Money movement overview

Money is moved within the NBID network via programmatic Fedwire. Money is moved between your bank and the deposit network, at most, once per day, following our 2:00pm ET daily cutoff time. Transactions posted and communicated to NBID before this cutoff time generally settle same day.

Northern Trust handles all wires and money movement between institutions in the network, and all fund flows into and out of your bank will flow through Northern Trust. All wires and wire drawdowns will be initiated by Northern Trust.

FundsInstructions and data

FundsInstructions and data

Fedwire, once per day. Northern Trust initiates every wire and drawdown.

Depositing funds into the network

To deposit funds into the deposit network, your client simply moves funds from their existing account at your bank (whether it’s checking, savings, money market, etc.) into their newly created Insured Sweep Account via a standard internal transfer. From there, funds are aggregated into a single program account and pulled into the network once per day via wire. Once in the network, funds are distributed to network banks to provide your clients with access to additional insurance coverage, subject to meeting certain conditions. Deposits remain at these banks until your client initiates a withdrawal.

Withdrawing funds from the network

To withdraw funds from their network account, clients request to withdraw funds through the Depositor Portal. Funds are then transferred back to the program account at your bank, where they must be moved to your client's individual account before becoming accessible for cash withdrawal by your client.