is a division of Presidential Bank. FundCash
provides lines of credit and securities custody services to mutual
The FundCash web
site is a place for customers to learn more about the FundCash
program and to apply online for a line of credit. By opening a FundCash
line of credit, you can have the cash you need at your fingertips
as you continue to stay invested in your mutual funds.
The FundCash team
at Presidential Bank strives to provide the highest quality level
of service to our customers. You, the customer, are our number one
priority. Presidential's Trust Custody Department handles setting
up new lines of credit, servicing existing lines of credit, and
procesing all securities transactions, including initial transfers
of collateral into bank custody, reporting customer account values,
dividends and capital gains distributions, and executing new customer-directed
purchases and redemptions .
does the Apply Online process work?
A lot of detailed information is required to open a new FundCash
line of credit. Our goal is to make the process as simple for you
as possible. Applying online is a 4-step process, which is summarized
in the table below.
Line of Credit Information
Prepare Official Documents
Complete the online form that requests personal information
about you and any co-applicant.
Answer the loan option questions applicable to your credit
Complete the online form for each pledged security or brokerage
account. The form asks you for account information with security
tickers and numbers of shares.
After Steps 1 thru 3 are completed, your loan documents will
be complete and ready for you to print. Print out and sign
the forms, have all signatures guaranteed, and send the completed
documents to FundCash.
When your documents have been received and your fund positions
have been transfered into bank custody, FundCash
will calculate the maximum amount of your line of credit.
You will be notified as soon as your loan is approved.
Once we have received your completed loan forms, FundCash
will begin the document review and securities transfer process to
permit establishment of your line of credit account. We will advise
you of any change in your maximum loan amount.
Once your line of credit is approved, you will receive your welcome
package in the mail with a check for your initial advance. Your
personal checks for accessing the line of credit will be mailed
separately. After your account has been opened, you will receive
in the mail a monthly statement. Each monthly statement will show
the applicable finance charge. Payment of the finance charge is
due on the 10th of each month.
If you are not ready to begin the Apply Online process, you might
want to start with the Loan Calculator. The Loan Calculator allows
you to analyze your security and loan information without providing
any personal information. The Loan
Calculator will provide you with your estimated maximum loan
amount and monthly interest payments, based on the securities tickers
and numbers of shares you provide. It is important to know that
the Loan Calculator only provides estimates of the amount of yoru
available credit. Your actual maximum loan amount will be calculated
after your loan documents have been submitted.
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About Presidential Bank
Presidential Bank was organized in 1985 as an affiliate of a mutual
fund group, so we unerstand the mutual funds business. Presidential's
assets are about $300 million. Our main office is located in Bethesda,
Maryland. We have branches throughout the metropolitan Washington,
DC area. Presidential is a privately held, entrepreneurial organization.
On October 6, 1995, Presidential® became the first bank in
the United States to offer bank accounts over the Internet. In 1997,
Presidential was one of the earliest banks to offer real time online
PC banking services, such as balance look-up, recent account transactions,
and money transfers between accounts. Presidential also offers a
unique, proprietary online archive of historical bank account statements
and check images.
Presidential Bank is a Federal Savings Bank regulated by the U.S.
Office of Thrift Supervision. Our deposits are insured by the Federal
Deposit Insurance Corporation (FDIC). Presidential has compiled
an impressive record of home mortgage lending and commercial lending.
Since 1995, Presidential has been one a limited number of financial
institutions in the nation rated "Outstanding", the highest
category, under the federal Community Reinvestment Act, based upon
its record of meeting community credit needs.
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