FirstService Financial strives to help our clients find customized solutions for their banking needs. Since Boards have a fiduciary responsibility to protect the assets of the associations that we manage, we recognized that an enhanced deposit insurance product would be a valuable resource to our clients. We understand that many clients have large reserve portfolios and want the convenience and simplicity of having a limited number of bank accounts. Since the FDIC only insures each bank account up to $250,000 per bank, per Tax ID, we partnered with Union Bank to develop an exclusive program only available to FirstService Residential clients: Excess Deposit Insurance. Union Bank is a $105 billion bank rated A+ by S&P. They are a national leader in the homeowner association (HOA) industry and this innovative product is backed by the size, strength and stability of a global financial institution.
Excess Deposit Insurance allows you to place your deposits in one bank account, with insurance on unlimited balances in an unlimited number of accounts. The first $250,000 is insured by the FDIC, and anything above $250,000 is insured by Liberty Mutual, rated A (Excellent) by AM Best, and A- (Strong) by S&P. There are no fees for this product as we believe this helps differentiate FirstService Residential in the property management industry.
Many clients need immediate access to the funds so maintaining cash liquidity is a priority. You can withdraw funds the same day (like any money market account), and you can close the account at any time without penalty. The insurance covers both checking and interest-bearing money market accounts. One of the many benefits of the Excess Deposit Insurance Program is that each account will appear on one bank statement, which eliminates paperwork and simplifies the bank reconciliation process. We want to make everyone’s lives easier and the Excess Deposit Insurance Program helps us accomplish this goal.
If you would like more information about the Excess Deposit Insurance program, please contact your local FirstService Financial representative.