Safekeeping through WesCorp offers your credit union safety and reliability, timely information and documentation, and the ease and convenience of doing business through your corporate credit union.

Safety

WesCorp settles transactions on a delivery versus payment (DVP) basis. DVP provides for simultaneous transfer of funds and securities, ensuring that you are always in possession of either the security or the funds.

Thorough Documentation

Detailed monthly statements provide accurate inventory of your securities. In addition, a monthly market valuation report listing your securities held in safekeeping at WesCorp is available on WAVE.

Accounting Support

We collect principal and interest payments for you and deposit them directly into your account at WesCorp—saving you time and effort. Because proceeds from sales transactions are automatically deposited to your WesCorp account, earnings on these funds begin immediately. WesCorp representatives promptly research and respond to payment inquiries and settlement questions on your behalf.

Safekeeping Plus

This added feature provides you the opportunity to sell WesCorp a security held in safekeeping with the agreement to buy it back at a specified date for an agreed-upon amount. Essentially, the “plus” in Safekeeping Plus is the repurchase agreement, whereby you benefit from earning additional spread on your security. It’s an advantage available only when you do your safekeeping with WesCorp.

Getting Started

An executed safekeeping agreement must be on file with WesCorp before any securities are accepted into safekeeping. In addition, we must have a completed designation and agreement form for each individual authorized to perform safekeeping-related functions for your credit union. Simply complete the required documents and return them to our Membership Services department.

Once your agreement is processed, we will send you information outlining the process for arranging securities safekeeping, as well as delivery instructions for your securities. We will provide each authorized individual a personal identification number to use when calling WesCorp with securities trade activity.