Checklist for First-Time Borrowers

• Determine who will initiate the advance and ensure they have the authority to perform the transaction. User entitlements are assigned by the User Entitlement Administrators through Online Banking.
• Know your docket number. Your docket number is the identifying number for your institution at the Bank.
• Decide on the advance amount, term, type. You should consider an amount you would typically borrow to effectively test the process and/or demonstrate to internal or external parties that it was a true liquidity test (we recommend a $100,000 minimum). Most members use the Daily Cash Manager for their trial advance.
• Make sure you have sufficient collateral. The discounted amount after haircuts must be greater than the borrowed amount. You can find the information in the Capital Stock and Borrowing Capacity Report on Online Banking. If pledging securities, keep in mind that it will take one business day for securities to settle.
• Note the following borrowing deadlines:
  • Daily Cash Manager: available for same day funding until 5:00 p.m.
  • Short-term advances: specials offered Tuesdays and Thursdays and available for same-day funding until noon and for next-day funding until 3:00 p.m.
  • Long-term advances: available for same-day funding until noon and for next-day funding until 3:00 p.m.
• Call the Member Funding Desk with your funding request 1-800-357-3452, option #1 or initiate the advance through Online Banking.
• Verify there are sufficient funds in the IDEAL Way account to complete the transaction as all advances require the purchase of activity stock. Activity stock requirements are 3% of the advance for overnight funding and 4% for all other terms. You can increase the amount of the advance if you wish to include the required activity stock. As you plan the reimbursement of the borrowed amount, note that the repurchase of the activity stock will not be credited to your IDEAL Way account until the next business day.
• Wire the funds out of your institution’s IDEAL Way account when doing a trial advance. FHLBank Boston recommends wiring funds either to your institution’s operating correspondent or to do a drawdown to your institution’s Fed account and then pay back the funds at maturity so you are comfortable with the entire borrowing process.
• If initiating the advance using Online Banking, simply select the “wire out” check box and complete the amount of the wire request (cannot exceed the advance amount). The request will be processed using your primary wire instructions on file with FHLBank Boston.
• If calling 1-800-357-3452, option #1 with your funding request, and the authorized borrower is also authorized to wire funds or there is an authorized person on the call to do wires, they can do so at the time of the borrowing.
• Members that don’t have a FedLine terminal also have the option to call Customer Service later at 1-800-357-3452, option #2 to have the wire processed.  Members should ensure their PINs are active and wire entitlements have been granted in Online Banking to at least two users, unless there is a Recurring Wire established with FHLBank Boston. Members will need to provide the following information:
  • Caller ID (found in the PIN form)
  • Test Key (found in the Group Table supplied by Customer Service)
  • IDEAL Way account number
  • Wire amount
  • Receiving ABA and beneficiary account number and name
• Wire back the funds to pay off the advance. Here is wiring information for the account at FHLBank Boston (please note the entire account should be reflected in the beneficiary field):
  • Receiving Bank ABA = 011000536; Short Name = FHLB Boston; The BNF Field name = MEMBER NAME; the BNF Field account number = MEMBER ACCOUNT #

FHLBank Boston automatically repurchases capital stock above 103% of the required stock each night. If you would like the entire amount of excess stock repurchased once the advance is repaid, you can request it by completing the Excess Stock Repurchase Request form in

Forms + Applications.