Excess Balance Account
The Excess Balance Account (EBA) allows a credit union to earn interest on a deposit in the Federal Reserve Bank of St. Louis (Fed) without opening a Fed account. The EBA account is designed for “excess” short-term funds that aren’t needed to cover settlement. In fact, only five (5) withdrawals from the EBA account will be permitted each month without charge. Any withdrawals beyond five in one month will be charged $100.
The EBA is open to both members (with Perpetual Contributed Capital on deposit) and those without Perpetual Contributed Capital on deposit. There is no minimum balance required in the EBA account.
If you have additional questions or need more information, please call 1-800-826-5228 and ask for Julie Chapin.