Frequently Asked Questions

Is the Synod Service federally insured?

There is no federal insurance on the two Custodial Investment services. The Synod uses its deposits to fund the Synod Line/Commercial Loan Service or reduce commercial bank loans. Since the inception of this service, the Synod has never lost an investor's dollar!

How does a depositor invest?

•  There are no application forms or signature cards for the Custodial Service. Provide in writing, on letterhead and addressed to the Coordinator, the names and phone numbers of at least three persons authorized to withdraw or transfer funds. All draws must be confirmed by a second person. There are no other restrictions. However, a depositor may place any restrictions on withdrawals - simply state these restrictions and they will be honored. There is a circular and application form for the Mission Development service, which you may access through our web site.

•  Make your check payable to Synod of the Pacific indicating, on the check memo line, the Pin Number (for churches). An alpha number will be assigned to specialized ministries, ecumenical and other organizations. Also mark the envelope, Custodial Fund . This is important.

•  The Synod receives all checks to a lockbox. Custodial and Mission Development deposits should be addressed:

Synod of the Pacific

Custodial Deposits

P.O. Box 45565

San Francisco , CA 94145-0565

•  If a depositor is uncomfortable mailing a large deposit to our lockbox, it can be wire transferred. Please call the Coordinator for wire information. It is important that a depositor contact the Coordinator, of the date and amount a wire is being made to Synod's account.

Can a depositor open multiple accounts in order to segregate its various funds?

Yes. The $5,000.00 initial minimum deposit applies to each Custodial account, and $25,000.00 is the opening, minimum deposit applied to a Mission Development account A Pin Number/Account Number will be followed by an alphabet letter for additional accounts. Monthly statements, from the beginning of the year, are mailed for each account the Synod holds on a depositor's behalf, showing all account activity and the interest rate.

Synod Custodial Fund Investment Service

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What are the interest rate policies and how often do the rates change?

Synod currently pays 2.25% less than the prime rate of its bank, Union Bank of California. The prime rate is subject to market adjustments. Custodial interest payments will generally change as adjustments are passed on to the Synod. Interest earned at month-end, if not withdrawn, is added to the account and draws interest in subsequent months. 

For Mission Development Certificates, the Synod currently pays between 1.75% and 1.10% below prime depending on length of deposit term, and the rate at the time of deposit will be fixed during the term of the deposit. Interest earned at month-end is added to the account and draws interest in subsequent months. Note: The current interest rates are posted on this web site.  Click here for more information about the current freeze oin interest rates.

How and when can a depositor withdraw its Custodial/Mission Development funds?

For Custodial deposits:

•  A depositor may withdraw any amount or all of its funds at any time, without penalty, by the following methods or combination:

a.   Two authorized persons, one to request, one to confirm, may phone the Coordinator at 1/800/754-0669 Ext. 11, or leave the request/confirmation on the Coordinator's voice mail.

•  E-mail to ani@synodpacific.org the withdrawal request, listing the names of two authorized persons.

•  Write a letter requesting the withdrawal amount and listing the names of two authorized persons. An automatic monthly or quarterly check or transfer between accounts can also be made, but must be in writing.

For Mission Development deposits:

1.   There are no provisions for early redemption.

How does the church receive its Custodial funds?

•  Normally the Synod issues a check, payable to the depositor and mailed to the depositor's address. Please allow five working days for transmittal of the funds. In the case of automatic monthly or quarterly checks, they will be issued the tenth of the month or the tenth of the first quarter for the previous quarter.

2.   Funds can be wire-transferred, for which the depositor will be charged a fee.

If a church has a Synod loan, can it still deposit to the Synod Custodial Fund and MD Services?

Yes. The Loan Service and the Custodial/Mission Development Investment Service are totally separate funds. It is possible for a church to have both, or one and not the other.

Meanwhile, celebrate with us that the Synod Custodial/Mission Development Investment Service is a good value and through its depositors are providing and doing mission throughout the Synod. If you have funds, we can put them to good use!