Changes to Service Fees
last updated on Tuesday, August 1, 2023 in Business News
Updated fee schedules for Wire Transfers, Securities and Safekeeping and Collateral are effective August 1, 2023, to be billed in September. Members will also see more simplified billing reports beginning in September.
We are committed to providing our members with exceptional service while remaining a safe and reliable liquidity provider. With that in mind, we have carefully reviewed our fee structure and have implemented the following changes to our fee schedules:
Demand Account Transaction Fees
| Wire Transfer |
Fee |
| Outgoing Repetitive |
$7 / Wire |
| Outgoing Non-Repetitive |
$15 / Wire |
| Incoming |
$7 / Wire |
Outgoing repetitive includes wires initiated through eAdvantage, drawdown settlement and advance wire proceeds instructions. To set up repetitive wire transfers, complete the Repetitive Wire Request Form. Repetitive wire transfers can be initiated within eAdvantage.
Effective July 31, 2023, foreign wire transfer service are discontinued .
Securities and Safekeeping Services Fee Schedule
All fees related to securities and safekeeping have been simplified to the following two fee schedules:
| Monthly Maintenance per CUSIP |
Fee |
| Securities Held in Safekeeping or Securities Pledged to FHLB Des Moines |
$10 / Item / Month |
| Public Unit Maintenance for Securities Collateral |
Fee |
| Public Unit Collateral Agreement |
$100 / Per Public Unit / Month |
Eliminated transactional fees for settlement and income payments.
Pledging Offsite Securities Collateral
Members pledging securities using an approved third-party custodian will now pay a monthly maintenance fee and no longer incur fees for the security pledge and release.
|
Fee |
| Monthly Maintenance |
$15 / Item / Month |
Delivered Loans
Fees for loan collateral delivered to FHLB Des Moines have been simplified into monthly maintenance fees:
|
Fee |
| Residential Maintenance |
$2 / Item / Month |
| Commercial Maintenance |
$2 / Item / Month |
Simplified Billing
Members can look forward to more streamlined service changes beginning in September:
- Billing reports for the previous month will now be available on the 3rd business day of each month in eAdvantage, providing members with more transparency and advance notice prior to the transactions positing to their account. Members will see this new billing report beginning September 6, 2023.
- Transactions for the previous month will now post on the 15th or next business day of each month to your member demand deposit account.
Questions?
Our Member Service team is available to answer any questions you have regarding these changes.
Phone: 800.544.3452, ext. 2200