The Cash Advantage checking account is integrated with your client’s AssetMark Trust custodial account through automatic and manual transfers. The AssetMark Trust custodial account is also linked to provide overdraft protection for the Cash Advantage checking account.

Automatic Transfers

Through this Cash Advantage service, you can help your clients create a customized and controlled spending plan that meets their individual needs. Your clients can select a Target Minimum and Target Maximum balance for the Cash Advantage checking account.  If the Cash Advantage checking account drops below the Target Minimum (must be at least $2500), a transfer will be initiated from the linked AssetMark Trust custodial account to bring the Cash Advantage checking account up to meet the Target Minimum.  Setting a Target Maximum balance is optional. If a target maximum is selected and the Cash Advantage checking account exceeds the Target Maximum level, the extra cash will be transferred back to the linked AssetMark Trust custodial account for investment purposes. This is particularly useful for clients receiving large sums of money, such as bonuses. On the 15th of each month (or the first business day thereafter), a funds transfer will be automatically initiated  to or from your client’s Cash Advantage checking account according to the instructions originally provided on the client’s account application or as updated separately thereafter.

Target Minimums (required) and Maximums (optional) can be adjusted at any time.  To change a Target Minimum (required) or Maximum (optional), please contact us  or complete the Target Balance Change Form.

Overdraft Process

If the client’s Cash Advantage checking account is linked to their AssetMark Trust custodial account (AssetMark Account), automatic transfers from certain eligible liquid funds in the AssetMark Account will be made to the Cash Advantage checking account, to the extent needed to pay overdrafts of checks and bill-pay items.

If the amount of cash available from the eligible funds in the AssetMark Account exceeds the amount of the overdraft(s) caused by checks and bill-pay items presented, then only the exact amount needed to cover the overdraft(s) will be transferred from your AssetMark Account.

Each debit transaction will be decided upon separately each day, beginning with the lowest dollar amount transaction received and increasing to the highest dollar amount transaction, in dollar amount order.

For those items where funds are available at AssetMark, payment will be made. If the amount of any overdraft caused by a check or bill-pay transaction presented exceeds the amount of eligible funds in the AssetMark Account, payment of that item will not be made. Such debits will overdraw the account and may be paid or returned at the Bank’s discretion and without prior notification.  A fee may be assessed for any other debit transactions that overdraw the account, in accordance with our Schedule of Fees.

For purposes of this overdraft protection, “liquid” funds are those that can be accessed overnight (as shall be determined by AssetMark in its sole discretion), do not include equity securities and similar investments, and are generally only 2% of the value of your AssetMark Account. Generally, no more than 2% of the value of the linked AssetMark Account will be available for overdraft protection.

Manual Transfers

Cash Advantage gives your clients the ability to initiate one-time or recurring transfers from the Cash Advantage checking account to the AssetMark Trust custodial account or vice-versa through Bancorp’s exclusive Funds Transfer tool. This is especially helpful when your client needs to invest funds prior to the automatic sweep or needs to make a large purchase and the funds are not available in cash in the AssetMark Trust custodial account. (Please note that manual transfers from the AssetMark Trust custodial account to the Cash Advantage checking account can take up to 5 business days to be posted to the Cash Advantage checking account.)