeping accounts to satisfy their pledging and contractual requirements.
The settlement services function provides for the financial
settlement, credit of availability and reconcilement
of all customers' activities for which FHLBank is their
primary correspondent. FHLBank maintains accounts with
multiple financial institutions, including several Federal
Reserve Banks, for flexibility in the settlement of
such customer activities as deposit and inclearing items,
as well as other miscellaneous transactions. FHLBank
also offers Official Check Settlement through MoneyGram®.
FHLBank's secure transactional website, Bank4Banks, is designed to afford customers a flexible and timesaving alternative for viewing, printing and downloading reports/data while transacting business directly with FHLBank. Correspondent Services executed through Bank4Banks include a number of key features:
- Safekeeping trade and securities transfers, as well as cash management account transfers and electronic funds transfers (wires), may all be transacted online.
- The ability to view transactions and balances real-time enables customers to make timely cash management decisions with ease.
- Detailed information and reports may be viewed, printed or downloaded.
- Customized queries may be created by using specified data fields, such as dates, date ranges, transaction types and/or product-specific fields.
- Future-dated safekeeping transactions, including trade settlements and P&I payments, are also available.
No matter the transaction, security is a high priority in the processing and communication of Bank4Banks activities. The site's authentication process is multi-factor, and information is encrypted and securely transmitted.
For more information on Correspondent Services, please contact the Product Delivery Group at 1-800-288-3400, option 2, or send email to firstname.lastname@example.org. You may also contact your relationship manager at 1-800-288-3400 or send to email@example.com.
"Bank4Banks" is a registered trademark of
the Federal Home Loan Bank of Pittsburgh.