Public Deposit Security

Security for Public Deposits

NBT Bank provides local government the option to secure deposits that exceed FDIC insurance limits. Excess public funds are protected with insurance and state-required collateral for local government accounts.

NBT Bank uses the Bank of New York Mellon (BNYM) as its third party custodian. Daily monitoring by BNYM ensures local government deposits remain properly collateralized at all times. 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.