The Corporate Funds Account is your credit union's primary transaction account. To take advantage of the many correspondent opportunities that Corporate America offers, an eligible credit union must have a Corporate Funds Account. All settlement transactions clear through the Corporate Funds Account.
For further information regarding this account please contact Corporate America at (205) 313-4300 or (800) 292-6242.
Terms of Account
Account Number: S010
Description: The Corporate Funds Account is the transactional account for all daily settlement activities and has no minimum dollar limit. Funds can be transferred to and from this account until 5:00 pm CT each business day.
Dividend Payment: Dividends are set and accrued daily, paid and posted on the last business day of the month
Dividend Calculation: Dividends are calculated on an actual/365 basis
- Share Balance x Rate/365 = One Day’s Dividend
- One Day’s Dividend x Number of Days = Accrued Dividend
Additional Information: Because this is settlement account, the rate will typically be less than that paid on other overnight accounts. This account cannot maintain a negative balance at the close of any business day. Corporate America CU reserves the right to issue a loan to cover any such negative balance.