A customer's DDA account serves as a central settlement point for a number of Seattle Bank services including advances, securities safekeeping, pledged securities, Federal Reserve settlement and Automated Clearing House transactions. Reports itemizing volumes, account activity and daily balances are available monthly, bi-weekly or weekly. Customers also receive monthly analysis reports itemizing balances, daily rates, interest earned and service fees. The DID account is an overnight investment account. DID deposits earn hard-dollar interest at competitive rates based on the daily Fed Funds rate and incur no monthly service charges.
Customers receive monthly statements itemizing account activity, daily rates and interest earned.
All CDs are book-entry and are eligible as collateral for Seattle Bank advances and public deposits in Washington, Alaska, Montana and Hawaii. CDs are available in terms from 2 to 365 days and rates are competitive with CDs issued by money center banks.