IEEE Concentration Banking Program
The Current Rate on USD Concentration Banking Accounts Is...
2.98%
The Current Rate on CAD Concentration Banking Accounts Is...
2.67%
**** USD Rate is reset monthly based on the Six Month CD rate. CAD Rate is reset monthly based on the Six Month T-Bill rate.
Current rate effective 1 April through 30 April 2008.
What is the Concentration Banking Program? This program offers IEEE Geographic Units, Conferences and Standards Developing Committees a bank account with unlimited check writing privileges, which pays a higher rate of interest than traditional business checking accounts.
How does the Concentration Banking Program work? The IEEE Concentration Banking Program works just like a normal checking account. You make deposits, write checks and earn interest on the daily ending balance for the benefit of your IEEE Unit or Group.
How do I enroll my IEEE Unit/Group in the Concentration Banking program? To establish a Concentration Banking Program account, simply fill out the signature card provided by the IEEE Treasury Department, and return it to the IEEE Treasury Department. Within 12 - 16 business days, you will receive your checks, deposit tickets and deposit endorsement stamp. You must then mail your initial deposit to Wachovia Bank, after which you will be ready to write checks on your account. For Society conferences, the initial deposit will be a conference loan which can be directly credited to your account.
How do I make deposits into my IEEE Concentration Banking Account? Checks should be endorsed with the endorsement stamp and listed on the deposit ticket. The checks and deposit ticket should be mailed to Wachovia Bank in Richmond, VA using the pre-addressed, postage paid envelopes, which are provided upon enrollment. It is a good idea to keep a copy of the deposit ticket and each check for your files.
Since deposits are mailed how should I handle cash deposits? Cash should not be mailed to Wachovia Bank. A money order should be purchased and mailed with a deposit ticket to Wachovia Bank, using the pre-addressed, postage paid envelope which is provided upon enrollment. However, if there is a Wachovia Branch near you, cash can be deposited directly at that Wachovia Branch using your deposit tickets.
I am a newly elected Treasurer. What should I do? Before issuing checks on your Concentration Account, you must fill out a Wachovia bank signature card, adding you as an authorized signer to the account. Send an e-mail to concentration-banking@ieee.org with your contact information, and we will forward the forms to you within one business day.
After my Unit/Group is enrolled in the program, how do I change signers on the account? Simply contact the IEEE Treasury Department at concentration-banking@ieee.org or 732-562-5363 and request a signature card. The card will be sent to your attention for the new account signatory to sign. Return the original card to the IEEE Treasury Department, and the new signer will be added.
How is interest credited? Interest is paid on the account's daily ending balance and is credited to your account at the beginning of each month.
What is the current interest rate paid? Interest paid on the account balance is the current six month Certificate of Deposit (CD) rate (see rate at top of page).
Are there any fees or service charges? Concentration Banking Account participants have no service charges or bank fees. All your Unit/Group pays for are: 1) any returned deposited checks and 2) wire transfer fees.
When will my IEEE Unit/Group receive its statements? Statements are mailed within the first 10 business days of the month. However, with the new CBRS System, IEEE Treasurers and Chairs can access their Concentration Banking Statement over the World Wide Web. This system is password protected for the security of your account. If you are currently enrolled in the program, you may view your statement by clicking on the link below.
How do I gain access to online reports? After you have enrolled, you must register for an IEEE Web Account. Use your member id number and your pin number to register for an account. Follow the instructions to register a secure account number, and then you can access CBRS, using the ID and password you set up in the web account registration.
This is a one-time process and will not have to be repeated. If you have already registered for a web account, you can use your current ID and password to access CBRS. If you forgot your password, you can obtain it by going to: http://services1.ieee.org/membersvc/loseup/intro.htm.
The web site for CBRS is http://webapps1.ieee.org/CBRS/CBRS. You can choose the time period and report. You will only have access to your individual statements. The reports will be updated on a daily basis.
To whom can I speak if I have other questions?
You can e-mail the IEEE Treasury Department at concentration-banking@ieee.org or call +1 732 562 5363.
