April 10, 2019

Account Enhancement Highlight: FDIC Savings Fund

Account Enhancement Highlight: FDIC Savings Fund

At ABLE United, we offer account holders professionally managed savings and investment options. These options include predesigned portfolios and individual funds from which customers can build a custom portfolio.

With the recent transition of our Customer Service and Records Management to Sumday Administration, LLC, a wholly-owned subsidiary of the Bank of New York (BNY) Mellon, we are excited to introduce an FDIC Savings Fund to the investment and savings options available to our customers.

The FDIC Savings Fund is an FDIC-insured savings account option with funds placed in a demand deposit account established by the Trust at the Bank of New York Mellon (Bank). FDIC insurance generally protects up to $250,000 of your deposits at the same bank in the same ownership right and capacity. The funds in your ABLE account invested in the FDIC Savings Fund, along with other deposits you hold at the Bank, will be insured up to $250,000.

This transition also provides more flexibility for customers by allowing the account holder to select which fund(s) to withdraw money from – an easy way to manage your investments separate from your savings.

It’s important to know that any new contributions can be directed toward any of the available savings and investment options, and all current investments can be transferred between savings and investment options up to two times per year.  To make changes to your current investments, simply sign in to your account, click on the Investments tab, and look for the Change Strategy link under the Total Balance section.

We provide performance summaries for each of the eight savings and investment options on a monthly basis, which consists of the investment returns for each option net of the Investment Administration Fee (note: there is no Investment Administration Fee for the FDIC Savings Fund).

Have questions? Contact Customer Service through live chat or by calling toll free at:

1-888-524-ABLE (2253) (Monday – Friday, 9am – 6 pm ET)

1-844-888-2253 TTY (Monday – Friday, 9 am – 8 pm ET)