Oak Brook, IL (PressExposure) May 17, 2008 -- Millennium Trust is pleased to announce an expanded Cash Investment Program for idle client cash providing daily liquidity to our self-directed IRA clients with FDIC coverage up to $1,000,000 (guaranteed by the US Government through the Federal Deposit Insurance Corporation).
âOur program is designed to provide our self-directed IRA clients with an increased level of security and protection as they hold cash balances in their IRAs at Millennium Trust. We pride ourselves on being innovative and responsive to our clientsâ needs.â comments CEO, Scott McCartan.
Millennium Trust uses interest bearing demand daily accounts at four different unaffiliated banks to assure clients with more FDIC protection. The first $250,000 of uninvested funds in a self-directed IRA will be held in an FDIC insured bank account. As IRA cash balances grow, balances above $250,000 are held in an FDIC insured bank account with a separate bank. As cash exceeds $500,000, funds are held in an FDIC insured bank account at a third bank. Once cash exceeds $750,000, funds are held in an FDIC insured bank account at a fourth bank. Balances above $1,000,000 are held in Federated Government Obligations Fund Trust Shares. When distributions are taken or investments purchased, funds are withdrawn in the reverse order of their deposit.
Cole Taylor Bank, The Leaders Bank, The Northern Trust Company and Hinsdale Bank and Trust are institutions currently used for this program.
For more information on Millennium Trust and the Cash Investment Program, visit http://www.mtrustcompany.com or contact 800.258.7878 with questions.