SAN DIMAS, Calif. — Despite having normal seasonal outflows of $1 billion, WesCorp members moved a record $3.3 billion into certificates during August.
This topped its previous record month of $2.6 billion earlier this year.
"Most members moved money out of their overnight accounts into short-term certificates ranging in maturities from a few weeks to 6 months. Most of these bookings occurred during the last two weeks of the month. Members became concerned about keeping money in their overnight accounts when the fed funds began trading below 5%," said Dietmar Huesch, vice president of Treasury and funding for WesCorp.
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