Mid-Atlantic Corporate Federal Credit Union today announced a complete overhaul of its membership structure. Gone is the old three-tiered membership structure, of which only one tier required a capital contribution. Now members will choose from four relationship-pricing levels, and all require capital.
Platinum level members will be asked to convert 100% of existing Member Capital Accounts to Perpetual Contributed Accounts, previously known as PIC, which qualify for the NCUA's proposed Tier One capital requirements. Platinum members also have the option to purchase $5 million in PCC.
All PCC accounts will earn the same rate; however, Platinum members will earn the highest dividends possible on share and certificate accounts, and pay lower rates for loans and service fees. Gold and silver level memberships require smaller PCC contributions, and receive smaller price breaks in return.
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A bronze membership level is available for members who only wish to contribute to Non-perpetual capital accounts, currently known as MCAs.
Membership structure also includes a capital safeguard in the form of deposit limits. Relative to a member's PCC or NCA, excess deposit account funds will be invested off balance sheet in products like SimpliCD bank certificates or investment brokerage products.
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