Municipalities are leaving money on the table when they choose to keep tax revenue in a standard bank account. Even modern checking accounts require a costly trade-off – minimal returns in exchange for easy access to cash.
At the American Deposit Management Co. [ADM], we’ve revolutionized the way municipalities manage tax revenue. With our deposit management services, your community can capture competitive returns while maintaining access to cash when it’s needed – and the best part is you keep your current bank.
Funds Available When You Need Them
Through years of working with municipalities, we have found that a lack of accessibility is the main obstacle to investing tax revenue. Our team and our innovative technology have solved this problem.
Our proprietary fintech powers a unique concept we call Marketplace Banking™. In short, it allows us to provide organizations with simple access to cash when it is needed and competitive returns in the meantime.
With our American Money Market Account™ [AMMA™], your community can access funds twice per week without sacrificing safety or returns. We also offer a CD Term Account which provides access to funds on a set schedule along with safety and nationally competitive interest rates.
Another benefit of our solutions is they do not replace your current banking relationship – they only enhance it. Your funds will grow in your ADM account until you need them. When that time comes, securely transfer them to your preferred bank in just a few clicks.
Nationally Competitive Returns
Marketplace Banking™ works by spreading your cash across our nationwide network of banks and credit unions to take advantage of geographical differences in deposit rates. Additionally, the financial institutions in our network compete for deposits – allowing you to capture competitive returns without the added work of monitoring yields from across the country.
Our experienced team handles the entire investment process on your behalf – from locating competitive yields to daily rebalancing. All you need to do is complete a simple application and a single transfer of funds. Then, your cash is secure and available for withdrawal on your schedule.
The Ultimate Safety
In addition to accessibility and competitive yields, we help communities achieve the ultimate protection for their funds – insurance from the Federal Deposit Insurance Corporation [FDIC] or National Credit Union Administration [NCUA]. These government agencies guarantee up to $250,000 per ownership category at each financial institution against the possibility of bank failure.
Since the insurance limits are per institution, you could manually spread cash across multiple banks or credit unions to achieve extended coverage. However, this process is extraordinarily time consuming to manage. With Marketplace Banking™, your community can access full protection – above and beyond the traditional $250,000 limit – without the hassle.
Accounting Made Simple
We strive to make every aspect of the cash management process painless – including accounting. One way that we do this is by making it simple to create a ‘sub-account’ specifically for tax revenue or a particular project. Current clients can open a sub-account in five minutes or less. These accounts allow you to keep cash organized in the way that works best for your accountants.
Reconciliations are also a breeze when you work with us. Though your money is spread across multiple banks, you receive one consolidated monthly statement and one annual tax form. You also have 24/7 access to your financial data with our intuitive online portal. Plus, our experienced team of cash consultants is always happy to answer any questions that may arise.
Partner with ADM to Manage Municipal Tax Revenue
With ADM as your partner, tax revenue doesn’t have to be idle, and managing it doesn’t need to be a chore. You can have it all – competitive returns, unparalleled safety, accessibility to meet your needs, and easy reconciliations – without the additional work.