Advance Transactions Guide
posted on Friday, January 10, 2020 in Advances
Initiating a new Advance
So you're ready to take out an Advance? Here's how to get started.
Who can initiate an Advance?
When can an Advance be initiated?
Where can Advances be initiated?
Billing will depend on the type of advance and term to maturity (view billing details for all Advance products in our Advance Products Guide)
- View payment schedules on your eAdvantage account under Line of Business > Advances > Category
- Overnight interest is charged daily on the previous day's ending balance. The amount will be posted to the account the next business day.
- These funds are rolled indefinitely until a member initiates the repayment date resulting in daily accrued interest.
- Accrued interest appears under "Next Interest Payment" under Advance Details.
- Information is available on eAdvantage at the beginning of the next business day
- Next Interest Payment amount + date due is available under Advance Details on eAdvantage.
- Payment for interest billing is withdrawn from Demand Deposit Account (DDA)
- Note: not having enough funds in your DDA will result in overdraft fees.
View comparisons over each Advance product below. (Last updated 8/2019)
Make sure to keep these things in mind when managing your Advances to avoid unnecessary fees and headaches.
How to Avoid Overdraft Fees
Remember to be vigilant about monitoring your DDA. All active Advances display their next interest payment on eAdvantage. You can also always view payment schedules for Advance products on eAdvantage.
If you have any additional questions about Advances, please contact the Money Desk at 800.544.3452 ext. 2122 or at MoneyDesk@fhlbdm.com.
- Advance Solutions