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Treasurer: Delaware County deposits above FDIC limit are collateralized in TD Bank's PA Act 72 pool
Summary
Treasurer Andrew Nelson said TD Bank confirmed that government deposits above the $250,000 FDIC limit are collateralized in a Pennsylvania Act 72 pooled pledged investment portfolio and described how the pool is managed.
Andrew Nelson, treasurer for the Delaware County Authority, told members at the July meeting that he contacted TD Bank's government-client group to confirm the authority's funds above the $250,000 FDIC insurance limit are protected.
Nelson said TD Bank's government department described a PA Act 72 pooled pledged investment portfolio that collateralizes aggregate government deposits held by TD Bank in Pennsylvania. He said the bank told him the pool consists of AAA-rated investments and is sized to at least 103% of the aggregate government…
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