Advance Product Portfolio Changes

last updated on Wednesday, June 28, 2023 in Business News

Federal Home Loan Bank of Des Moines will launch TWO new advance products on October 10, 20231 to replace the current Overnight/Fed Funds Credit Line Advance. These new advance products will continue to provide members with the same access to fast and reliable overnight funding, but with more options to meet the unique funding needs of our members.

Advance Product Changes FAQ

Product Features

Daily Reset Advance2

1-Day Advance


90-Day Maturity


1 Day

Rates Priced:


Interest Billing:

Due at Maturity

Interest Billing:


Minimum amount:


Implementation Timeline

The implementation timeline below outlines how the current Overnight/Fed Funds Credit Line Advance product will transition over the next several months.


July 5: Transition Phase Begins 

Members with outstanding Overnight/Fed Funds Advances will receive a new advance confirmation adding a maturity date of 10/10/2023, to represent the end of the product’s availability.

July 5 - October 6: Overnight/Fed Funds Advance Transitions Issued with Maturity Date

Any new Overnight/Fed Funds Advance transactions issued between July 5 – October 6, 2023 will have a maturity date of 10/10/2023.

  • To opt-out of migrating an existing Overnight/Fed Funds Advance to the new Daily Reset Advance, pay off your Overnight/Fed Funds Advance by October 6, 2023.
  • NO MEMBER ACTION IS REQUIRED: Members may elect to opt-out of the new Daily Reset Advance by paying off their Overnight/Fed Funds Advance before October 10.

October 10:  Launch of New Advance Products 

  • The current Overnight/Fed Funds Credit Line Advance will no longer be issued 
  • Outstanding balances of Overnight/Fed Funds Advances will migrate into a Daily Reset Advance with a maturity date of January 8, 2024 (90 days from 10/10)
  • Members have a final chance to opt-out of migrating into the Daily Reset Advance by calling the Money Desk to settle their outstanding Overnight advance balance
  • eAdvantage enhancements are live

eAdvantage Enhancements

Along with the advance product portfolio changes, we are improving eAdvantage so members can more efficiently complete advance transactions online.


1On October 6, 2022, Members were notified that these advance product changes would be implemented on July 5, 2023. FHLB Des Moines has pushed back the implementation date to October 10, 2023 to align with all system changes. 2Members were also previously notified that this advance product would be called the, “Credit Line Advance.” FHLB Des Moines has decided to formally name this new advance product the, “Daily Reset Advance” to more align with the terms of the advance product.

Advance Product Portfolio Changes: Frequently Asked Questions

General FAQ

One-Day Advance FAQ

Daily-Reset Advance FAQ

  1. Advances