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How it Works

2.1 Account Structure

VMTD consists of three accounts:

  • Open-Term Account Deposits go into this account, where they remain until 31 days before a maturity (withdrawal) date, at which point the maturity amount is automatically transferred to;
  • Short-Term Account Contains funds awaiting a maturity within 31 days, at which point the maturity amount is automatically transferred to the predesignated withdrawal destination account;
  • Preferred DDA At the end of the 31-day period in the short-term account, funds are automatically transferred to the DDA (Key account) designated at setup.

2.2 Process

  • You fund the account by Wire, ACH Credit, Book Transfer or Deposit.
  • Interest is paid to the deposit accounts at the end of each month.
  • You leave funds on deposit indefinitely.
  • You use KeyNavigator to schedule future withdrawals by setting dates and dollar amounts (or balance + interest).
  • Note: On the withdrawal date from the Short-Term Account, funds are automatically transferred to the DDA (Key account) you designated at account setup. The funds withdrawn are available in the DDA to settle debits on the withdrawn date, but are not available for wire for book transfer until the following business day.

VMTD Process

2.3 KeyNavigator Access

When you first establish your VMTD account, you are granted KeyNavigator access. The KeyNavigator VMTD page displays:

  • Pending maturities (withdrawal dates & amounts)
  • Available balance for new maturities
  • Scheduling of new maturities

Previous day reporting, including transactions and balances, is not included, but is an option available in the Information Reporting module. Please contact your Payments Advisor if you’re interested in learning more about Previous Day Reporting.

2.4 Maturity

Please note, maturities can only be scheduled in KeyNavigator. In KeyNavigator, you will enter:

  • Amount of the withdrawal: partial balance or full balance plus interest
  • Date of the withdrawal: Business date that is a 31-365 calendar days in the future
  • Maximum of three (3) pending maturities at any time
  • Maturities cannot be changed or cancelled

2.5 Overview Tour

Log-in to KeyNavigator and follow the steps below to schedule a withdraw from the Open-Term Account.

  • Hover over the Payables tab on the top bar, select Transaction Services on the right side of the screen.

    Transaction Services

  • Select Variable Maturity Deposit – Withdrawal Request in the list under Transaction Services.

    Withdrawal Request

  • In the Term Account dropdown, select the desired account to schedule a withdrawal and select Next.

    Term Account

  • Select Add Disbursement.

    Add Disbursement

  • In the Date section, enter the date you would like the withdrawal to occur from the VMTD account.
  • Second, in the Amount section, enter the amount you wish to withdraw and click Next then Submit. This amount must be equal to or less than the funds available to withdraw. Or you can simply click the Select all remaining plus accrued interest button.

    Withdrawal Amount

  • Lastly, you will receive a VMTD withdrawal confirmation. Selecting Create Another Request will navigate you back to step three.

    Create Another Request