What does SOD mean in BANKING
Summary of Deposits (SOD) is a survey conducted by the United States Federal Deposit Insurance Corporation (FDIC). The survey collects information about the amount and type of deposits held at FDIC-insured depository institutions. This data is reported quarterly and used to measure the deposit trends and concentrations in US banking markets.
SOD meaning in Banking in Business
SOD mostly used in an acronym Banking in Category Business that means Summary Of Deposits
Shorthand: SOD,
Full Form: Summary Of Deposits
For more information of "Summary Of Deposits", see the section below.
Purpose of SOD
The primary purpose of the Summary of Deposits survey is to monitor trends in deposit growth throughout different banking markets in order to ensure they remain healthy and stable. This provides regulators with a reliable basis for setting the appropriate reserve requirements for banks within each particular area or jurisdiction. Additionally, bankers themselves may analyze SOD surveys to understand how they are performing relative to their peers within their local markets.
Data Collected Through SOD
The Summary of Deposits survey collects data on deposit activity from all commercial banks that hold insured deposits (including US branches of foreign banks). This includes total deposits broken down by type (checking accounts, savings accounts, certificates of deposit) as well as the number and amount of accounts located in each zip code or county serviced by each bank. It also records whether any non-state/federal funds are being held in those accounts. The data collected through SOD helps identify levels of competition among banks within different jurisdictions as well as levels of concentration among large banking organizations with multiple affiliated subsidiaries operating in multiple states or counties.
Essential Questions and Answers on Summary Of Deposits in "BUSINESS»BANKING"
What is a Summary Of Deposit?
A Summary of Deposits (SOD) is a tool that lenders use to provide borrowers with information about the funds deposited into their account. It is typically used to verify the source of funds before loan approval. The SOD will provide details such as deposit date, amount, and source of funds.
How long does an SOD remain valid?
Generally, a Summary Of Deposits should reflect information for the past three months prior to the month in which it was requested.
Is there a charge to obtain an SOD?
Some banks may charge a fee for preparing an SOD while others don’t make any charges.
What information does an SOD include?
An SOD includes records of deposits and withdrawals from savings, checking or money market accounts over the past three months prior to when it was requested by the lender. This includes details such as account numbers, transaction dates, amounts deposited/withdrawn and other financial information related to the borrower’s accounts.
Can I request an SOD directly from my bank?
No, you cannot request an SOD directly from your bank; it must be requested by your lender as part of their loan process.
Do I need to provide any documents in addition to my SOD?
Yes, you may need to provide additional documents such as income statements or other proof of income along with your Summary Of Deposits report. This will help your lender better understand and analyze your financial situation before approving your loan application.
Should I keep copies of my SOD after submitting it to my lender?
Yes, it is recommended that you keep copies of all documents related to your loan application including your Summary Of Deposits report in case they are needed in future transactions or applications.
Can I view an existing SOD online?
Yes, some banks offer online access to previous SOD reports for customers who have previously requested them through their respective lenders. You can also contact your lender directly regarding access to existing reports if needed.
Does each bank have its own methods for creating and formatting its Summaries Of Deposits (SODs)?
Yes, banks generally create different formats depending on their preferences and requirements, so no two banks’ summaries may appear exactly alike but they should all contain similar key pieces of information about deposits made into customer accounts over the past three months prior to when it was requested by the lender.
Final Words:
In conclusion, Summary of Deposits surveys provide a comprehensive picture into deposit trends across different US banking markets which helps inform decisions made by regulators as well as providing valuable insights for bankers looking to better understanding their own competitive landscape. The information collected through these surveys can help inform decisions about which areas should be targeted when expanding new locations or services, aiding policy makers in avoiding capital misallocation while ensuring sufficient reserves are available during periods economic downturns.
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