LYNCHBURG, Va. – Virginia Corporate FCU is the latest corporate to transition services away from U.S. Central FCU as the future of the corporates’ corporate continues to be shrouded in uncertainty.
The $1.4 billion corporate told its members it has stopped processing domestic wire transfers through U.S. Central and began processing those transactions directly through the Federal Reserve Bank, following the lead of several other corporates.
VaCorp also is working with members to transition them away from using U.S. Central’s cash concentration and automated deposit transfer services and is actively pursuing alternatives to U.S. Central’s securities safekeeping and international payments services.
“These actions, as well as others we will undertake in the future, will continue to ensure that VACORP and our members have viable, cost effective alternatives to U.S. Central’s products and services regardless of the final outcome of NCUA’s conservatorship of U.S. Central,” said Don Chapman, chairman of VaCorp, in a letter to members.
