COIN AND CURRENCY SERVICE

 

As a member of Southwest Corporate, your credit union can receive free weekly shipments of coin and currency from your Federal Reserve Bank (FRB) branch. This increases earnings on your funds by eliminating the need to keep a non-earning balance at a local bank to fund the service. The service usually costs less through Southwest Corporate and the FRB than the fee charged by commercial banks.

 

By participating in Coin and Currency Services through Southwest Corporate, your credit union is sharing in the Corporate's membership in the FRB. There are no associated FRB fees for this once-a-week service.

 

Ordering cash through Southwest Corporate and the FRB is a simple procedure:

• Your credit union calls the Federal Reserve's audio-response system to place a cash order two days before you need to receive it.
• Then, your credit union notifies Southwest Corporate of the cash order amount by using TranZact or calling in.
• Your credit union will need to secure an armored car service to deliver the cash directly to your credit union each time you place an order.

 

The amount of the cash order appears on your credit union's monthly statement and your order history can be reviewed anytime on TranZact. There's no need to maintain an account relationship with the FRB.

 

Establishing coin and currency delivery through Southwest Corporate and your FRB branch is a breeze. Just call your Account Officer, maintain a Line of Credit at Southwest Corporate, and complete the following:

• Acquire user information from FRB for the Audio Response ordering system.
• Complete FRB's Transaction Settlement Authorization and Authorization of Vault Cash Transportation.
• Sign and return a Southwest Corporate Coin and Currency Delivery Agreement.

 

To put this service to work for your credit union, email an Account Executive at contactus@swcorp.org or call 800.442.5763.