When it comes to accessing funds, the "A"s
Access Network) – an
ALM tool, gives credit unions looking for an
alternative source of funds to purchase low cost public deposits.
The website will make it easy to view the
available deposits and analyze the current terms and rates for any given
ALAN (American Liquidity Access Network),
offered through ADM (American Deposit Management Company), gives
credit unions access to public deposits. Generally, the deposits
are structured as 1 year certificates, although money market and longer
term deposits may also be available.
Deposits of up to $245,000 are available, and
credit unions can purchase multiple deposits based upon their need and
"We are currently working on a website in
which credit unions can view the available deposits; and analyze the
current terms and rates for any given deposit. "Says Robert Zondag,
Co-Managing Partner of American Deposit Management Company. The website
will include the guidance a credit union needs to participate in the
program as well.
The website will also offer compliance
"Since we are early in the adoption phase of
the program we want to manage the first couple of deposits that go
through the system. It will allow us to pilot the process and make
enhancement to the website that would be helpful to the credit unions.
After that we will launch the website." says Ben Schweder, Sr. Vice
President of Sales, W.C.U.L. Services Corp.