Money Movement Overview

Money is moved within the ModernFi network via programmatic Fedwire. Money is moved between your credit union and the deposit network, at most, once per day, following our 2:00pm EST daily cutoff time. Transactions posted and communicated to ModernFi before this cutoff time will settle same day.

Northern Trust handles all wires and money movement between institutions in the network, and all fund flows into and out of your credit union will flow through Northern Trust. All wires and wire drawdowns will be initiated by Northern Trust.

Depositing Funds into the Network

To deposit funds into the deposit network, your member simply moves funds from their existing account at your credit union (whether it’s checking, savings, money market, etc.) into their newly created Extended Insurance via a standard internal transfer. From there, funds are aggregated into a single Program Omnibus Account and pulled into the network once per day via wire. Once in the network, funds are distributed to partner credit unions to provide your members with extended insurance. Deposits remain at these credit unions until your member initiates a withdrawal.

Withdrawing Funds from the Network

To withdraw funds from their network account, members request to withdraw funds through the Member Portal. Funds are then transferred back to the Program Omnibus Account at your credit union, where they must be moved to your Members individual account before becoming accessible for cash withdrawal by your member.