Can my credit union decide to withdraw its MCA funds at any time?
Yes. Should your credit union decide to withdraw its MCA funds, Part 704 permits Southwest Corporate to refund MCA funds, as of the date that is three years after the date that the withdrawal notice is given. During the three-year notice period, the funds in the account are no longer subject to any adjustments that are based on Southwest Corporate’s formula for computation of the required MCA deposit. MCAs on notice remain 100% at risk and are subject to possible depletion. According to the NCUA regulation, no portion of the MCA funds may be released until the three-year notice period has passed. An MCA notice may be rescinded. However, a credit union may submit only one withdrawal notice and one rescission notice in any one calendar year. Upon Southwest Corporate’s receipt of a notice to withdraw MCA funds, the pricing to the member credit union for some services reverts to the Daily Shares Membership price lists.
Yes. Should your credit union decide to withdraw its MCA funds, Part 704 permits Southwest Corporate to refund MCA funds, as of the date that is three years after the date that the withdrawal notice is given. During the three-year notice period, the funds in the account are no longer subject to any adjustments that are based on Southwest Corporate’s formula for computation of the required MCA deposit. MCAs on notice remain 100% at risk and are subject to possible depletion. According to the NCUA regulation, no portion of the MCA funds may be released until the three-year notice period has passed. An MCA notice may be rescinded.
