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Corporate Central Credit Union employs a full-service, robust wire room operation to meet all your funds transfer needs. Whether you are moving funds to Corporate Central Credit Union for your credit union’s investment, settlement or loan account or redirecting funds to another financial institution, making account deposits and withdrawals are vital to your daily operation. There are five primary classifications for managing your operations and funds transfer needs: Corporate Network Cash Concentration, Direct Wires, Third-Party Wires, Commercial Money Orders (CMOs), and International Wires.
Corporate Network Cash Concentration
Corporate Network Cash Concentration is a low-cost cash management tool designed to use the Automated Clearing House (ACH) to transfer funds electronically from low or non-earning accounts at other financial institutions for credit to your Plateau/Premier Account the next business day. Cash concentration is cost effective and can be used whenever immediate credit of funds is not needed. On large deposits, the convenience and savings per transfer should be weighed against using a direct wire to immediately transfer funds and gains on additional earnings due to the immediacy of direct wires.
Direct Wires
Direct wires can be initiated from Corporate Central Credit Union to another institution or sent to Corporate Central Credit Union from another institution. Direct wires are very timely and should be used whenever you are transferring large dollar amounts. Direct wires out of Corporate Central Credit Union can be initiated through Corporate CAFÉ directly out of your Plateau/Premier Account. Wires sent into Corporate Central Credit Union will settle directly into your Plateau/Premier Account.
Third-Party Wires
When you need to send funds to other financial institutions for your members, Corporate Central Credit Union offers third-party wire transfers. Third-party wires can be initiated, verified, and sent safely through Corporate CAFÉ to almost anywhere in the world.
Commercial Money Orders (CMOs)
Commercial money orders are a fast and simple way of transferring funds for your members by utilizing the Western Union network. CMOs are easy for the recipient to pick up. The recipient supplies the appropriate security information to the Western Union office location and receives the funds.
International Wires
As business and travel needs expand worldwide, it becomes critical for credit unions to arm members with comprehensive, low-cost solutions for sending foreign and U.S. funds abroad. Corporate Central Credit Union’s international services provide the global link our members need to stay connected across borders and overseas. There are two types of international wire transfers: (1) Foreign currency international wires: wires converted to foreign currency prior to sending and destined for direct credit in a foreign currency account at a foreign financial institution. (2) U.S. dollar international wires: wires sent in U.S. funds and destined for a U.S. currency account at a foreign financial institution.
Corporate Central Credit Union has been providing funds transfer services for decades. Incorporated with our wire room operations are all the security and safety measures you need to be confident when sending or receiving funds electronically. Our systems are regularly and routinely tested; and are complete with all the regulatory requirements pertaining to OFAC and BSA. In addition, like all of our operations, funds transfer services are backed by a comprehensive Business Recovery Center to ensure seamless processing. Some additional key benefits include:
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A knowledgeable and friendly staff to assist you with your funds transfer needs and questions
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Online tools like Corporate CAFÉ to empower you with the ability to manage your credit union’s resources and funds
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Training and education to keep you informed of new development options for transferring funds electronically
The services offered through our funds transfer services are easy to get started and quickly deployed. For more information regarding funds transfer services, please contact a Relationship Development Officer.
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