Due to changes in the revised Corporate Credit Union Regulation, the corporate system is restructuring term certificate programs.  

If your credit union is participating in the Community Investment Fund (CIF), consider switching or placing CIF funds with the National Cooperative Bank (NCB). The interest earned on their CIF certificates is split between your credit union and both the National Credit Union Foundation and our own CIF. 

The NCB rates are excellent and deposits are insured to $250,000. 

If you are making a switch, you do not have to wait for your CDs to mature as US Central has waived all fees for early withdrawal. The majority of your investments are SHARE accounts, and thus the rates with NCB will be much better.

The Community Investment Fund (CIF) is an award-winning philanthropic model that enables the credit union community to invest in a traditional deposit account, and contribute a portion of the interest earned to support NCUF’s national grant programs as well as the good works of the our credit unions in the Dakotas.

Some past local recipients of CIF funds include: Consumer Credit Counseling with Minuteman Federal Credit Union, Junior Achievement, Lutheran Social Services, Operation Oink of Sioux Falls Federal Credit Union, Highmark Federal Credit Union, Air Guard Federal Credit Union, Biz Kids, National Youth Involvement Board, and the South Dakota Jump$tart Coalition and most recently the CU Aid to the flood victims in ND.

The NCB is Not Your Typical Bank

The NCB, FSB (NCB), a federally- charted savings bank is the only bank in the United States dedicated to delivering nationwide banking products and solutions to cooperatives and other member-owned organizations throughout the country. What makes NCB unique is that the bank was created to address the financial needs of an underserved market niche – people who join together cooperatively to meet personal, social or business needs, especially in low-income communities.    

You can check out the NCB program at  http://www.cifwithncb.coop . 

Instructions for handling a deposit follow:  

1.      First, complete a CIF Designation Form: http://www.cifwithncb.coop/default.aspx?ekfrm=4406

2. A couple pointers on this form:
   1. Donation Amount is the percentage of dividends you are donating.  With the corporates, you only had 50% to choose from.  With NCB, you can choose to donate 50%, 75%, or 100% of the dividends on the CIF investment.  Regardless of what you choose, the donation amount is still divided equally between NCUF and our Foundation.
   2. Fund Options:  please choose “General Fund.”  This is the fund that provides innovation grants.

3. Next, complete the “CIF with NCB Deposit Application Form” at http://www.cifwithncb.coop/default.aspx?ekfrm=4408.  Just a couple things about this form:

1. You do not need to indicate us as your charity of choice.  Since you are a credit union in South or North Dakota, the dividends will automatically get sent to us quarterly (our half with the other half going to NCUF).
2. Your big decision is the term, and the terms/rates are at: http://www.cifwithncb.coop/default.aspx?id=4374.