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. Credit unions with debit settlement must maintain an advised line of credit.
For more information, please contact Corporate America at (800) 292-6242 or services@corpam.org.