Business Ultra Insured Money Market Accounts
When you need to keep more than $250,000 in a liquid account, our ultra insured money market account (MMA) offers a smart alternative to traditional bank accounts. Benefit from unparalleled security, competitive returns, and easy access to funds with this innovative account from Metropolitan Commercial Bank (MCB).
Key Account Features & Benefits
Enhanced FDIC Insurance Coverage
Get up to $50 million in FDIC insurance for single accounts and up to $100 million for joint accounts.
Convenient Funds Management
Consolidate multiple high-balance relationships into one account, simplifying your financial management.
Higher Interest Rates
Earn a highly competitive rate on balances over $250,000, ensuring substantial growth on your deposits.
Daily Liquidity
Manage your cash flow needs with convenient, daily access to your funds anytime you need them.
Automatic Market Adjustments
Tied to the effective federal funds rate (EFFR), your rate auto-adjusts to maximize your earnings.
An Ideal Solution for Diverse Needs
Offering both simplicity and robust protection for high balances, MCB’s Ultra Insured Money Market Account benefits a wide range of clients.
Businesses and Corporations
Securely manage operating capital and large cash reserves with high FDIC insurance coverage and competitive interest rates.
Not-for-Profits and Trusts
Protect substantial funds with maximum FDIC insurance while earning attractive yields.
Escrow Accounts
Safeguard client funds during transactions, ensuring security and liquidity.
Individuals and Investors
Manage significant cash inflows from real estate sales or other large transactions with maximum protection and easy access.
Why Choose MCB
Relationship-driven Approach
We prioritize building strong relationships with our clients. Our Relationship Managers take the time to understand your unique needs and provide solutions that align with your business goals.
Innovation and Technology
We offer leading-edge banking solutions that enhance your financial management capabilities. Our online and mobile platforms are user-friendly and packed with features to make banking easier.
Local Expertise, Global Reach
While we have a deep understanding of the local markets we serve, our expertise extends globally, allowing us to support businesses at home and abroad with tailored financial solutions.
Online Banking
Manage your business accounts anytime, anywhere with online and mobile banking from Metropolitan Commercial Bank. It’s secure, convenient, and easy to use.
24/7 Access
Secure and convenient access to your accounts 24/7 from any device.
Real-Time Monitoring
Protect your business with fraud alerts and real-time transaction monitoring.
Customizable Permissions
Ensure secure access to accounts across your team with customizable user permissions.
Enhance Efficiency
Our tools can streamline operations and enhance efficiencies within your accounting processes.
Manage your business accounts anytime, anywhere with online and mobile banking from Metropolitan Commercial Bank. It’s secure, convenient, and easy to use.
Meet Our Relationship Team
MCB’s Relationship Managers are dedicated to providing personalized, high-touch service tailored to your unique needs. Meet the team below and find a banking center near you.
Frequently Asked Questions
What is the Demand Deposit MarketplaceSM (DDM) Program?
The Demand Deposit Marketplace Program is a liquid FDIC insured alternative to money market mutual funds. It enables Metropolitan Commercial Bank clients participating in the DDM program to obtain millions of dollars of FDIC insurance with daily liquidity and potentially higher returns.
What is the FDIC insurance limit in Ultra Insured Money Market Account (MMA)?
Joint accounts receive up to $100 million in FDIC insurance, and all other account types receive up to $50 million per TIN. However, individuals in different categories of legal ownership may receive higher amounts.
How are high levels of FDIC insurance achieved?
Cash balances in customer accounts are sent daily into the DDM Program. These deposits are allocated in increments of no more than $250,000 to multiple DDM Participating Banks, which abides by the FDIC pass-through insurance provisions established by
the FDIC. By allocating deposits to numerous banks, Metropolitan Commercial Bank clients receive high levels of FDIC insurance while maintaining daily liquidity and the convenience of preserving one bank relationship – Metropolitan Commercial Bank.
When placed into the DDM program the following business day, are Metropolitan Commercial Bank clients’ deposits insured?
