The Credit Union Journal published an article titled Deposit Reclassification Cuts Cost, Improves Service at United Federal Credit Union. The article was published in their December 1, 2015 issue and highlighted the success of St. Joseph Michigan based UFCU.
UFCU offers a checking account that pays high interest rates and offers incentives on balances up to $25,000, which led to its use among many members as a savings account, according to Barb Najacht, accounting manager.The CetoLogic program analyzes member account history, determines how much of each checking account balance is a non-transaction balance, then sweeps those funds into a savings account to eliminate the need to have corresponding reserve funds on deposit with the Fed.
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