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CBIS Announces Changes to RCT Flex Cash Fund In order to ensure that CBIS and RCT are able to continue to provide these services, the RCT Board of Trustees has decided to implement a $7.50 monthly maintenance fee for all RCT Flex Cash accounts utilizing the checking and/or debit card features. In reviewing the competitive landscape, the Trustees determined that this fee is commensurate with fees at other commercial banks for this type of centralized banking. The fee will first be deducted from accounts on February 2, 2010 and will be deducted on the second business day of each subsequent month. The fee will defray the costs charged by The Northern Trust for the administration of each checking account. Our goal is for the Flex Cash Fund to be an attractive alternative to a traditional checking account. While we find it necessary to institute this charge, we are not changing the cost for the other services associated with the account. All of the other features of the RCT Flex Cash Fund will be maintained, including:
Frequently Asked Questions Why are you implementing this fee now? Given the current market environment and the expenses of the Fund, this fee was the only way we felt we could continue to provide the cash management features of the Flex Cash Fund. When will you be taking the fee? The fee will be deducted from each account on the second business day of the month, starting on February 2, 2010. If the fee overdraws my account, will I be charged an overdraft fee? Yes. It is your responsibility to ensure that there are sufficient funds in the account on the second business day of each month to cover the $7.50 fee. As with other overdrafts, your account will accrue negative interest until it is brought back to a positive balance. I have a debit card but don’t write any checks. Am I still charged this fee? Yes. In order to provide a debit card, a checking account must first be established, so the fee covers both checking and debit card features. I’d like to consolidate some of my checking accounts to reduce the fees. Can I do this? Yes. To achieve this, you can close accounts and transfer the proceeds to an existing account. Please call our Service Center at 800-321-7194. You will need an authorized signer on the Certificate of Resolution to make the request in writing. I’d like to close the checking feature on some of my accounts. Can I do this? Yes. Please call our Service Center at 800-321-7194. You will need an authorized signed on the Certificate of Resolution to make the request in writing. You will also want to make sure that any outstanding checks have cleared and destroy any unused checks to protect yourself from any possibility of fraud on the account. I only write a few checks a year. Is there another way I can transfer that money without opening a checking account? Yes, there are options available that may suit your needs:
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