Where can i cash a bny mellon check

One of the most important aspects of wealth planning is to efficiently manage spending needs. To ensure our clients have adequate levels of liquidity for short-term living expenses, we offer a competitive checking account which can be used to complement a dynamic spending strategy. Below, we illustrate the benefits of utilizing such a solution and the difference it can make.

Meet Brad Johnson

Brad Johnson has amassed a substantial net worth of $10 million as a restaurateur. He also has an annual net income of $1 million. At BNY Mellon, we recommend our clients put 3-6% of their total net worth into an easily accessible checking account for daily liquidity and rebalancing needs. This is based on an understanding that, on average, people spend 3% of their net worth annually.

If Brad follows this guidance and initially puts away 6% of his net worth for easy access, he will allocate $600,000 to a liquid checking account. At an expected annual expenditure of 3%, he would spend roughly $300,000 per year. However, he could maintain a balance of at least $300,000 in the account if he deposits additional funds of $300,000 (less than one-third of his net income) each year. If he can do this, he should have enough cash to cover short-term expenses while keeping his long-term investments intact.

Brad selects a BNY Mellon total wealth checking account

By choosing our Total Wealth Checking account,1 Brad has access to a host of benefits and can implement a dynamic spending strategy that is undisruptive to his overall net worth and long-term wealth. Notably, he has seamless accessibility to his funds and real-life support on all his spending needs. Some of the perks include:

• Zero fees on checking transactions such as wire transfers and stop payments (up to $250/year)2
• Surcharge-free ATM and debit card point-of-sale transactions (up to $85 value)3
• Identity protection and monitoring from IDXTM, an identity protection company, at no additional cost4

•  IDX Privacy Score
•  Restoration services to support complete identity recovery, including $1 million insurance to cover out-of-pocket expenses related to restoration of identity
•  Tracking Blocker to limit personal data collection and Forget Me data removal
•  Dark web monitoring and compromised password search

• FDIC insurance, up to applicable limits5
• Wealth management team, including a dedicated private banker, providing advice and guidance across diverse disciplines

But the most compelling reason to open a BNY Mellon Total Wealth Checking account is its competitive deposit rate of 2.15% APY, which far surpasses the industry average. If Brad can keep a minimum daily balance of $250,000 in the account, he’ll be able earn 2.15% APY. Based on his annual spending needs of $300,000, he should stay comfortably above the required minimum balance to reap this benefit.

While our Total Wealth Checking account currently offers a 2.15% APY, the average deposit rate on money market deposit accounts (MMDA) from major industry competitors is 0.53% APY.6 See the chart below for an illustration of our Total Wealth Checking account versus a typical MMDA.

By keeping a balance of at least $300,000 in his BNY Mellon Total Checking, after five years Brad could earn $25,700 more than if his cash had been held in a typical MMDA.

We provide quality, timely and easy-to-access information to help clients meet complex custody needs while maximizing efficiency and measuring and managing risk. Our global footprint and local expertise helps to deliver insight and solutions across every stage of the investment lifecycle. Our worldwide network of markets with 24-hour global coverage and monitoring of sub-custodial performance is the bedrock of our services.

Our integrated technology is designed to simplify your workflow. We offer digital solutions and tools for better insights into your daily cash activity, transactions and holdings with the ability to seamlessly integrate data from our system directly into your applications.

This material and any products and services may be issued or provided in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of the following: The Bank of New York Mellon, at 240 Greenwich Street, NY, NY USA, 10286, a banking corporation organized pursuant to the laws of the State of New York, and operating in England through its branch at One Canada Square, London E14 5AL, UK, registered in England and Wales with numbers FC005522 and BR000818. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon, London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon SA/NV, a Belgian public limited liability company, with company number 0806.743.159, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium, authorized and regulated as a significant credit institution by the European Central Bank (ECB), under the prudential supervision of the National Bank of Belgium (NBB) and under the supervision of the Belgian Financial Services and Markets Authority (FSMA) for conduct of business rules, and a subsidiary of The Bank of New York Mellon. The Bank of New York Mellon SA/NV operates in England through its branch at 160 Queen Victoria Street, London EC4V 4LA, UK, registered in England and Wales with numbers FC029379 and BR014361. The Bank of New York Mellon SA/NV (London Branch) is authorized by the ECB and subject to limited regulation by the Financial Conduct Authority and the Prudential.

Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request The Bank of New York Mellon SA/NV operating in Ireland through its branch at 4th Floor Hanover Building, Windmill Lane, Dublin 2, Ireland trading as The Bank of New York Mellon SA/NV, Dublin Branch, is authorized by the ECB and is registered with the Companies Registration Office in Ireland No. 907126 & with VAT No. IE 9578054E. The Bank of New York Mellon, Singapore Branch, subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch, subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. If this material is distributed in Japan, it is distributed by The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. If this material is distributed in, or from, the Dubai International Financial Centre (“DIFC”), it is communicated by The Bank of New York Mellon, DIFC Branch, regulated by the DFSA and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. Not all products and services are offered in all countries. Please contact your BNY Mellon representative to identify the relevant BNY Mellon entity associated with the services in question.

The information contained in this material is intended for use by professional clients or the equivalent only and is not intended for use by retail clients. If distributed in the UK, this material is a financial promotion.

This material, which may be considered advertising, is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. This material does not constitute a recommendation by BNY Mellon of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. Information contained in this material obtained from third-party sources has not been independently verified by BNY Mellon, which does not guarantee the completeness or accuracy of such information. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material. The statements and opinions expressed by the panelists are those of the panelists as of February 20, 2018 and do not necessarily represent the views of BNY Mellon.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

All references to dollars are in US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon.

Trademarks, logos and other intellectual property marks belong to their respective owners. The Bank of New York Mellon is a member of the Federal Deposit Insurance Corporation (FDIC).

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