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Credit unions have the ability to utilize their Corporate Funds account for third party vendor settlement. Settlement for your vendors may include debit and ATM activity, insurance related products and services, travelers’ checks and money orders, data processing fees, shared branching activity, IRA services, student loans, indirect lending, interest on certificates of deposit and many other types of settlement. Corporate America National Settlement can occur via ACH, wire, or 1031 drawdown. The vast majority of settlement is conducted via ACH but the method of settlement is almost always specified by the vendor. Actual settlement clears through your Corporate Funds Account. The balance in your Corporate Funds Account must be sufficient to cover the clearing demands. If monies in the Corporate Funds account are insufficient, resulting in a negative balance, an automatic loan will be generated to cover the negative balance. Because of the automated loan procedure, participating credit unions must maintain a current advised line of credit.
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