FAQ

Frequently Asked Questions

Rates and Contacts

How do I find your rates?

Please click here to review our current rates.

How do I contact the Money Desk?

Telephone: 1-866-668-9865
Email: MoneyDesk@bealbank.com
Online: www.bealbank.com/Money-Desk/Contact-Us

What hours is the Money Desk open?

We are open from 8 AM to 4 PM Central time. Applications may be made online at any time.

Account Application and Opening

What is the application review process?

All applications submitted by 4:00 PM Central time will be reviewed that same day. You will receive an email notice (with wiring instructions) once your application has been approved or an email with further instructions. Please DO NOT send funding until you have received confirmation that we have a correct and complete application.

What institutions can apply for a Money Desk account?

Only banks and credit unions can open accounts through the Money Desk. A valid FDIC or NCUA number is required as part of the application process. Money Desk accounts can only be opened for benefit of the institution itself. Accounts for the benefit of a third-party are not allowed.

Can we open an account with both banks?

Yes. Beal Bank and Beal Bank USA have separate charters (FDIC Certificate #32574 for Beal Bank and #57833 for Beal Bank USA). This means accounts at both banks are covered up to the applicable amounts.

Can I open more than one account per bank?

Yes. All deposits are insured by the FDIC to at least $250,000 per depositor.

How do I apply for / open a new account?

You can begin our online application by selecting a term and rate from our Money Desk Rates page. Funds must be received within two business days to lock in your rate.

What is the minimum amount to open a Money Desk account?

All CDs must be opened with at least $95,000.

What is the physical address requirement to open a Money Desk account?

If your Institution’s physical address is not the same as its mailing address, please include the mailing address on the new account application.

What are the Money Desk rules about maturity date variance?

You may select a variance of + or – 2 days on the standard maturity dates for each specific term. Please note any variance requirements in the notes section on the new account application.

What will be considered as the “purchase date” of a Money Desk account?

The purchase date is the date that funding is received. This date may be different than the date of the submitted application.

What documents are required to open a Money Desk account?

You must complete an application and submit a corporate resolution and W9. The corporate resolution must contain the names of authorized signers with their signature. The authorized signers listed on the application must match the names listed on the corporate resolution exactly. This includes all middle initials, suffixes, full names, etc.

What must the corporate resolution include?

The corporate resolution must contain the names of authorized signers with their signature. The authorized signers listed on the application must match the names listed on the corporate resolution exactly. This includes all middle initials, suffixes, middle names, etc.

When are safekeeping receipts sent?

Safekeeping receipts will be sent via email within two business days after funding is received.

Are Beal Bank and Beal Bank USA sound financial institutions?

Yes! Beal Bank and Beal Bank USA are two of the soundest financial institutions in the country. For more information, please examine our Statements of Condition for Beal Bank and Beal Bank USA.

What if my institution merges with another or acquires / is acquired by another institution?

Go here and send a copy of the FDIC or NCUA approval, a new corporate resolution, and a W9.

Account Management

Is there a penalty for early withdrawal?

Yes. Please see our disclosure for details.

What fees are associated with Money Desk accounts?

Please see our disclosure for details.

What are my Interest Payment Options?

Interest payments may be made monthly via ACH or check. They may also be added back to the account quarterly. We will not send ACH payments to a General Ledger (GL), only a Demand Deposit Account (DDA) or Savings account.

How do I change the name on my account?

Please click here to change the name on your account and provide updated documentation that supports the name change (a corporate resolution and a new W-9).

How do I change the authorized signers on my account?

Please click here and submit a corporate resolution specifying the changes you wish to make regarding who is authorized to sign on your account.

How do I change interest payment method?

Please click here to send written instructions, signed by authorized signer.

How do I renew my account?

Please click here to renew your account.

How do I close my account?

Please click here to close your account.

How do I unsubscribe from the mailing list?

Please click here to unsubscribe.

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