This infographic depicts eight steps that members can follow to borrow with FHLBank Boston.
The first step is to determine who will initiate the advance and know your docket number.
The second step is to decide on the advance amount, term, and type.
The third step is make sure you have sufficient collateral. The discounted amount after haircuts must be greater than the borrowed amount.
The fourth step step is to note borrowing deadlines for certain advances Deadlines differ for the Daily Cash Manager and short-term and long-term advances.
The fifth step is to call 1-800-357-3452, option #1 or initiate the advance through Online Banking.
The sixth step is to confirm there are sufficient funds in the IDEAL Way account because all advances require the purchase of activity stock.
The seventh step is to wire funds out of IDEAL Way account when doing a trial advance. Wire it to your operating correspondent or do a drawdown to your Fed account and pay back the funds at maturity.
The eighth step is wire back the funds to pay off the advance FHLBank Boston will repurchase capital stock above 103% of the required stock. Questions? Contact your Relationship Manager.