Money Market Account Xtra
Money Market Account Xtra (MMAX) provides the flexibility and additional insurance coverage you and your clients need for larger deposits. Whether your customers are individuals, institutional or a public entity MMAX can provide the liquidity, expanded FDIC insurance and flexibility you need. MMAX clients can utilize the CDC Deposits Network to guarantee full FDIC insurance coverage for the depositor.
Our MMAX clients have access to our marketing support or use an established MMAX marketing campaign of their own.
The custodian of the program includes Wells Fargo Bank, N.A. As the custodian, they are responsible for handling depositor's funds and assets.
In addition, Wells Fargo:
- Makes all deposits on behalf of Investors
- Maintain safekeeping of records of deposit placements
- Collects interest and other income
- Automatically reinvest cash balances
- Remits principal and income as instructed
The MMAX Advantage
- Pass-through FDIC Insurance
- FDIC opinion letter confirms that CDC MMAX accounts qualify for full FDIC coverage
- For banks who want to use MMAX to increase deposits, with full (daily) flexibility to maintain deposits on or off the bank’s balance sheet. You decide whether to send deposits one way or buy back an amount less than, greater than or equal to your MMAX deposits.
- No Set Up Fees
- Easy Accounting
- CDC Deposits performs all behind-the-scenes administration for MMAX.
- Transactions handled on-line; reports available with just a few keystrokes.