Bank

Excess Fiduciary Account

Requirements

Eligibility

Holders of a CTA

Minimum balance

No minimum

Maximum balance

Unlimited

Features

Currencies

GBP, EUR, USD and HKD

Overdraft facility

No overdraft facility

Inward and outward payment capability

No - funding from CTA only, and transfer to CTA only

Outward payment cut off times

N/A - outward payments cannot be made from EFA accounts.  Funds must be transferred from the EFA to the CTA for onward payment from the CTA

Inward payments cut off times

N/A - you cannot send funds directly to an EFA. EFA accounts can only be funded by internal transfer from a CTA account

Internal transfers cut off times

EFA to CTA - 13:00 (with authorisation by 13:30)
CTA to EFA - 14:00 (with authorisation by 14:30)

Liquidity

Same day subject to cut off times

Interest accrual application

Daily accrual, monthly application

Interest payment

Applied to account only

Interest rate change notice period for existing customers

Immediate - the interest rate applied to the EFA is the effective interest rate calculated on a daily basis across all associated recipient banks where funds are placed

Interest rates

Balance sheet exposure

Balance sheet of recipient bank

Risk

The customer assumes the risk of the recipient bank failing