"The Pershing Press: Bringing Cash Protection to New Levels", is a release recently put out by Bank of New York Mellon affiliate Pershing. It says, "The current changes in the financial markets have generated a renewed interest in cash and cash management products. In an effort to help investors safeguard more of their assets, the Federal Reserve Board (Fed) has increased the insurance limits of the Federal Deposit Insurance Corporation (FDIC) to $250,000 per account until December 31, 2009. Although this increase provides relief, large individual and institutional investors have few options for protecting their sizeable assets.... Introducing the Certificate of Deposit Account Registry Service (CDARS) CDARS, now available to you through Pershing, provides your clients with access to FDIC insurance for up to $50 million per depositor for deposits held in the same insurable capacity, and offers you a simple way to aggregate client assets. CDARS disperses your client's deposit among individual Certificates of Deposit (CDs) or time deposits in increments of less than $100,000 (or $250,000 depending on maturity) at member banks across the country -- analogous to purchasing CDs or time deposits at multiple local banks." Pershing also offers its brokerage clients a "FDIC Insured Deposits Program" and a "Money Fund Choice Program," which gives "access to over 130 money market mutual fund sweep options."
