Funds Management

Automated Debit Transfer

With Automated Debit Transfer (ADT), funds are transferred electronically from the credit union's Mid-Atlantic Corporate account to the bank account of their choice. Transfers made by 7 p.m. ET will be processed the next business day.

Cash Concentration

Cash Concentration is an automated phone system that transfers funds electronically from a credit union's bank account into their Mid-Atlantic Corporate account. Transfers made by 7 p.m. ET will be processed the next business day.

Check Deposit Program

Mid-Atlantic Corporate's Check Deposit Program enables credit unions to deposit funds at a participating bank close to them. These deposited funds are then credited to the credit union’s account at the Corporate. Credit unions do not need to open an account with the bank. All deposited funds are credited to the credit union’s Transaction Account where they earn dividends. Mid-Atlantic Corporate will provide credit unions with 100 percent next-day availability on all funds deposited, as long as the Corporate receives at least 95 percent availability on deposited items.

Currency and Coin

Mid-Atlantic offers coin and currency options to member credit unions. Members can order cash through a Federal Reserve Bank, a vault program or through Mid-Atlantic's Check Deposit program. Notification of cash orders can be submitted using Zephyr^®. Settlement of coin and currency transactions are debited through member's transaction account.

Deposits

Mid-Atlantic Corporate accepts deposits by Share Drafts, Bill Payment, Cash Concentration, Remote Branch Capture, Wires, and through our Check Deposit Program.

Foreign Checks

Foreign checks can be sent to Mid-Atlantic Corporate for collection. The collected funds are credited to the credit union's Transaction Account at Mid-Atlantic Corporate.

Remote Branch Capture and Deposit

Mid-Atlantic Corporate's Remote Branch Capture and Deposit (RBC) product offers credit unions a cost-effective and efficient way to comprehensively capture check images and send those images electronically to complete the entire settlement process as envisioned by Check 21. The RBC product solution provides an efficient means of imaging, archiving and electronic check presentment, which streamlines back office procedures and eliminates the need to microfilm or copy items. Credit unions will also benefit from faster availability of funds and expanded branch cut-off times.

Mid-Atlantic Corporate offers two solutions for Remote Branch Capture and Deposit. Web based or in-house products are available to meet your individual credit union's needs. With either RBC solution, Mid-Atlantic Corporate will provide forward collections of captured images. These items are sorted and forwarded on behalf of the credit union utilizing Mid-Atlantic Corporate's least cost routing technology.

• Availability — Expanded cut-off times mean that deposits received by Mid-Atlantic Corporate's established cut-off time will be 100% available the next day.
• Return Times — Quicker return times as a result of electronic presentments will increase the benefits of check holds, limiting potential losses for the credit union.
• Efficiency — An RBC solution increases credit union deposit efficiency. Paperless deposits speed the transfer of funds to your corporate account.
• Cost Savings — Eliminate or reduce courier runs and costs.

Savings Bonds

Mid-Atlantic Corporate can process United States savings bonds for member credit unions.  Members who participate in this service must be a paying agent of the United States Treasury for the sale and redemption of savings bonds.  Credit unions forward the items to Mid-Atlantic for encoding, the Corporate will forward credit to the member once it is received from the Federal Reserve Bank.

Settlement Designated Share Accounts

Settlement Designated Share Accounts are sub-accounts of the Transaction Account that have no minimum balance requirements and earn the same rate as the Transaction Account. The following sub-accounts are available: Member Share Drafts, Corporate Share Drafts, Share Drafts Other Vendors, Charge Card Transactions, CUNA Mutual, ACH, Official Check Vendors, Electronic Bill Payment, Check Deposit, ATM Settlement, and Money Orders/Preferred Plan Drafts.

Transaction Account

The Transaction Account is the main Share Account for most of Mid-Atlantic Corporate's members. Services such as ACH Origination, Check Deposit, Bill Payment, ATM Settlement and Share Draft Processing are settled through this account.

Withdrawals

Credit unions may withdraw their funds from Mid-Atlantic Corporate by wire transfer, Automated Debit Transfer (ADT), or by requesting a check. Wires requested by 4:30 p.m. ET will be processed the same day. Funds withdrawn through ADT by 7 p.m. ET will be processed the next day.