A matrix to temper risk and break the one-size-fits-all approach to funds availability
Nusenda Credit Union’s funds availability formula boosts member service by exceeding regulated minimums and treating outliers as outside the norm.
As credit unions push to raise deposits, they might also find members pushing back to quickly access those funds, regardless of the service channel they’re using.
Nusenda Credit Union($2.4B, Albuquerque, NM) has a well-vetted methodology for dealing with funds availability, one that balances risk to the credit union and rewards the member with a consistent user experience.
The New Mexico credit union uses what it calls its Funds Availability Matrix, a set of conditions that determine how much and how soon it will make available funds from any deposit.
“The matrix was created to move us away from a one-size-fits-all approach, to improve the member experience, and to create operational efficiencies,” says chief risk and administrative officer Tom Hagan.
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