U.S. Central Bridge Closing
Mark the calendar: The NCUA aims to turn off the lights at the conserved U.S. Central Bridge no later than Dec. 31, 2012, and now it has announced the specifics of its plan.
Included is a big stick to motivate corporates and credit unions to make new arrangements. Effective July 1, 2012, ACH fees will jump 80% for corporates and credit unions still making use of U.S. Central Bridge.
Experts indicated that the corporates most likely to be affected by the U.S. Central Bridge closure will be the small group that tried–and failed–in the summer to create a payments corporate out of U.S. Central’s rubble. Corporates identified as participating in those talks included Alloya, Catalyst, CenCorp, Corporate One, FirstCorp, Kansas Corporate, Kentucky Corporate, Missouri Corporate, SunCorp, TriCorp and VolCorp.
Asked to comment on their plans, only two of that group had responded by press time.