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 Here when you need us most… The primary mission of VACORP is to assist our member credit unions in meeting the needs of their members and managing matters regarding liquidity and lending limits. Member credit unions possessing a line of credit can meet their liquidity needs with a simple phone call. A Line of Credit assures members that their accounts will never be overdrawn. Each Line of Credit is reviewed and updated semi-annually to keep up with the credit unions’ changing needs. Once established, the line may be conveniently accessed whenever necessary.
Term Loans are customized to meet the needs of each individual borrowing situation. Members may choose from fixed or floating rates for any maturity. Overnight Loans serve as settlement loans preventing credit unions from an over draft. Our system automatically generates these loans in advance against the member’s line of credit. VACORP staff notifies the credit union by phone if they go into a loan to cover overnight settlements. Reverse Repurchase Loans are reverse purchase transactions available as a loan alternative. Securities owned by the member are leveraged to provide credit when needed. A Letter of Credit is available for times when a vendor or strategic partner might wish to verify that a credit union is creditworthy before entering into an agreement. A VACORP letter of credit provides a way to enhance the contractual agreement by guaranteeing the credit union’s financial strength with a third party.
Tackling the Settlement Process Automated Settlement is VACORP’s electronic method for collecting and disbursing funds on a same-day basis. Credit unions can conveniently settle clearings to all vendor accounts from their Overnight Transaction Account. Our solution eliminates the need to hold multiple accounts at other institutions or service providers and allows credit unions to earn dividends on excess daily balances. Automated Settlement transactions can be viewed daily via Open Door and/or on monthly statements. Types of payments facilitated through Automated Settlement:
For more information on SimpliCD, call 1.888.4VACORP.
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SimpliCD provides a centralized way to raise funds and generate liquidity through federally insured CDs, making your deposit offerings available to a nationwide market of potential investors. This is a competitive alternative to other funding methods such as Federal Home Loan Bank advances, financial institution borrowing, brokers and subscription rate services. You're able to raise substantial funds quickly, all in one simple step.