As the system's payment processors, corporates were put under serious strain during 9/11. "The Fed put out the word we needed to keep funds moving and keep business going as normal," recalls Leigh Philibosian, vice president, Marketing. "We knew we needed to keep the monetary system going." This call to action presented a challenge for the corporate, particularly because many of its members were based in Washington, D.C., New York and Western Pennsylvania, and were unreachable for daily transactions such as recurring wire transfers. The corporate's staff had to accommodate the unique situation. "We made the decision to keep funds going without the traditional third-party verification that day, because we needed to keep funds moving," Philibosian said. "We decided under the circumstances it would be OK to verify after the fact."
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the September-11, 2002 issue of Credit Union Times Magazine • Subscribe!
Business as usual.with a few adjustments
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
- The 4 Major Designs of the $100 Bill (Slide Show)
- Anonymous May 7 Target List Includes 12 Large Credit Unions
- Theresa Portillo Sentenced to 6½ Years in Prison for Looting Feminist CU
- WesCorp’s Legacy Losses Outpace Other Corporates
- Stacie Wyss-Schoenborn Seeks Innovation One Step at a Time: Women to Watch
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
