History

Formed in 1973, LICU Corporate FCU is a federally chartered corporate credit union serving natural person credit unions, their CUSOs, and the trusts of LICU, the League of IBM Credit Unions.

The League was approached by IBM Corporation asking for a vehicle to distribute daily expense reimbursement accounts for its employees known as BEETS. This is a daily transmittal distribution of these funds with the data provided and turned around on the same day. This was very unique for 1973, when LICU Corporate was formed.

As IBM Corporation consolidated the company's payroll distribution into one central location, LICU Corporate became the distributor of deductions and net paychecks for all of the LICU Corporate member credit unions.

The Alliance of Credit Unions was formed under the corporate umbrella of LICU Corporate FCU.

Our Mission

The LICU Corporate FCU mission is to provide payroll distribution services to member credit unions and to provide share accounts and loans to member credit unions, credit union CUSOs, and participating Trusts.

Our primary service is the distribution of IBM Corporation and Lexmark payrolls to member credit unions. LICU Corporate also offers a settlement account for the LICU Services Corporation Discount Brokerage Service.

Board Of Directors

The LICU Corporate Board of Directors consists of 7 members elected for 3-year terms on a staggered basis. The Board meets monthly and is comprised of the following individuals:

OTHER SERVICES

Discount Brokerage Service

LICU Services Corporation offers a discount brokerage service opportunity for credit unions through BestVest Investments, Ltd. For more information, call 1-800-434-1776 or 607-754-7900, Ext. 350.

• Trades are settled electronically - no checks to write
  
• Immediate credit/debit upon settlement
  
• Toll-free account information, quotes and order placement
  
• Low commissions
  
• Online trading
  
• Research information
  
• Broker-assisted trading
  
• No-load Mutual Funds

No-Load Mutual Funds

To make it even more convenient for members to diversify their investments, no-load mutual funds are available through the Discount Brokerage Service.

The Credit Union is not a registered broker dealer. Investment securities are offered through BestVest Investments, LTD, Veterans Square, 208 West Font St., Media, PA 19063. Member NASD, SIPC and MSRB. Accounts are carried and cleared through Mesirow Financial, Inc., member NYSE and SIPC.

Members and clients of the Discount Brokerage Program are advised that this program offers services which permit the member to invest in investment securities which: (1) are not federally insured; (2) are not obligations of the Credit Union; (3) are not guaranteed by the Credit Union or any affiliated entity; (4) involved investment risks, including the possible loss of principal; and (5) may be offered by an employees who serves both function of accepting members' deposits and the selling on non-deposit investment products.