Program Omnibus Account

The program omnibus account is an account set up during onboarding that will serve as the main account to facilitate funds for the ModernFi program. It is a standard demand deposit account established at your credit union in our custodian's name. It acts as the single program account through which all Extended Insurance Account funds are managed and moved.

The program omnibus account streamlines money movement and reduces operational complexity for your credit union. It also allows you to receive deposits from the network from other participating credit unions. To open the account, please refer below for ModernFi's custodian, Northern Trust's, account information and relevant documents.

Opening a Program Omnibus Account

A singular Program Omnibus Account should be opened in Northern Trust's name with the below details. Northern Trust's Certificate of Incorporation can be found here, and Northern Trust's Corporate Resolution (signature card) can be found here.

• Title: The Northern Trust Company, acting as custodial agent for the exclusive benefit of its customers, which may be acting for the benefit of others
• Business Name: Northern Trust Corporation
• EIN: 36-1561860
• Physical Address: 50 La Salle Street, Chicago, IL 60603
• Mailing Address: 50 La Salle Street, Chicago, IL 60603
• Email: [email protected]
• Phone Number: 312-557-3187