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Bank of North Dakota is a Correspondent Bank for most financial institutions in North Dakota.
In this role, the Bank provides faster availability of funds drawn on North
Dakota accounts and processes items at a lower cost than other correspondents.
Currently, the Bank processes more than 4,100,000 items per month.
Many state financial institutions maintain their check clearing with Bank of North Dakota and use the Bank's account with the Federal Reserve Bank to settle other check clearing charges or ACH payments received through the Federal Reserve System.
In addition, our Retail Department provides services to depositors of Bank
of North Dakota. While Bank of North Dakota does have retail products similar
to other financial institutions, these services are limited in scope.
In contrast to most commercial banks, Bank of North Dakota is not a member
of the Federal Depository Insurance Corporation. North Dakota Century Code
6-09-10 provides that all deposits in the Bank of North Dakota are guaranteed
by the State.
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