Until the clients’ funds are swept to the DDM program, such funds will be uninsured to the extent they
remain at Metropolitan Commercial Bank overnight in excess of any FDIC insurance available on balances kept at Metropolitan Commercial Bank. Their funds will be insured on the following business day once transferred to the DDM Program.
What if a Metropolitan Commercial Bank client does not want their money deposited in a particular DDM Participating Bank?
Metropolitan Commercial Bank clients have the option to exclude any DDM Participating Bank they choose. However, by opting out of one or more DDM Participating Banks, it may affect the maximum amount of FDIC insurance they may receive.
How is the Ultra Insured MMA different from a money market mutual fund sweep?
Unlike Ultra Insured MMA, money market mutual funds are not FDIC insured. Operationally an Ultra Insured MMA works similarly to a money market mutual fund sweep. However, deposits are swept into insured accounts held at several FDIC insured DDM program banks instead of pooled money fund investments.
What are the advantages of an FDIC insured Ultra Insured MMA versus a money market mutual fund?
- Provides the safety and explicit guarantee of FDIC insurance backed by the full faith and credit of the US Government that money funds do not offer
- Eliminates market risks associated with money fund investing
- Is outside the scope of the SEC’s money fund reforms
- Offers a highly competitive yield
Can placing funds in an Ultra Insured MMA decrease overall portfolio client risk?
Yes. FDIC insured placements eliminate the market risks associated with money market mutual fund investing and other direct cash instruments.
What if a bank in the DDM program fails?
The DDM program uses multiple banks, and all program banks are FDIC insured. The program is designed to allocate up to the $250,000 FDIC insurance limit per
Metropolitan Commercial Bank client, per account type at each DDM Participating Bank. If one DDM Participating Bank in the program was to fail, then:
- An FDIC claim would be filed on behalf of the customer for the amount (up to $250,000 per account type) that was placed in the DDM Participating Bank that failed. It typically takes two business days for the FDIC to settle such claims, but could be longer.
- The funds placed for this customer into the DDM Program are only impacted by the one DDM bank that failed. The first $250,000 of the client’s funds at Metropolitan Commercial Bank will not be affected, nor are the funds placed at the other remaining FDIC-insured banks in the DDM Program. The funds placed at other banks continue to be available to the Metropolitan Commercial Bank client through their Ultra Insured MMA.
What if Metropolitan Commercial Bank fails?
Assuming that the first $250,000 of the customer’s funds remains at Metropolitan Commercial Bank (an FDIC- insured bank) with the remainder placed into the DDM program, then the following would occur:
- An FDIC claim would be filed on behalf of the customer for the $250,000 that remained at the
Participating Institution. It typically takes two business days for the FDIC to settle such claims,
but it could be longer. - The funds placed into the DDM program are not impacted. Instead, those funds are placed at other FDIC- insured banks and similarly protected by FDIC insurance and continue to be available to the customer either through:
- Metropolitan Commercial Bank in a wind-down mode, under the conservatorship of the FDIC, or a transitioning Metropolitan Commercial Bank
- Stable Custody Group II, LLC
Get in Touch
Protecting your privacy is a Metropolitan Commercial Bank priority. We will never ask you for your PIN, social security number, username, password, account number, or other personal information in email or text messages.
1 Funds participating in Ultra Insured Money Market Account are deposited into deposit accounts at participating banks, which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance for your account depends on the number of banks in the program. If the balance in your account is greater than the FDIC insurance coverage in the program, any excess funds will not be insured. Please read the Program Terms and Conditions carefully before depositing money into the program and for other important customer disclosures and information. To assure your FDIC coverage, please regularly review banks in which your funds have been deposited, and notify your bank immediately if you do not want to allocate funds to a particular bank or banks.
2 Ultra Insured Money Market Account Annual Percentage Yield (“APY”) is subject to change without notice. The maximum deposit amount is $50,000,000 per singular TIN accounts and $100,000,000 per joint accounts. The above yield applies to new money only and cannot be transferred from an existing Metropolitan Commercial Bank account. Other restrictions may apply. Fees could reduce earnings on the account. Please see Metropolitan Commercial Bank’s Fee Schedule and Deposit Account Agreement for the applicable fees.