The Community Investment Fund (CIF) is a unique, social investment opportunity. Every investment supports both the New York Credit Union Foundation (Foundation) and the National Credit Union Foundation (NCUF).
Here's how it works. Your credit union invests in a CIF account. Then your credit union will receive a portion of the CIF return, as well as the New York Credit Union Foundation and NCUF. Everyone wins - your investment makes an impact in your state and around the country. New York credit unions now have four CIF investment options, as follows:
Alloya Corporate FCU
Alloya Corporate FCU offers a CIF program to capitalized Alloya member credit unions. The minimum investment amount is $1,000, and investment types include term certificates or 90-day notice accounts. Contact Alloya's Member Services team at (800) 342-4328 for current rates or to place an investment.
CIF with Corporate One FCU
Through CIF with Corporate One FCU, credit unions can purchase government-issued securities, such as callables or bullets, or federally insured negotiable certificates of deposit. As interest is paid on the investments, a share of the interest (based on the credit union's specifications) goes to the CIF and is split 50/50 between NCUF and the Foundation, and the remaining interest goes directly to the credit union. Investments ranging from $50,000 to $10 million are available, and no capital is required on the part of the credit union. Corporate One membership is not necessary for investment. To learn more about this option, call Corporate One FCU at (800) 366-2677.
MEMBERS Trust Company
National Cooperative Bank (NCB)
National Cooperative Bank (NCB) offers a variety of products and terms which are fully insured up to $250,000. Unique to CIF with NCB, base rate contribution levels can be 50, 75 or 100 percent of the interest earned on the account. While NCB is a cooperatively owned financial institution, there is no requirement to purchase stock in NCB and participation is open to all credit unions. Current products include CDs with terms of six months, 12 months, 18 months, two years and three years, as well as a liquid Money Market Deposit Account (MMDA). The minimum opening deposit is $10,000. For additional information, or to apply to deposit, visit the CIF with NCB website.