Membership with Alloya offers convenient access to the Federal Reserve Bank (FRB) Discount Window without having to establish a relationship directly with the Fed. Once approved, funds may be requested through the FRB for swift deposit into your credit union’s account at Alloya without setup fees, annual fees or compensating balance.
Features of Alloya’s Discount Window include:
- Elimination of the need to establish a separate FRB account relationship
- Continually accessible Line of Credit for advance requests as needed
- Unaltered Federal Reserve-established market interest rates
- No requirement for a compensating balance
- Automated next-day loan payments to the FRB