Public Deposit Security

Security for Public Deposits

NBT Bank provides local government the option to secure deposits that exceed FDIC insurance limits. Excess funds are secured with insurance and eligible collateral, as required by the state in which the local government is located.

NBT Bank uses the Bank of New York Mellon (BNYM) as its third party custodian. The BNYM monitors the local government's account balances and adjusts its collateral daily to ensure that these public deposits are always adequately collateralized. The local government receives collateral reports directly from BNYM, providing the independent reporting recommended by the State Comptroller's Office.

Contact one of our relationship managers for more information.


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