PRIMEVEST Launches FlexInsured AccountSM
PrimeVest Financial Services, one of the United States’ largest broker-dealers exclusively serving financial institutions, announced today the launch of its FlexInsured AccountSM, offering access to money market deposit accounts and delivering expanded FDIC coverage to clients and increased deposits to financial institutions.
“PrimeVest’s FlexInsured Account is a win-win for clients and financial institutions,” said PrimeVest President and CEO Catherine Bonneau. “With some very high-profile bank failures in the news, many people want to know that their money is FDIC-insured. This program provides expanded client protection while also providing a boost to a participating bank program’s bottom line.”
With the FlexInsured Account, client cash balances gain expanded FDIC protection through a sweep into FDIC-insured money market deposit accounts that are held at multiple banks. By spreading the balances through a network of banks, clients can receive FDIC protection for the deposits held at each individual bank, allowing the customer to protect balances without the need to open new deposit accounts and multiple institutions. At month end, PrimeVest delivers a single statement that displays the client’s net assets at each financial institution so they can easily track their accounts.
Financial institutions that join the program reap the benefits of serving and deepening their relationships with clients while adding deposits to their balance sheet from non-customers who are participating in the program at other financial institutions.
“The PrimeVest FlexInsured Account offers flexibility, choice and benefits to the individual consumer and participating financial institution,” said Bonneau.
Since any eligible PrimeVest-affiliated bank can join the FlexInsured Account program, clients will have access to a significant number of banks into which funds can be swept. Should the client not want deposits at a certain bank, they can elect not to put their money at that institution. Clients also retain the option of the type of sweep account they want attached to their brokerage account. In addition to the FlexInsured Account, PrimeVest offers a menu of money funds from which to choose. Please contact PrimeVest at (800) 245-0467, ext. 64058 for details on the FlexInsured Account.
Per Berger, PRIMEVEST, 800-245-0467, ext. 63165, or Per-Johan.Berger@us.ing.com
PrimeVest Financial Services is a self-clearing broker-dealer serving the clients of nearly 600 financial institutions in 50 states and Guam. PrimeVest makes it easier for financial institutions to succeed by delivering innovative investment and insurance solutions, comprehensive support and a flexible program structure. One of the broker-dealers of ING, PrimeVest is a shareholder of the Chicago Stock Exchange, and a member of the Depository Trust and Clearing Corporation (DTCC), the Securities Investors Protection Corporation (SIPC), and Financial Industry Regulatory Authority (FINRA). Securities and insurance products offered by PrimeVest are: Not FDIC-/NCUSIF-insured; may go down in value; not financial institution guaranteed; not a deposit; and not insured by any federal government agency.
ING is a global financial institution of Dutch origin offering banking, investments, retirement services and life insurance to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 130,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 17 million customers across the nation. For more information, visit www.ing.com/US.