Belco provides financial support to Townships, Boroughs, Municipalities, and School Districts with Public Deposit Accounts.
What is a Public Deposit Account?
Public Deposit Accounts, sometimes referred to as Government Accounts, are depository account solutions designed to meet the demands of public entities, such as: Townships, Boroughs, Municipalities, and School Districts.
These accounts provide the same product and service opportunities available to our business account holders, with one distinct difference: These entities are eligible to apply for a Letter of Credit to insure their deposited funds exceeding the standard NCUA coverage limits. The Act 72 requirements, which sets the guidelines for these coverages, will help determine the eligibility for those seeking to obtain coverage.
Belco can provide the support needed for your operating needs. Our dedicated employees, reliable financial tools, and attention to detail are what our members love about bringing their business to Belco. Get started today!
Business Money Market
Belco offers a competitive interest rate on your money to help you earn more. Take advantage of a great rate while keeping your cash flow liquid.
We offer an array of services to meet the needs of our business account holders. All of these account, lending and payment services are available for Public Deposit Account holders.
Letters of Credit for Public Deposit Accounts
A Letter of Credit with the Federal Home Loan Bank provides coverage for deposits in excess of NCUA Insurability. It protects accounts in accordance with Act 72 Requirements.
Public deposits are fully collateralized in accordance with PA Act 72 for balances in excess of NCUA coverage. Coverage must be agreed upon by signed agreement with the credit union and account holder.
Interested in our Public Deposit Accounts?
Please complete and submit the form below to be contacted by a representative who can help with your request.
Public Deposit Contact Form
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