Charge for Deposits? Not Likely, CU Experts Say
Would your members pay to make deposits to their credit union share accounts? That’s a question that soon may be up for debate depending on what happens at the next Federal Reserve Board meeting.
The continued sluggish economic recovery is causing the Fed to consider policy changes designed to better stimulate the economy. The Fed’s Open Market Committee discussed several scenarios at its Oct. 29-30 meeting, including cutting the 0%-0.25% rate the Fed currently pays banks and credit unions on the $2.5 trillion in financial institution reserves being held at the Fed.