NEW YORK–(BUSINESS WIRE)–Reich & Tang (R&T) is proud to companion with Metropolitan Industrial Financial institution (MCB), whose Extremely Insured Account providing offers FDIC insured deposit options to high school districts and different municipal funds.
MCB’s Extremely Insured Account helps faculty districts and different municipal funds earn extra curiosity earnings and obtain prolonged FDIC insurance coverage protection on their complete deposit. There are roughly $80-100 million in MCB’s municipal deposit program right now. This continues to develop as extra faculty enterprise officers and public fund managers are excited about studying concerning the prolonged FDIC insurance coverage and extra curiosity earnings, which may very well be used for staffing, infrastructure, provides and know-how.
MCB developed its Extremely Insured Account program particularly to satisfy purchasers’ money administration and deposit wants. As a part of that course of, MCB wanted a fintech companion and deposit options specialist with superior business experience, a dependable platform and adaptability.
“We’re thrilled to supply this modern, versatile and insured deposit answer to our municipal purchasers,” defined Laura Capra, SVP, and Head of Retail Banking at Metropolitan Industrial Financial institution. “We perceive the significance of defending and rising municipal funds to allow them to be used to offer very important providers and construct robust communities that may proceed to prosper for a lot of generations.”
R&T’s Demand Deposit MarketSM (DDM) is an automatic, day by day money sweep service, which permits MCB to offer each FDIC insurance coverage and curiosity earnings to group establishments with giant deposits usually underserved by bigger banks.
“Reich & Tang has an extended historical past of working with Metropolitan Industrial Financial institution, who is devoted to giving again to the group they serve,” mentioned Joe Jerkovich, Reich & Tang EVP+COO. “We’re thrilled that our versatile and high-tech platform helps MCB present their purchasers with higher money administration choices.”
HOW DDM and the ULTRA INSURED ACCOUNTS WORK
MCB gives the DDM program via its Extremely Insured Accounts to offer their clients with further FDIC insurance coverage. That is completed by allocating a big deposit to as many banks within the DDM community (in increments not exceeding $250,000 inclusive of accrued curiosity) as crucial to offer FDIC Insurance coverage as much as this system most.
About Metropolitan Industrial Financial institution
Metropolitan Industrial Financial institution®, The Entrepreneurial Financial institution, is headquartered in New York Metropolis and operates full-service banking facilities in Manhattan; Boro Park, Brooklyn; and Nice Neck, Lengthy Island. The dad or mum firm, Metropolitan Financial institution Holding Corp., is a publicly traded firm. The frequent inventory of Metropolitan Financial institution Holding Corp. is listed on the New York Inventory Trade (NYSE) and trades below the ticker image “MCB.” Metropolitan Industrial Financial institution is a New York State chartered industrial financial institution, an FDIC member and an equal alternative lender.
Metropolitan Industrial Financial institution can be a longtime chief in digital funds and one of many quickest rising U.S. issuers of nearly each sort of debit card and holding tempo with fast business evolution and the pattern in direction of cellular cost apps and all that FinTech has to supply.
For extra info go to: www.MCBankNY.com.
About Reich & Tang
Reich & Tang is a number one fintech liquidity specialist, offering deposit, steadiness sheet and money administration options to US banks and different monetary establishments. Reich & Tang offers an entire suite of bespoke legal responsibility options to our community of banks across the nation. Reich & Tang’s FDIC-insured money sweep packages supply aggressive charges and money safety via our sponsoring banks, broker-dealers, belief corporations, and clearing platforms.
Reich & Tang ensures ease of use by streamlining know-how with an unyielding deal with consumer partnerships. Serving as consultants to our purchasers permits us to develop versatile options to satisfy the deposit, liquidity and funding wants of any group.
For extra info go to: https://www.reichandtang.com.