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The centrally controlled money market, handled by DIDC, was and is open to all who wish to participate, domestic and foreign, big and small, and was designed to enable smaller banks and other depository institutions to meet short-term funding needs. The money market incorporates six different types of accounts, each of which has different features and characteristics. They are listed below, as they appeared on the books of banks at the end of 1999. The DIDC is gradually closing out these accounts as they have been phased out by order of the Fed.

1. The Federal Reserve Dividend Account, in addition to a dividend, allows a bank to share in the profits of the U.S. Treasury. When the bank makes a dividend payment to the T-bill custodian, a corresponding dividend transaction occurs between the FHVA and the T-bill account. Dividend income, which is the FHVA minus dividend expenses, is deposited in the FHVA.

2. The Fed Credit Account pays interest and has no minimum balance maintenance requirement. The Fed credits the account with Treasury bills, and the latter are debited from the FHVA as required by the deposit-acceptance agreement.

3. The money market deposit account (MMDA), located at the Fed, allows a bank to maintain a deposit account, share in the profits of the U.S. Treasury, and incur earnings specified by the Fed. The Fed’s paymaster system automatically transfers a portion of this account to the FHVA. At the end of 1999, 581 depository institutions had accounts with the MMDA. Almost all federal reserve banks permit deposit accounts, and some permit credit accounts.

4. The Fed credit clearing account at the Fed accounts for the cost of distributing T-bills to the brokers. All Fed credit clearing accounts are at the Fed, but only 16 of the large depository institutions have them.

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