On September 14, 2023, the Federal Reserve Financial Services (FRFS) announced they are eliminating offline access to the Fedwire Funds Service as of December 31, 2024. If your institution utilizes the Fedwire Funds Offline Service as a last resort contingency option to send your Fedwire Funds/Wire Transfers, you will no longer be able to use this service. So, what now?
Millennium Corporate Credit Union can help you capitalize on earnings for your overnight funds and simplify the wire transfer process, for you and your members.
Keeping funds in your master account at the Federal Reserve Bank to maximize earnings when you have excess liquidity is common practice for many credit unions. But without Fedline Advantage, the FRBs account access platform, or use of the soon-to-be-discontinued Offline Service, accessing those funds could be a challenge.
Millennium Corporate offers members an overnight liquidity account, Managed Liquidity, with balance-tiered earnings. Our Managed Liquidity account is paying some of the highest rates available in the market and with a low minimum balance requirement and unlimited no-fee transfers, your funds are earning great rates and are there when you need them via wire transfer or ACH*, without a costly account access solution. When you partner with Millennium Corporate for these services you also gain access to our team of Payment Transfer experts who bring decades of industry knowledge and proficiency to the table to facilitate wire transfer processing for your credit union as well as your members. Partnering with Millennium Corporate provides you with highly competitive rates, reconciliation efficiencies, and peace of mind knowing our commitment to providing exceptional service ensures you’ll receive support tailored to your institution’s specific needs.
“There are many things I appreciate about partnering with Millennium Corporate Credit Union,” says Linda Carter – President/CEO of MembersOwn Credit Union. “I appreciate the way all Millennium Corporate employees get to know you as a person and your individual credit union needs. They are always accessible and open to conversations about what is happening at MembersOwn. Millennium Corporate has helped us with our investments, catering to our conservative nature and helping us direct our investment plans. They even help us with our day-to-day activity on our account. They make it easy on us.”
If your credit union would also like investing made easy along with many other
benefits of becoming a member, please email a Member Engagement Team Member today at engage@millenniumcorporate.org and learn how you can become a valuable partner!
Please note, Millennium Corporate does not have access to credit union FRB accounts to initiate wire transfers on their behalf from the FRB to Millennium Corporate. Millennium Corporate membership is required- non-capitalized options are available.
*The credit union will need to subscribe to coreCONNECT-ACH for ACH origination services.
