Our in-house experts make recommendations for FDIC-insured money market accounts and CDs based on market opportunities, the building’s reserves, and the board’s investment profile.
By successfully reallocating funds to higher-yielding banks, we generated over $5 million in additional interest income for our clients last year.
FirstService Financial leverages its experience in the condo and co-op banking industry, along with the size of our management portfolio, to negotiate preferred interest rates. Our team provides an extra layer of support by serving as liaison between the board, the property manager, client accounting and the bank/broker, thereby providing cohesiveness and accountability to the relationship.
Recent Client Success Stories | Cash Management
|Building||Reserve Funds||Additional Annual Interest Income|
|Manhattan Co-op||$2.5 million||$32,000 per year|
|Brooklyn Condo||$2.4 million||$31,570 per year|
|Bronx Co-op||$2.0 million||$26,000 per year|
|Queens Co-op||$1.5 million||$21,000 per year|
|Manhattan Condo||$1.5 million||$18,746 per year|
|Queens Co-op||$1.4 million||$18,495 per year|
|Manhattan Condo||$2.0 million||$17,000 per year|
|Queens Condo||$1.4 million||$16,523 per year|
|Brooklyn Condo||$700,000||$12,000 per year|
|Brooklyn Condo||$700,000||$9,000 per year|
|Bronx Co-op||$719,000||$4,200 per year|
|Queens Co-op||$409,000||$2,500 per year|
Higher Interest Rates
We offer market-leading, stable interest rates through our long-term bank partners.
- Leverage $6 billion in client deposits to negotiate exclusive, preferred rates
- No fees on money market account or CD investments
- One-stop-shop that provides access to commercial bank money market accounts and CDs, brokered products, or innovative institutional investment solutions
Partnership Approach – High-touch, industry-focused, service delivery
- Collaboration with property managers, board members, and client accounting to determine optimal allocation based on liquidity needs or reserve study alignment
- Proactive engagement when CDs come due for maturity, attractive rate options come to market, or when FDIC-insurance breaches occur
- Relationship Management at our banking partners is unique and anticipates specific community association banking needs
- Technology, close bank relationships, and support services help with fraud protection, detection, and risk mitigation
Convenience & Efficiency – Making it easy to do business
- We handle the streamlined account opening process through our internal Treasury Teams
- Signature Cards and bank documents are executed using electronic signature technology (DocuSign)
- Bank statements are downloaded within the first 5 days of the month through a secure file transfer platform
- We offer several enhanced deposit solutions above FDIC-insurance limits where clients can have up to $100 million per TAX ID in one account, on one statement, at a competitive interest rate