Bank of America has launched Reserve Account Services, an expanded suite of specialized accounts and services that enable securities broker-dealers and futures commission merchants to keep larger balances in the reserve accounts they maintain for the protection of client assets.
Reserve Account Services offers broker-dealers two types of accounts, trust custody accounts or commercial money market deposit accounts, both of which will assist broker-dealers in complying with the federal regulations. For futures commission merchants (FCMs), Reserve Account Services offers trust custody accounts that similarly support compliance with the federal regulations.
Kathleen Gowin, Bank of America’s financial services treasury executive, said: With this expanded suite of capabilities and the size and strength of our balance sheet, Reserve Account Services enables broker-dealers and FCMs to consolidate larger balances of reserve funds with one bank. This reduces the confusion, complexity and opportunity for error that can result from a large number of duplicative banking relationships.