 |
 |
 |
 |
 |
 |
 |
 High Yield Liquidity Account (S21) This is an overnight, variable rate share account that is also used as an overnight investment and settlement account. There is a $10.00 minimum balance for this account. The rate paid on this account is paid on the whole balance and the rate is dependent on your end of day account balance (please see our rate page for the rate tier balance requirements). Dividends are accrued each day and paid on the last day of the month. Uncollected Shares (S22) A non-dividend paying account used to record the deposit of uncollected negotiable items prior to being posted to the High Yield Liquidity Account (S-21). Community Investment Fund (CIF) Account This account is specifically designed to assist member credit unions in generating funds for the National Credit Union Foundation’s Community Investment Fund (CIF Fund). (Ask for details of how this account works.) Membership Capital Share Deposits (S52) A variable rate share account with a three year notice requirement for withdrawals. This account represents the member’s support of Midwest Corporate Federal Credit Union by allowing this deposit to be subject to a three year withdrawal notice and allowing it to be subordinate to any other deposit in Midwest Corporate Federal Credit Union. By allowing these restrictions, Midwest Corporate Federal Credit Union is then allowed to use this account for regulatory capital as defined in the National Credit Union Administration Rules and Regulations Part 704. This account has a minimum balance of one-half of one percent of the member credit union’s assets as of December 31st of the previous year, capped at $500,000. Members who make a Membership Capital Share Deposit receive a premium dividend rate and discounted service fees. Floating-Rate Term Certificates (FRAPs) These are certificates of deposit whose interest rate fluctuates. These certificates are designed to give members an opportunity to earn rates at a margin above our best overnight rates, adjusted every day. These certificates are offered from time-to-time in a limited quantity and are offered on a first-come, first-served basis. Fixed-Rate Term Certificates These are traditional certificates of deposit whose interest rate is fixed at the time of purchase. These certificates are available every business day. Callable Fixed-Rate Certificates These are certificates of deposits that are offered from time-to-time on a limited basis whose rates are fixed, but the principle is subject to being called on specific dates prior to maturity. Step-Up Rate Callable Certificates These are certificates of deposit that are offered from time-to-time on a limited basis whose rates are fixed, but the principle is subject to being called on specific dates prior to maturity. In addition, on specific dates, if the certificate is not called, the rate will be increased to a higher rate disclosed at the time of purchase. SimpliCD SimpliCD is a certificate of deposit program that will allow members, through Midwest Corporate Federal Credit Union, to make deposits in federally-insured CDs in other financial institutions. With this program, investments in certificates of deposit up to the insurance limit can be placed in institutions around the country offering the best rates. In addition, you do not need to track all those monthly interest checks, you will not need to track mergers of institutions to stay under insurance limits and you will not need to keep spreadsheets to calculate interest accruals — our program will provide all of this for you. Corporate Network Brokerage Services, LLC (CNBS) CNBS is a registered, full-service broker/dealer for marketable investments. This corporate credit union service organization is owned in part by Midwest Corporate Federal Credit Union. CNBS only serves credit unions, and its sales force does not receive commissions based on how much they sell to clients. In this way, you can be assured that investments are recommended based on your credit union’s best interests. In addition, CNBS offers a wide variety of related services including investment advisory, asset-liability reporting, and educational sessions. |