Corporate Funds Account

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.

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 4:00 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
Simple Formula:
1. Share Balance x Rate/365 = One Day’s Dividend
2. 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.

For further information regarding this account please contact Corporate America at (205) 313-4300 or (800) 292-6242.