What is Southwest Corporate Federal Credit Union?
Southwest Corporate is a credit union established to serve the financial needs of credit unions primarily in our core states of Arkansas, Louisiana, New Mexico, Oklahoma, Texas, Oregon, Washington, and nationwide.
Who is Southwest Corporate Federal Credit Union?
Southwest Corporate Federal Credit Union is the second largest corporate credit union in the United States, with assets of $10 billion, serving over 1,500 credit unions nationwide. As a credit union for credit unions, Southwest Corporate Federal Credit Union provides credit unions with an array of investment services, as well as card services, item processing services, correspondent and lending services.
Why do credit unions need to use the services of a corporate credit union?
More than 30 years ago, credit unions banded together to form Southwest Corporate for many of the same reasons that any other credit union is formed - to serve the interests of its members. Credit unions wanted an alternative to using a competitor, commercial bank, for their financial service needs.
Why should your credit union consider doing business with Southwest Corporate Federal Credit Union?
For more than 30 years, over fifteen hundred credit unions like yours have saved millions of dollars and provided better services to their members. This has been possible because these credit unions chose to participate in the ownership of their own credit union, Southwest Corporate Federal Credit Union, thus creating a partnership. The more Southwest Corporate services member credit unions use, the more value Southwest Corporate is able to provide in its yields and service enhancements. Now, what does this partnership mean to your credit union in dollars and cents? There are several different ways in which your credit union financially benefits from its partnership with the corporate.
What are the advantages of using the corporate credit union?
Credit unions can better manage their cash, increase earnings, and simplify their operations by using Southwest Corporate's products and services.
What kinds of financial services does Southwest Corporate offer?
Southwest Corporate offers service solutions in six major areas - ATM/Debit Cards, Communication, Correspondent, e-Products, Funds Management, and Item Processing. Detailed explanations of these service groups are located under the Services tab at the top of the web page.
What is Southwest Corporate Federal Credit Union's field of membership?
NCUA granted Southwest Corporate Federal Credit Union a national field of membership in 1999. Then-Chairman Dave Seely said it represented a "...big step to position it for the 21st century." Southwest Corporate - already an institution exceeding $9 billion in assets and 1,200 members - took the step, Seely said, "...to keep it competitive as the marketplace changes." Has your credit union taken the steps necessary to remain competitive in the 21st century?
As the second largest corporate credit union in the country, Southwest Corporate has the knowledge and experience to help your credit union grow and keep your members satisfied.
What's required to become a member at Southwest Corporate Federal Credit Union?
Credit unions chosing to become a member of Southwest Corporate Federal Credit Union must open a Membership Capital Account (MCA). MCA membership allows credit unions full access to the array of products and services that Southwest Corporate offers, as well as the advantage of more competitively priced investments and other services. Becoming a Capitalized Member requires an MCA deposit of one percent of your credit union's assets, not to exceed $1 million.
Credit unions may deposit funds into an overnight account in one of three ways: by wire, by the cash concentration system, or by mail. Southwest Corporate encourages the depositor to review each type of deposit service to determine the method that is best suited to their needs.
In order to be a member, your credit union will be required to complete and return an application, as well as an opening deposit. To receive a membership application, send an email to contactus@swcorp.org.
What is the primary difference between Southwest Corporate and a bank?
Unlike a bank, Southwest Corporate's only customers are member credit unions. Each product and service at Southwest Corporate exists for one purpose - to serve credit unions. If a member of a credit union walked into a bank and wanted a loan, the bank would make a loan for that person. That would never happen at Southwest Corporate because the corporate does not deal with retail customers.
Are credit union deposits safe at Southwest Corporate?
All shares and share certificates at Southwest Corporate Federal Credit Union are 100% guaranteed by the National Credit Union Share Insurance Fund under the Temporary Corporate Credit Union Share Guarantee Program. The NCUA takes no exception to credit unions placing funds at the corporate that exceed the insured limit. In fact, many credit unions have all their excess funds at Southwest Corporate.
What is the corporate credit union network?
The corporate network is made up of corporate credit unions in the United States. Each belongs to U.S. Central Credit Union, the world's largest depository of credit union funds.
How do Southwest Corporate's interest rates and service fees compare with other financial institutions?
Interest rates on loans and deposits are very competitive. Fees for services are lower than most other institutions. There are no compensating balances required, so every dollar on deposit earns income for your credit union.
