What is Pershing in banking?

In 2013, Pershing India Operational Services Private Limited (Pershing India) was established in Chennai to provide operations functions to Pershing – from technology and business operations solutions to sales, marketing and communications support services – supporting Pershing’s coverage of 1,500 global clients and …

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Similarly, are Pershing accounts FDIC insured?

Customer cash balances receive up to $2.5 million ($5 million for joint accounts) in FDIC deposit insurance. Fully integrated and supported on the Pershing platform. No minimum investment. … The Insured Deposit Program has rates that are competitive with certain government and treasury money market sweep funds.

Subsequently, does Pershing charge fees? Pershing will pass on the fee charged by the transfer agent to the client. All Fed Fund wires are charged a $20.00 fee. If the Fed Fund amount is $25,000.00 or more, a notarized LOA is required. If a client deposits a check into their account and the check is declined, the fee will apply per check.

Thereof, is Pershing FDIC insured?

What are the key features of the Insured Cash Account Sweep Program? The program, for eligible fee-based retirement accounts, currently provides up to $2.5 million in maximum cumulative FDIC coverage with deposits held at a network of multiple banks.

Is Pershing part of BNY Mellon?

Part of the BNY Mellon Family

In 2003, Pershing was acquired by The Bank of New York, the longest-lasting financial institution in the United States.

What is bank of America rasp?

The Retirement Asset Savings Program (“RASP”) is a feature of retirement plan accounts for which Merrill Lynch is custodian (each a “Retirement Plan Account”). … A minimum deposit of $1 is required to open an account through RASP.

What is Pershing base lending rate?

Margin Lending Rates

Margin Lending Rates *Borrowing on margin requires a margin account Rates – As of 11/1/2021 All rates are derived from Pershing Base Lending Rate. PBLR 6.13%
$0 – $9,999 6.13% + 1.25% = 7.38%
$10,000 – $29,999 6.13% + 0.75% =6.88%
$30,000 – $49,999 6.13%+ 0.50% = 6.63%
$50,000+ 6.13%+ 0.25% = 6.38%

Who clears through Pershing?

Clearing firms used by the top independent broker-dealers Click column headers to sort fields…

Broker-dealer Clearing firm
AIG Financial Advisors Inc. Pershing LLC
American General Securities Pershing LLC

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