News

New program allows ATM deposits into brokerage accounts

July 9, 2003

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WILMINGTON, Del. -- PFPC, a member of The PNC Financial Services Group, Inc. (NYSE: PNC) and the nation's largest full-service mutual fund transfer agent and second largest provider of mutual fund accounting and administrative services, has launched a program that will make it possible for clients to offer their customers the ability to deposit funds into brokerage accounts via participating ATMs.

According to a news release, the service is available at ATMs that accept deposits within the Star and NYCE networks.

The service allows cardholders to deposit funds in the form of a check at any one of the participating ATMs. Checks received before 3 p.m. Eastern Standard Time are processed same day; any deposit received after 3 p.m. is considered a next-day transaction.

"When a broker signs up for the ATM brokerage account deposit service, they gain instant additional leverage with clients and prospects," said Nancy Wolcott, executive vice president and business executive, shareholder services group, PFPC, in the release. "One of the biggest stumbling blocks to brokerage accounts is providing a convenient way for customers to deposit funds. Through this service, customers have the ability to deposit funds right into a brokerage account at a nearby participating ATM."

According to the release, PFPC's integrated banking transaction services (IBTS) include check processing, ACH processing, electronic bill payment, debit card services and comprehensive integrated support. IBTS also provides services for insurance companies' retained asset account programs.

PFPC maintains more than 3.5 million central asset checking transaction accounts, supporting approximately 793,000 debit cards and over 640,000 mutual fund accounts with check writing.