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Solution Spotlights

When it comes to accessing funds, the "A"s have it

 

ALAN (American Liquidity Access Network) – an ALM tool, gives credit unions looking for an alternative source of funds to purchase low cost public deposits.

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The website will make it easy to view the available deposits and analyze the current terms and rates for any given deposit.

 

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 statutory limitations.

 

"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.

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The website will also offer compliance support.

 

"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.

 

For more information please contact Schweder at (800) 242-0833 ext. 6026.


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