Enhancement to Overnight Investment Procedures
SunCorp is continually looking for ways to make your everyday processes faster, easier, and more cost effective. As part of this effort, we have established a way to help you utilize your SunCorp overnight investment accounts more efficiently.

Currently, if for any reason, your cash management account has a negative balance after 5:00 p.m. Mountain Time, a settlement loan is automatically advanced to cover that negative amount. After some research, we found that many credit unions are going into these settlement loans each month. The majority of these members have the money available to cover their settlement transactions but hold those funds in their money market account.

To resolve the problems with manual transfers, we have made changes to transform your money market account into a secondary share account. This means that if for any reason a manual transfer has not been made to cover negative balances in your cash management account, an automatic transfer will take place—moving funds from the money market account to replenish a deficit in your cash management account. This automatic transfer will only take place if there are funds available in your money market account, bypassing the settlement loan and its high interest rate.

We hope that this change will make doing business with SunCorp more convenient for you. If you wish to opt out of this change or have any questions, please contact Krista Newman, Portfolio Analyst, at knewman@suncorp.coop or 720.540.4689.

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