Managing Your Receive Program

Your ModernFi Receive Program covers all deposits that your institution receives from the network, including Reciprocal Deposits. Through the Receive Program Module, you can set the level of deposits your credit union wishes to receive from the network. Your institution will owe interest each month on all deposits received from the network at a rate that moves in-line with the effective federal funds rate (EFFR).

Key Receive Program Terms:

• Current Balance: The current allocation of deposits your institution has received. This is the balance as of the prior day, and this number can change daily.
• Target Balance: The total amount of deposits your institution wishes to receive from the network. You are not guaranteed to receive your full level of requested funds.
• Interest Rate: The interest rate your institution pays for deposits received from the network. This network rate tracks effective federal funds rate (EFFR).