BNY Mellon Wealth Management announced on Tuesday that it will now offer its private banking clients Cash Management Access Accounts that will allow them to manage banking and self-directed investments in one place.
With these accounts, clients are able to manage their day-to-day financial needs and view the activity of various accounts through one online portal. Cash Management Access Accounts are a brokerage account that holds investment assets and automatically directs any uninvested cash balances to a so-called “sweep account,” which has the option of an FDIC-insured interest bearing account.
“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, in a statement. “This is just one example of how we sustain our high client retention rating.”
Cash Management Access Accounts, include deposit capabilities at bank branches, direct deposit payments, wire transfers and deposits of cash and checks; access to funds, including unlimited check and online bill payment, free ATM withdrawals worldwide and point-of-sale purchases; over draft protection for banking activity; and easy online account management with a secure client website for online trading, banking and bill payment and information reporting, including a consolidated monthly statement, trade confirmations and tax reporting information.
BNY Mellon has more than $161 billion in private client assets and an extensive network of offices in the U.S. and internationally. 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.