Clients Can Now Manage Banking and Self-Directed Investments in One Place
NEW YORK, January 18, 2011 — BNY Mellon Wealth Management now offers its private banking clients Cash Management Access Accounts (CMAA) that allow them to handle their banking and self-directed investment capabilities in one streamlined solution. With this enhanced banking feature, clients have a convenient and flexible way to manage their day-to-day financial needs and the ability to view the activity of various accounts through a single web-based access point.
"In addition to giving our clients excellent wealth management expertise, BNY Mellon is focused on how we deliver that service – in an intuitive, comprehensive way that simplifies their lives," said Bill E. Sappington, the firm's head of Private Banking. "This is just one example of how we sustain our high client retention rating."
The CMAA is a brokerage account that holds investment assets and automatically directs any uninvested cash balances to a so-called "sweep account." Among the sweep account options is an FDIC-insured interest bearing account. Funds to cover a client's ATM withdrawals, check card purchases or check payments may be redeemed from that account.
Other CMAA features include:
BNY Mellon's CMAA capabilities are part of a suite of banking services that includes escrow services, hedging strategies, mortgage and construction loans, commercial real estate financing, standby letters of credit, or personal loans, that are tailored to meet each client's broader financial goals. In its most recent annual survey, Barron's ranked BNY Mellon Wealth Management's Private Bank the third largest in assets among U.S. private banks.
"All of BNY Mellon's private banking services, including the CMAA, are a vital part of our holistic approach to serving our clients," Sappington said. "We work very closely with our clients' investment management team to ensure that they are getting the very best solutions for their particular needs."
BNY Mellon Wealth Management is among the nation's leading wealth managers, with more than two centuries of experience in providing investment management, wealth and estate planning, and private banking services to financially successful individuals and families, their family offices and business enterprises, charitable gift programs, and endowments and foundations. It is among the top 10 U.S. wealth managers with more than $161 billion in private client assets and an extensive network of offices in the U.S. and internationally.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.
Banking services are provided by BNY Mellon, N.A. Brokerage services are provided by MBSC Securities Corporation (MBSC), a dually registered investment adviser and broker-dealer, a member of FINRA and SIPC. MBSC is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.